Southwestern Ontario Development Fund should be focused on direct job creation: SWEA PDF Print E-mail
Thursday, 26 January 2012 10:46

The SWEA board of directors is recommending that the proposed Southwestern Ontario Development Fund (SWODF) be strongly focused on direct job creation using a combination of grants and loans.

In addition, the board endorsed a proposal to offer SWODF loans through the commercial lending sector. Such an approach could leverage fund dollars by as much as 15 to one. The proposal was developed by Libro Financial Group, a SWEA strategic partner with 15 credit union branches across Southwestern Ontario. Recommendations in the proposal suggest the involvement of all interested commercial lenders, not just credit unions.

“There is tremendous pent-up demand for funds in the SWODF,” states SWEA president Serge Lavoie. “Offering loans and partnering with the commercial lending sector in Southwestern Ontario is a powerful way of expanding the pool of money while targeting investment into direct job creation.”

In the SWEA-endorsed proposal, businesses would enter into normal lending arrangements and commit to a job creation target. At the end of one year, the business would receive a Job Creation Credit from SWODF for each job created.

SWEA also proposes a grant component for the fund, aimed specifically at small and medium enterprises. Grants should range from $25,000 to $50,000, with businesses matching grant dollars on a 2 to 1 ratio.

Whether loans or grants, SWEA is suggesting consideration be given to applicants aiming for the creation of at least 3 full time equivalent positions or more.

In supporting its recommendations, the SWEA board notes that the modest size of the SWODF dictates that the money be tightly focused on job creation in the short term. When the need is so great and available funds so limited, it’s important to target investments wisely. The combination of loans and grants, with low thresholds, ensures participation by all sectors of the economy within Southwestern Ontario. The plan also levels the playing field among rural, small urban and urban areas.

“We’ve listened carefully to what the province has been telling all of us,” states SWEA chair and Stratford mayor Dan Mathieson. “Money is tight and immediate job creation is a top priority. In situations like this, we all need to be open to new ideas and approaches.”

SWEA will be sending its detailed recommendations to MEDI minister Brad Duguid as a follow up to the meeting representatives had with him last December. Debate on Bill 11, the legislation enabling the fund, will resume in mid-February when the Ontario legislature resumes sitting. The minister has stated he hopes to receive approval and have funds flowing by late spring.

SWEA’s proposals in brief:

  • Direct job creation should be the primary focus of the SWODF.
  • Funds earmarked for businesses should be divided 80% to loans and 20% to grants.
  • Loans should be offered and managed through the existing commercial lending sector to leverage additional funds and reduce program overhead costs.
  • Grants should range from $25K to $50K, with recipients matching the grants 2-1.
  • Loans should be $50K or more
  • Both grants and loans should have a stated minimum job creation goal of at least 3 FTE.

The Southwest Economic Alliance is a partnership of counties and cities in Southwestern Ontario with the mandate to promote the economic transformation of Southwestern Ontario
 
 
Stratford named Top 7 Intelligent Community Second Year Running PDF Print E-mail
Thursday, 19 January 2012 12:32
For the second time in two years, the City of Stratford has been named one of the Top 7 Intelligent Communities in the world by the Intelligent Communities Forum located in New York City.

The announcement was made Jan. 18 at a conference in Honolulu. Stratford Mayor Dan Mathieson was in attendance to learn the news and share it with city residents back home via computer link-up.

Two other Canadian cities made the list for 2012:  Quebec City and Saint John, NB. In addition, Austin Texas,  Oulu Finland, Riverside California and Taichung City Taiwan also made the list. The winner will be announced during the Intelligent Communities Summit, June 6-8 in New York City. That's one week before the SWEA Assembly, to be held in Stratford June 13-14.

Last year, both Stratford and Windsor, Ontario made the Top 7 list. Top honours went to Eindhoven, Netherlands. Calgary, Alberta and Waterloo, Ontario are the only two Canadian cities to have been chosen as the top intelligent community since the award's inception in 1999.

For more information about the awards and the Intelligent Cities Forum, follow this link.
Last Updated ( Thursday, 19 January 2012 12:47 )
 
Province consults widely on SWODF PDF Print E-mail
Thursday, 19 January 2012 12:04
Following its announcement last December, the provincial government is preparing to consult widely on the design and implementation of its proposed Southwestern Ontario Development Fund (SWODF)

Five consultations will be held in Owen Sound, Guelph, Windsor, St. Thomas and St. Catharines beginning Jan. 26. Dates and locations, along with an rsvp form are available at this link.

SWEA submitted a preliminary response to the discussion paper prepared by the Ministry of Economic Development and Innovation (MEDI). A copy of it is available here. Representatives from SWEA and SCOR also met with MEDI minister Brad Duguid just before Christmas to discuss options for the fund, which SWEA advocated for beginning last summer. A special SWEA board meeting has been scheduled for later this month to look at its recommendations in greater detail. This will include a proposal to include the commercial lending sector in any loans portion of the program. This is an idea put forward by representatives of Libro Financial Group, a SWEA strategic partner.

The proposed fund has yet to be approved in the legislature. Its provisions are contained in Bill 11, which also provides for a permanent continuation of the Eastern Ontario Development Fund. The bill will be debated and voted once the legislature resumes in mid February.
 
Survey Reveals Residents' Views On Economic Prospects PDF Print E-mail
Written by WEEDC   
Thursday, 15 December 2011 08:46

Residents of Windsor-Essex enjoy living in the region and are generally optimistic about its prospects for economic growth, according to a recent survey conducted for the WindsorEssex Economic Development Corporation (WEEDC).

Over 1,300 people participated in the online study designed to assess how Windsor-Essex residents feel about a range of economic and quality-of-life topics. This first annual survey will be shared with key stakeholders across the region to assist in strategic planning efforts for 2012.

"This study is about people's perceptions - not necessarily the actual realities -- of our market," said Ron Gaudet, CEO of WEEDC. "We're pleased to see that people overall are feeling pretty good about our prospects."

On average, respondants rated the region's "overall economic potential" 7 out of 10. They gave the same score for their "overall quality of life".

"Obviously we've still got work to do, but these are encouraging results," said Gaudet. "The study reflects a sense of optimism and resiliency. It says a lot about our community and its readiness to embrace new opportunities."

Not surprisingly, the factors cited as the greatest barriers to economic growth were unemployment and diversification of our manufacturing industries. Other survey highlights:

  • Most residents feel the economy continues to struggle. 64% rated the current economic situation as "somewhat weak to very weak", while only 8% rated it as "somewhat strong to very strong".
  • 76% of respondants are optimistic about the region's prospects for economic growth over the next five years.
  • Attracting new business and helping current businesses diversify are considered the best ways to replace the region's lost jobs.
  • Over 80% felt that Windsor-Essex is a great place for raising a family and for retiring.
  • Police and ambulance services, post-secondary education, affordable housing and climate received the highest ratings among quality-of-life factors. Employment opportunities received the lowest score.
  • Over two-thirds of respondants believe that the region suffers from a poor "self-perception" while over 80% feel that the region is underappreciated by the rest of Canada.
The study was conducted in the summer of 2011 by Windsor-based market research firm Sentiens Reseach Inc.

A complete summary of survey responses can be found on the WEEDC website at www.choosewindsoressex.com

Last Updated ( Thursday, 15 December 2011 08:51 )
 
Stratford lands first ICF international institute PDF Print E-mail
Friday, 09 December 2011 14:35

The Intelligent Community Forum (ICF) a New York-based think tank that studies and enables the economic and social development of cities and communities worldwide, and designates the world’s 21 most Intelligent Communities each year, will announce its first international Institute for the Study of the Intelligent Community in the city of Stratford, Ontario (Canada) on December 21, 2011 in New York at an exclusive luncheon event at the Canadian Consulate of New York.

The Institute will be housed in downtown Stratford at the University of Waterloo’s Stratford campus. The Institute will study the transformation of Stratford into a digital media economy and allow community and technology leaders worldwide to visit the community to watch this transformation occur as Canada itself becomes a “digital nation” by 2017.

Speakers at the launch will include:

  • Canadian Consul General in New York, Mr. John Prato
  • Stratford Mayor Dan Mathieson
  • ICF Co-Founder Louis A. Zacharilla

More information at the ICF web site.

Last Updated ( Friday, 09 December 2011 14:40 )
 
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