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LOAN PROGRAM CREATED FOR FRANCOPHONE ENTREPRENEURS
Western Economic Diversification Canada (WD) has joined forces with Alberta's Francophone Economic Development Organisation (FEDO), La Chambre économique de l'Alberta (La CEA) and a number of Alberta Credit Unions to implement a Francophone loan program.
The Honourable Ron J. Duhamel, Minister of Veterans Affairs, Secretary of State (Western Economic Diversification) (Francophonie), today announced that his Department is committing up to $400,000 over the next three years as a loss support to the loan program. The Beaumont Credit Union will manage the loan loss reserve on behalf of several other credit unions.
"WD is pleased to be contributing to a project that fills program and service gaps and works toward all Albertans having access to programs and services that allow them to participate fully in our economy,
" said Minister Duhamel. "We are committed to ensuring that the minority Francophone community has access to services that will encourage economic growth in Western Canada, creating partnerships, increase skills training, development, help build an innovative and a dynamic country.
"
In addition to the Beaumont Credit Union, Capital City Savings (Edmonton, Legal, Morinville and Fort McMurray); Lakeland Credit Union; Saint Paul Credit Union and Horizon Credit Union in Girouxville will participate in the program.
The participation of the allied credit unions is a unique situation in Alberta. La CEA believes that by having several credit unions involved in the program, participation in this initiative will increase, and improved rural access will benefit rural Francophone entrepreneurs who deal with their local credit unions.
"As a Provincial organization, La CEA is pleased to partner with WD, the Beaumont Credit Union and allied credit unions to enhance the service and lending opportunities for francophone entrepreneurs. It is a great step forward for the economic health of entrepreneurs,
" said Frank Saulnier, Executive Director.
"This initiative is an example of how the Government of Canada is prioritizing its spending so that it can better serve Canadians by making efficient use of tax dollars,
" concluded Minister Duhamel.
FOR MORE INFORMATION, PLEASE CONTACT:
Don LaBelle
Manager, Corporate and Alberta Region
Consultation, Marketing and Communications
Western Economic Diversification Canada
Edmonton, Alberta
Cellular: (780) 991-7432
WD Toll-Free Number:1-888-338-WEST (9378)
Teletypewriter (TTY): 1-877-303-3388
WD Website: www.wd-deo.gc.ca.
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Backgrounder
LOAN PROGRAM CREATED FOR FRANCOPHONE ENTREPRENEURS
Western Economic Diversification Canada (WD), along with La Chambre économique de l'Alberta (La CEA) in Alberta has implemented a Francophone loan program throughout the Province.
WD will provide up to $400,000 over the next three years toward a loan loss reserve to leverage a $2 million loan program for Francophone entrepreneurs across Alberta.
The Beaumont Credit Union will manage the loan loss reserve on behalf of several credit unions. Capital City Savings with offices in Edmonton, Legal, Morinville and Fort McMurray; Lakeland Credit Union, Saint Paul Credit Union and Horizon Credit Union in Girouxville (Falhar) will participate in the program.
The program targets Francophone entrepreneurs whose projects and businesses are either relatively high risk or have relatively few tangible assets than have traditionally been financed by commercial lending institutions. Beaumont Credit Union, in cooperation with other allied credit unions, will provide technical assistance and loans up to $75,000 to qualified clients. La CEA will refer potential clients and work with the credit union to prepare a "due diligence" assessment and provide ongoing support. All final lending decisions will be the responsibility of the credit union.
WD recognizes that small businesses in Alberta often face increased difficulty in accessing financing, particularly upon start-up, and that addressing these needs can best be met by providing access to financing and other small business services.
This program also fulfills WD's commitment to ensuring that the minority Francophone community has access to services that will encourage economic growth in Western Canada, as outlined in Section 41 of the Official Languages Act (OLA).
WD has committed funding for similar programs in all four Western provinces.
Contact: Frank Saulnier, Executive Director, La Chambre économique de l'Alberta (La CEA), (780) 414-6125 or 1-888-414-6123
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