Federal Government Invests in Peterborough Region's Tourism Industry for Recovery

Strategic Insights -

The Federal Economic Development Agency for Southern Ontario recently announced a non-repayable investment of $500,000 for Peterborough & the Kawarthas Economic Development to support the tourism industry's recovery in the Peterborough Region, a key source of local jobs. The investment aims to help businesses adapt to public health measures and safely reopen, including support for space renovations and retrofits, equipment purchases, and technology digitization.

Key Takeaways:

  • The investment is targeted at over 50 local tourism-oriented businesses in the Peterborough Region, providing non-repayable contributions of up to $20,000 to support their recovery efforts.
  • The project is a partnership between Peterborough & the Kawarthas Economic Development, the City of Peterborough, the eight townships of the County of Peterborough, Hiawatha First Nation, and Curve Lake First Nation, with First Nations collaborators providing targeted support to Indigenous-led businesses.
  • The investment is protecting about 100 jobs in the Peterborough Region and helping to maintain employment opportunities in the local tourism industry.
  • The project is an example of the Government of Canada's support for businesses and communities through investments in initiatives like the Tourism Relief Fund, which proposes $500 million in funding to adapt products and services to public health measures and recover from the pandemic.
  • Peterborough & the Kawarthas Economic Development is providing the funding in partnership with Community Futures Peterborough, ensuring that hard hit tourism-dependent businesses receive the support they need to adapt to COVID-19 realities and prepare for the future.
  • Showplace Performance Centre and Escape Maze are among the businesses benefiting from the investment, which has enabled them to implement touch-free amenities, purchase specialized cleaning equipment, and adapt their businesses to new realities.

Statistics:

  • The Peterborough Region's tourism industry accounts for a significant portion of local jobs and economic activity.
  • In Ontario, the tourism and supporting industries account for $39.4 billion of GDP.
  • The investment in Peterborough & the Kawarthas Economic Development is part of a larger commitment to supporting the tourism sector's recovery across Eastern Ontario, with $5.35 million allocated for similar projects.
  • FedDev Ontario has invested over $165 million in nearly 500 tourism-related projects since November 1, 2015, with a focus on supporting regional development and economic growth.

Sources:

  • Peterborough Region's tourism industry news release, May 27, 2021
  • Federal Economic Development Agency for Southern Ontario news release, May 27, 2021
  • Budget 2021 proposal for $500 million over two years through the Tourism Relief Fund
  • FedDev Ontario investments in tourism-related projects, since November 1, 2015