Good morning ladies and gentlemen, friends and guests. Thank you for the warm welcome. C'est un grand plaisir d'être ici avec vous aujourd'hui. Thank you, Dr. Tibbits for hosting us today.

I am very happy to be home in Cambridge and to see so many familiar faces!

It was just over a year ago (November 2012) that right here at Conestoga College, I had the pleasure of announcing a FedDev Ontario contribution of $2.3 million through the Prosperity Initiative.

This funding helped Conestoga equip its pilot plant with modern food processing lines that simulate real work environments. The hands-on training provided by the Institute of Food Processing Technology is producing graduates who are able to meet the current and future demands of a highly competitive and evolving industry. I look forward to having a chance to tour the institute after this announcement.

I'd like to take a moment to speak about something that is on the mind of Canadians and is a priority for our government; the economy. I am very proud of the success that our Government has had in steering the Canadian economy through some rough waters, to the point where we are now the envy of many G-7 countries. Canadians have trusted us to be good financial stewards who make strategic investments where there is a return on taxpayers' dollars, and we have delivered.

But we are not about to sit back on our heels.

We know that we are not immune to external economic developments.

As Finance Minister Jim Flaherty recently outlined in Economic Action Plan 2014, our Government is doing its part to maintain and even grow Canada's strong economic performance in an uncertain world.

For the Federal Government's part, we are confident that we have set the right macro-economic conditions and provided the necessary targeted investments from across federal departments and agencies to help our businesses.

For example, since 2006, our Government has lowered taxes, made Canada the firsttariff-free zone for manufacturers in the G-20, eliminated unnecessary regulatory burdens and improved conditions for business investment. These steps have established a solid foundation that has allowed Canadian businesses to create jobs and drive economic growth.

Just last week Prime Minister Harper announced the Canada-Korea Free Trade Agreement, which opens the door for Canadian exports in one of the fastest growing and most dynamic regions in the world. This agreement levels the playing field for Canadian businesses that are competing against exporters that already have preferential access, and will boost exports in sectors such as industrial goods, fish and seafood, and agriculture and agri-food. This is good news for all of us!

Actions taken by the Government have increasingly positioned Canada as an attractive place to invest and grow a business with open access to new markets, skills training for workers, capital funds for businesses and support for communities to diversify and leverage their assets.

I was recently able to visit some southern Ontario communities that have been particularly affected by recent changes in the food processing sectors. During these visits, I received some important feedback from business owners, local government and community leaders about the kind of support they need.

Not surprisingly, we discussed plant closures, job loss and increasing competition. Today, the food processing industry, as most manufacturing sectors, are faced with unprecedented global competition and technology that changes, improves or becomes obsolete overnight. While most would call these challenges, I view these situations as opportunities for change and for the adaptation of new equipment, technology and processes that allow us to not only compete but succeed. No one ever wins by standing still.

The Alliance of Ontario Food Processors released an industry strategy last year that identified these areas where the sector faces some gaps, including difficulties in accessing foreign markets, in securing financing and in investing in the machinery and equipment, and research and development necessary to further product and process innovation.

Folks, I am here to tell you that our Government recognizes that we need to help bridge the gap and invest strategically to help our businesses expand operations and remain at the forefront of technological advances.

That is why I am pleased to be here today to make two announcements. To start, I am happy to announce an $8-million, non-repayable contribution to the Western Ontario Community Futures Development Corporation Association, to allow it to continue to deliver the Southern Ontario Fund for Investment in Innovation in southwestern Ontario (SOFII West).

The good news doesn't end there. I would also like to announce a $12-million, non-repayable contribution to the Eastern Ontario Community Futures Development Corporation Network Inc. to allow it to continue to deliver (SOFII East).

These contributions are made possible through FedDev Ontario's Prosperity Initiative.

Projects supported through both SOFII West and SOFII East qualify for interest-bearingloans valued from $150,000 to $500,000.

The loans aim to address the growth challenges faced by innovative small- and medium-sized enterprises, including: late-stage commercialization; development of a new product or service; finding new applications or markets; and the development or implementation of new processes or technologies.

In July 2012, I previously announced that the Western Network would receive a contribution of up to $12 million under the Prosperity Initiative to capitalize and manage aself-sustaining, revolving loan fund, delivered in southwestern Ontario.

At the same time, I announced that the Eastern Network would receive a non-repayablecontribution of up to $8 million under the Prosperity Initiative to do the same for aseparate loan fund, in southeastern Ontario.

Since that time, we have seen great results from both of these funds. They have provided opportunities to innovation small- and medium-sized businesses across southern Ontario, and we want to continue to see results from more and more SMEs.

They have helped increase the competitiveness of southern Ontario businesses, and the economic diversification of southern Ontario communities, and helped to create jobs. So today's top-up will address the demand for additional capital through these successful funds.

They also have the benefit of being self-sustaining, and revolving, which means that they will be reinvested into the communities through innovative SMEs again and again.

One of many great examples of SOFII West funding, is Voices.com which received $500,000. Located in London, Voices.com is the leading online marketplace that connects business clients with professional voice actors. They were able to use the loan to expand its business through three initiatives: mobile, global and social, and create 20 new jobs as a result.

Another example is Forte EPS in Midland, a manufacturer of polystyrene products. The company received a $500,000 loan to assist with the marketing efforts of the new products, increase sales and increase production.

So it gives me great pleasure to announce these additional funds with a focus on information and communications technology and food processing sectors, as a way to be responsive to the current needs of the region's economy.

I know our partners at both the Western Ontario Community Futures Development Corporation Association and the Eastern Ontario Community Futures Development Network Inc. will help us to find the right projects for these loans. We are proud to put their targeted, on-the-ground expertise to work for the economy.

SOFII is not the only source of funding for businesses. Last December, I launched four new Southern Ontario Prosperity Initiatives, which represent a total of more than $530 million in available funding, as well as the $200-million Advanced Manufacturing Fund. I invite you all to take a moment and check out the website FedDevOntario.gc.ca for more information about these important initiatives that are now open for application.

In closing, ladies and gentlemen, I am excited to see more jobs and opportunities for our families, businesses and communities created through the funding announced today, as well as the other programming I have mentioned. I am confident that SOFII West and SOFII East, along with the new initiatives available at FedDev Ontario, will help our workers, businesses and other organizations prosper right here in the great province of Ontario.

src:news.gc.ca