Growing small and medium-sized businesses and creating jobs in East Algoma
Government of Canada investment enable a local not-for-profit organization to provide expert services to area entrepreneurs and support economic development initiatives
January 20, 2020 – Elliot Lake, ON – Federal Economic Development Initiative for Northern Ontario - FedNor
Local communities and businesses will find the support they need to grow and create jobs thanks to a Government of Canada investment of more than $2.1 million dollars. This FedNor funding will enable the East Algoma Community Futures Development Corporation (EACFDC) to continue to offer a broad range of business financing and counselling services, as well as support for community economic development initiatives.
The funding was announced today by Terry Sheehan, Parliamentary Secretary to the Minister of Economic Development and Official Languages (FedNor), the Honourable Mélanie Joly.
As part of today’s announcement, the East Algoma CFDC will receive $1.6 million to support its ongoing operations for the next five years. The remaining $510,000 will help recruit two new economic development officers (EDOs) who will work with the EACFDC and the Huron North Community Economic Alliance (HNCEA) to pursue a range of regional economic and business development initiatives touching on agriculture, tourism, transportation, and investment attraction.
“The Government of Canada is focused on helping to build strong and sustainable communities, and supporting innovative small businesses that create well-paying, middle class jobs for Canadians. Investing in the East Algoma CFDC will provide local communities and businesses with the tools they need to grow, innovate and succeed.”
- Terry Sheehan, Member of Parliament for Sault Ste. Marie and Parliamentary Secretary to the Minister of Economic Development and Official Languages (FedNor)
“We understand that the path to economic prosperity varies from region to region. Strong regional economies are essential for Canada’s success and sustainability. That’s why FedNor is there to help businesses and innovators grow, succeed and create good jobs for Canadians here in East Algoma. Together, we will overcome the challenges of today and ensure all regions of Canada realize their full economic potential. We have your back."
- The Honourable Mélanie Joly, Minister of Economic Development and Official Languages
“I am thrilled that the Government of Canada recognizes our commitment to promoting community and economic growth within East Algoma. This financial assistance will go a long way in helping us in our efforts to support business development, create jobs and strengthen the agricultural, tourism, commercial and industrial sectors in our region.”
- Neil Tulloch, Chair of the East Algoma Community Futures Development Corporation
The East Algoma CFDC is one of 24 Community Futures Development Corporations (CFDCs) in Northern Ontario 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.
The Huron North Community Economic Alliance (HNCEA) is a regional grassroots organization made up of member communities stretching from Spanish to Sault Ste. Marie who work together to achieve regional prosperity. Its mission is to promote the economic growth of its communities by coordinating and implementing economic development projects.
Office of the Minister of Economic Development and Official Languages Alexander.Cohen@canada.ca
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