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Today government is launching a new program, the Community Economic Development Business (CEDB) Program, helping Islanders invest in Islanders, says Finance and Municipal Affairs Minister Wes Sheridan.

“By offering Islanders a new method to invest in the economic development of their community, the CEDB program helps strengthen the capacity of the community to engage in local decision-making,” said Minister Sheridan. “Islanders want to invest in Islanders – in Island businesses that have the potential to benefit the community and foster growth in the local economy.”

Through the CEDB Program, an eligible business may obtain equity financing from fellow community members. The Province of Prince Edward Island provides a 35 per cent personal income tax credit, the Community Development Equity Tax Credit, to the individuals investing in the approved CEDB.

“The Rural Action Plan recognizes the significant role that Community Economic Development Businesses will play in the development of rural Prince Edward Island by increasing access to financial resources for Island businesses from tip to tip,” said Minster LeClair. “Through the Rural Action Plan, we continue to take actions to support the development of our rural communities.”

The CEDB Program supports Goal 5 of the Rural Action Plan: to invest in community development efforts and capacity building. The initiative results after the actions that began the Summer of 2008 from presentations to government ministers and officials, and a submission to the Legislative Committee reviewing rural development to consultations with community groups and business leaders.

Islanders can download the information guide and learn more about the CEDB program by visiting the government website at www.gov.pe.ca/cedb or contact the CEDB coordinator at 902-368-4030. CEDB program information is also available at the Rural Action Centres.