The London Economic Development Corporation is offering to pay for downtown businesses to install fibre optic connections in a effort to grow and attract the digital sector in the core.
Under the proposed pilot project the LEDC would fund 50% of the cost of installation costs, up to a maximum of $20,000.
"Fibre optics offers a much higher level of data transfer in terms of download speeds and overall connectivity," says President and CEO of the LEDC Kapil Lahkotia. "This is really going to result in growth of many tech companies here. We hope more start-ups within the tech space will also consider locating downtown and will ultimately drive economic growth and job creation."
The target area for the two-year program is Dundas St. and King St. between Wellington and Ridout.
“This is a great opportunity for London to support data-intensive businesses in our city’s core,” says Mayor Matt Brown. “I am pleased to work with the LEDC and Downtown London to attract innovative, creative businesses to London and grow our economy.”
The proposal will come before city hall officials this week.
