Northern Ontario entrepreneurs to benefit from improved access to capital for growth
News Release
Services geared to businesses looking to access the investment market will be made available thanks to an investment of more than $1.26 million by the Government of Canada
November 16, 2017 – Thunder Bay, ON – Federal Economic Development Initiative for Northern Ontario - FedNor
Businesses looking to become investment-ready and attract private capital will find the support they need at the Northern Ontario Angels (NOA), a not-for-profit organization dedicated to facilitating connections between Northern Ontario entrepreneurs and accredited angel investors. Assessments, seminars, coaching, networking and match-making are just a few of the services that will be offered by NOA thanks to this Government of Canada investment of more than $1.26 million over three years.
The funding was announced today by the Honourable Patty Hajdu, Minister of Employment, Workforce Development and Labour, and Member of Parliament for Thunder Bay—Superior North, on behalf of 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.
The three-year funding will enable NOA to continue to expand its services throughout Northern Ontario by strengthening and growing its chapters in each of the region’s five largest communities (Sudbury, Thunder Bay, Sault Ste. Marie, North Bay and Timmins) and establishing a new chapter in Kenora.
Quotes
“The Government of Canada is proud to invest in strategic initiatives that strengthen the economy, encourage innovation and enhance business development and growth. The funding announced today will provide businesses and entrepreneurs across Northern Ontario with the services and connections they need to grow and reach new markets.”
- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, and Minister responsible for FedNor
“I am proud to be part of a government that recognizes the needs of businesses and entrepreneurs and supports their efforts to grow and succeed. Today’s announcement will help fuel the regional economy by attracting private sector investment to our communities and ensuring that local businesses have the tools they need to create jobs right here in the North.”
- The Honourable Patty Hajdu, Minister of Employment, Workforce Development and Labour, and Member of Parliament for Thunder Bay—Superior North
“I would like to thank the Government of Canada for this strong show of support for the work we do and the results we deliver for the people, businesses and communities of Northern Ontario. We welcome and appreciate FedNor’s continued support which allows us to continue to expand our services with the goal of bringing entrepreneurs and investors together to explore new business opportunities.”
- Chris Winrow, Chair, Northern Ontario Angels
Quick Facts
-
FedNor’s investment of $1,266,000 is provided through its Northern Ontario Development Program which supports projects that promote sustainable community economic development, enhance business development and growth, and facilitate innovation throughout the region.
-
NOA’s goal is to stimulate increased investment capital into Northern Ontario companies to help them succeed. This is accomplished by improving the flow of investment capital, investment education, and management expertise into high-growth potential northern companies.
-
An angel investor is an individual or group of individuals who provide investment capital to new or growing businesses and expect a percentage of ownership equity in return. Angels typically seek investment opportunities in high growth, small to medium enterprises that are too young to qualify for bank loans or other traditional means of financing.
Associated Links
Contacts
Paul Denis
Communications Officer
FedNor
705-507-0539
paul.denis@canada.ca