Government of Canada Supports Timmins-area Businesses to create jobs
News Release
FedNor invests nearly $1.3 Million to support the growth of small businesses and social enterprises
July 19, 2017 – Timmins – Federal Economic Development Initiative for Northern Ontario - FedNor
Timmins-area entrepreneurs will benefit from a Government of Canada investment of nearly $1.3 million, which will support the growth of small businesses and create jobs for Northern Ontarians.
The funding was announced by David Lametti, Parliamentary Secretary to the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, and Minister responsible for FedNor, the Government of Canada’s economic development organization for Northern Ontario.
Of the total investment, $1 million will flow through the Venture Centre, a non-profit organization and local Community Futures Development Corporation (CFDC). The Centre provides loans to entrepreneurs and small and medium-sized enterprises to grow their businesses and become more globally competitive.
The remaining $297,400 will enable the Northeast Development Network to provide services, tools and training to the region’s CFDC volunteer board members. This investment over a two-period will improve the CFDCs capacity to assist local businesses to manage and grow their operations in Northeastern Ontario.
Mr. Lametti made the announcement at the end of a two-day tour of Hearst, Kapuskasing and Timmins. During his tour, Mr. Lametti met with community and business leaders to discuss how to seize new and emerging opportunities to strengthen Northern Ontario’s economy, support high-growth businesses and create well-paying, middle-class jobs for Northern Ontarians.
The discussions will inform the development of the Government’s Prosperity and Growth Strategy for Northern Ontario, a targeted approach to economic development through innovation. This strategy, which will guide federal investments and activities in the region in the coming years, will focus on ways to build on the unique strengths and competitive advantages that Northern Ontario has in mining, resources and agriculture, among other sectors.
This regional strategy for Northern Ontario is part of the Government of Canada’s Innovation and Skills Plan, an ambitious effort to make Canada a world-leading centre for innovation that will create more well-paying jobs and grow the middle class.
Quotes
"Where innovation happens is where many of the middle-class jobs of today and tomorrow are created. That’s why our government is making the smart and responsible investments to encourage more innovation by Canadians, especially the hard-working entrepreneurs and small-business owners who form the backbone of our country’s economy. They create the well-paying jobs that often equip Canadians with the in-demand skills they need for future jobs. That’s how innovation leads to a better Canada."
The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, and Minister responsible for FedNor
"Our government recognizes that each region of our country has unique strengths. We also recognize that innovation doesn’t just happen in the big cities. It happens in every region of the country. This investment will help the entrepreneurs and small-business owners of Timmins seize new opportunities for growth. That’s how they will create well-paying jobs for the people of this region."
David Lametti, Parliamentary Secretary to the Minister of Innovation, Science and Economic Development
"Today’s announcement demonstrates confidence in our organization and the work we do to strengthen the economy of communities throughout our service area. We welcome and appreciate FedNor’s continued support which allows us to collaborate with partners and entrepreneurs to encourage innovation and help small businesses develop, grow and succeed."
David Vallier, Chair of the Venture Centre
Quick Facts
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The funding announced today is provided through FedNor’s Northern Ontario Development and Community Futures Programs, which support projects that promote sustainable community economic development, enhance business development and growth, and facilitate innovation throughout the region.
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The Venture Centre is one of 24 Community Futures Development Corporations (CFDCs) funded by FedNor to provide financing, mentoring and business development services to Northern Ontario businesses and communities. CFDCs are community-based, not-for-profit organizations run by volunteer boards and staffed by experienced business and economic development professionals.
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The Northeast Development Network supports the efforts of Community Futures Development Corporations (CFDCs) that service a wide geographic area in the northeast. The CFDCs play an important role in raising awareness of government programs and services available to businesses, and will be a key partner in engaging the businesses in support of developing the Prosperity and Growth Strategy for Northern Ontario.
Associated Links
Contacts
Barclay Babcock
Communications Officer
FedNor
705-690-0957
barclay.babcock@canada.ca