FedNor investments to support business development, growth and recovery efforts in the Hearst and Superior East regions
As our economy recovers from the impact of COVID-19, the Government of Canada is stepping up efforts to help Northern Ontario businesses start up and scale up, while supporting jobs, growth and regional recovery efforts across the region.
Terry Sheehan, Parliamentary Secretary to the Minister of Economic Development and Official Languages and Minister responsible for FedNor, today announced a FedNor investment of more than $3.6 million to support three initiatives designed to create and maintain jobs, enhance business development and maximize growth opportunities in the Hearst and Superior East regions.
Community economic and business growth initiatives supported by FedNor
Nord-Aski Regional Economic Development Corporation (Nord-Aski)
A Government of Canada investment of $1.6 million will support the ongoing operations of Nord-Aski for a five-year period. Specifically, this targeted investment will enable the organization to support community strategic planning initiatives and provide small and medium-sized enterprises with access to capital and business counselling services. Nord-Aski is one of 24 Community Futures Development Corporations supported by FedNor in Northern Ontario.
Northeastern Ontario Investment Pool
A FedNor investment of $455,000 will enable Nord-Aski to administer the Northeastern Ontario Investment Pool for a three-year period on behalf of the 13 partner CFDCs in the region. The Investment Pool provides term loans, patient capital and equity financing to qualifying small and medium-sized businesses in the region. This shared lending approach reduces the risk to participating CFDCs and allows them to support strategic and larger-scale projects by offering business financing up to a maximum of $500,000.
Superior East Community Futures Development Corporation (Superior East CFDC)
To accelerate business development and growth in the Superior East region, a FedNor investment of $1.6 million will support the ongoing operations of the Superior East CFDC for a five-year period. Specifically, FedNor funding will enable this not-for-profit, business-focused organization to provide small and medium-sized enterprises with business counselling services and access to capital, as well as support for community strategic planning initiatives in Wawa and surrounding areas.
- News release: Government of Canada injects $3.6 million in the Hearst and Superior East regions: more than 1850 jobs supported
Office of the Minister of Economic Development and Official Languages
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