Local Investments Support Nova Scotia Communities

Community-based businesses are creating jobs and helping to strengthen local economies in the province thanks to the Community Economic Development Investment Fund (CEDIF).

Wind fields, farmers' markets, co-ops, coffee roasters and environmental enterprises are a few examples of businesses that Nova Scotians have chosen to invest in. The CEDIF program creates a pool of investment capital available to local businesses. It is run by community members, and owned by Nova Scotians. During the 2011-12 fiscal year, the program allowed people to invest $7.5 million in 14 companies.

"These local investments help Nova Scotia companies secure the capital they need to grow," said Vicki Conrad, MLA for Queens, on behalf of Percy Paris, Minister of Economic and Rural Development and Tourism.

"CEDIFs have had extraordinary success in Nova Scotia, attracting investment to small local businesses and encouraging new and innovative ways of growing our economy and in turn supporting local communities."

Over the past 12 years, the program has successfully grown to support more than 51 investment projects. More than 5,600 Nova Scotians have invested a total of $50 million in small- to medium-sized local companies, fuelling economic growth throughout the province.

East Coast Organic Milk, of Truro, is one of the 14 companies that have benefitted from the program last year. East Coast Organic Milk is a co-operative made up of a group of Nova Scotia family-owned organic dairy farms.

East Coast Organic Milk will introduce locally produced and processed organic dairy products into the Nova Scotia marketplace in late October. It will start with one per cent, two per cent and homogenized organic milk in two litre cartons. This will be followed with a phased-in introduction of blend cream, cheese, yogurt and other dairy products as demand and market share grows.

"The CEDIF investment with East Coast Organic Milk is allowing us to make locally-produced certified organic dairy products more accessible to Nova Scotians," said Mike Main, treasurer, East Coast Organic Milk.

"There is a demand for this type of product and we've had a great deal of positive response from both customers, retailers, cafes, bakeries and farmers' markets looking for a local source of organic dairy product."

"CEDIF season is just around the corner for Nova Scotians," said Ms Conrad. "It's time for community members to start thinking about making a smart investment that's good for business, good for the community and good for the investor."

The majority of investments are made between January and April because they count as RRSP investments. In 2010, the province raised the program's equity tax credit from 30 to 35 per cent to further encourage investments.