To support the creation of a network for economic development, the Honourable Andrew Parsons, KC, Minister of Industry, Energy and Technology, today announced that Shorefast will receive $500,000 towards its work on transformative economic and social development in an environmentally sustainable and collaborative manner.
This funding, through the Regional Development Program, will assist in establishing the Shorefast Institute for Place-Based Economies, which will have a pan-Canadian scope, as well as a focus on supporting and promoting the social enterprise movement in Newfoundland and Labrador. The project will create a network of communities that engage in exchanging knowledge and best practices through the approach of learn, teach and share. It will promote communities in which people, nature and culture thrive and contribute to a prosperous national economy.
Established in 2004 on Fogo Island, Shorefast is a Canadian registered charity and social enterprise with a mission to build cultural, economic, and environmental resilience on Fogo Island and to share place-based models of economic development with communities across Canada and beyond. The organization believes that the model at the heart of Fogo Island’s success can offer insights and best practices to other small and medium-sized communities. This is possible through effective collaboration and joint efforts between the public sector, businesses and the community sector, positioning Newfoundland and Labrador as a national leader in social enterprise development.
Shorefast’s community businesses and programs now employ more than 300 people per year, the majority of whom are based on Fogo Island. Shorefast is a significant employer on Fogo Island and is a major economic driver for the region. Additionally, more than 20 new businesses grew out of its Business Assistance Fund, as well as a number of thriving social enterprises
The Department of Industry, Energy and Technology provides support to organizations by way of non-repayable contributions for projects aimed at supporting economic development, innovation and capacity building in all regions of the province. The Regional Development Fund is comprised of the Regional Development Program and Community Capacity Building program. These two components provide a wide array of supports to non-profit organizations, including industry associations, municipalities, public educational institutions and other non-profit groups including co-operatives and economic development organizations.
Quotes
“What Shorefast has achieved on Fogo Island is an example of what can be accomplished through collaboration and a collective desire to create economic opportunities. For over 20 years, the organization has been a champion for providing communities with the tools to thrive. This initiative will allow them to continue their work in Newfoundland and Labrador, while also sharing their knowledge with enterprises across the country.”
Honourable Andrew Parsons, KC
Minister of Industry, Energy and Technology
“We are proud that our efforts on Fogo Island and beyond, are being recognized by the Provincial Government, who have been partners from our early days. As we grow the Shorefast Institute for Place-Based Economies, we aim to catalyse this type of collaboration between government, communities, markets and philanthropy, to help refocus the economy on people and places, and build a more prosperous and resilient Canada.”
Susan Cull, Executive Vice President
Shorefast
-30-
Learn more
Regional Economic Development
Follow us on X @GovNL and @IET_GovNL
Follow us on Bluesky
Like Government of Newfoundland and Labrador and Industry, Energy and Technology NL on Facebook