Province Continues to Invest in Local Businesses and Regional Economies
Vic Fedeli, Minister of Economic Development, Job Creation and Trade, issued the following statement in response to today’s monthly employment release by Statistics Canada:
“Employment in Ontario increased by 72,400 in July. With more and more people getting vaccinated, we are seeing the results of our efforts in the fight against this pandemic. That means our Roadmap to Reopen is working, businesses are re-opening and people are getting back to work.
The increase in the number of people finding jobs is testament to the strength and resilience of businesses across Ontario. Since the beginning of the pandemic, Ontario’s business community has not only stepped up to the plate, but has also gone above and beyond to support their communities. Our government offered a wide range of supports to businesses affected by necessary public health measures including the Ontario Small Business Support Grant, which delivered nearly $3 billion in urgent and unprecedented support to over 110,000 small businesses across the province.
As we continue to deal with the economic fallout from the pandemic, one of our top priorities will be helping businesses rebound and supporting economic growth in every region of the province. That is why Ontario is investing more than $100 million over four years through the Regional Development Program to support distinct regional priorities and challenges. The program provides cost-shared funding to businesses, municipalities and economic development organizations to help local communities attract investment, diversify their economies, and plan for long-term sustainability and growth.
In addition, as announced in the 2021 Ontario Budget, Ontario is temporarily enhancing the Regional Opportunities Investment Tax Credit by investing $61 million, resulting in total tax credit support of about $155 million by 2022-23.
Our government will continue to do whatever it takes to ensure our businesses have the support they need to invest and grow. Every careful step we take now brings us closer to a full economic recovery.”