FedNor Invests $460,000 to Spur Innovation and Accelerate Economic Growth in Northeastern Ontario
News Release
January 19, 2017 – North Bay, ON – Federal Economic Development Initiative for Northern Ontario – FedNor
The Government of Canada is investing $460,000 to enable Innovation Initiatives Ontario North (IION) to implement phase three of its Step Forward Entrepreneurs Program (SFEP). This FedNor investment will help small businesses innovate, grow and create jobs, positioning Northeastern Ontario for sustainable economic growth and prosperity. Building on the success of the first two phases of SFEP, this strategic initiative will provide qualifying businesses with up to $10,000 to enhance and expand their operations, commercialize new products, conduct market research and capitalize on export opportunities.
Anthony Rota, Member of Parliament for Nipissing–Timiskaming, made the announcement today on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, and Minister responsible for FedNor.
Quick facts
- Since its inception in September 2012, SFEP has provided direct support to over 100 businesses in the Nipissing–Timiskaming and Parry Sound–Muskoka regions, helping to create or maintain more than 90 jobs. The initiative has also helped create six new businesses and assisted an additional 25 firms in their efforts to expand or modernize their operations.
- Innovation Initiatives Ontario North is a not-for-profit organization that provides business advisory services, strategic planning advice, and helps businesses and communities to secure the resources required to foster growth and economic development in Northeastern Ontario.
- The funding announced today is provided through FedNor's Northern Ontario Development Program, which supports projects that promote sustainable community economic development, enhance business development and growth, and facilitate innovation.
Quotes
"The Government of Canada is proud to invest in Innovation Initiatives Ontario North to encourage innovation, enhance business development and growth, while creating high-quality middle-class jobs in Northern Ontario. This initiative supports our government's innovation agenda by helping businesses adopt new technology to become more productive, efficient and competitive in the global marketplace."
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, and Minister responsible for FedNor
"It's an exciting time for business development and growth in our region and this investment will ensure entrepreneurs and businesses continue to have access to the tools and resources they need to develop, grow and thrive in the modern economy. By supporting IION's Step Forward Entrepreneurs Program, the Government of Canada, through FedNor, is helping to create jobs as well as a strong, sustainable economy."
– Anthony Rota, Member of Parliament for Nipissing–Timiskaming
"I am thrilled that today's announcement will help us keep technology and innovation at the forefront as organizations and entrepreneurs look to establish, modernize and expand their operations in Northeastern Ontario. The funding announced today is a strong show of support for our organization and the work we do to advance the adoption and acceleration of innovation and technology throughout our service area."
– Rob Deline, Executive Director, Innovation Initiatives Ontario North
Associated Links
- To find out more about our programs and services, please visit: fednor.gc.ca and follow us on Twitter @FedNor.
- Follow the Minister on Twitter: @MinisterISED
Contact
Barclay Babcock
Communications Officer - FedNor
705-690-0957
barclay.babcock@canada.ca
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