The Government of Canada is upping its support of small and medium-sized businesses in Quebec.

The feds announced $86 million in stable funding over the next three years to support the growth of SMEs. It’s all in an effort to foster local economic development in Quebec.

The new funding will go towards 57 Community Futures Development Corporations (CFDCs), Business Development Centres (BDCs), the CFDC/BDC Network and Capital Réseau. It’s all part of the federal government’s Community Futures Program (CFP). These agencies will ultimately use the funds to support SMEs and nonprofits in their regions.

In Quebec, around 10,000 businesses benefit from the services of CFDCs and BDCs every year, “which means an average annual investment of $70 million in Quebec communities,” according to a release.

It was quietly announced in late July, but news this past week sheds light into how some of that money will be used.

As a result of the $86 million cash infusion, several Quebec-specific CFDCs recently received a boost. Specifically, the SADC de la Mitis, SADC de la Matapédia and SADC de la région de Matane will each receive $1,201,086 over three years.

“The renewal of the agreement between CED and these organizations is excellent news for the region. For the next three years, they will be able to carry out their mission and contribute to economic growth and job creation within the community,” said Rémi Massé, MP for Avignon—La Mitis—Matane—Matapédia.