Nova Scotians invested more than $4 million last year in Community Economic Development Investment Funds (CEDIFs), supporting local business development and demonstrating that investing locally can benefit their communities. Shareholders, directors, government officials, academics and supporters met at Cape Breton University on October 1 for the program's annual general meeting and to celebrate its tenth anniversary.

The funds offer Nova Scotians an opportunity to invest in small to medium-sized local businesses in areas such as agriculture, renewable energy, fair-trade and organic products, retail, performing arts and other businesses.

"The funds have proven to be a wonderful way for neighbours to support the growth of businesses right at home," said Greg MacLeod, a driving force behind the first fund. "I've been involved with the program from the beginning and I am very proud of how it has enabled businesses and communities to flourish."

Earlier this year, the province raised the program's equity tax credit from 30 to 35 per cent to further encourage investment. Also, as part of the province's new Renewable Electricity Plan, the funds qualify for community-based feed-in tariffs that encourage the development of local renewable energy projects.

When the Community Economic Development Investment Funds were introduced in 2000, 261 Nova Scotians invested $1.1 million. Its popularity has grown over the years, and today, about 4,000 Nova Scotians have invested more than $36 million, fueling economic growth in rural and urban areas.

There are now 45 funds in the province and the number continues to grow. The program has become a model for other provinces.

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^{With files from the Friends of Nova Scotia newsletter}