Government of Canada invests to accelerate business development and growth, and create up to 60 jobs throughout the Greater Sudbury region
FedNor funding will help establish a business incubator to support business start-ups in Greater Sudbury
May 27, 2021 – Sudbury, ON – Federal Economic Development Initiative for Northern Ontario – FedNor
Business incubators help Canada’s most promising start-ups establish themselves, and gain access to mentorship, financing and other assistance to accelerate the commercialization of new products, support growth and create middle-class jobs. In Northern Ontario, the Government of Canada, through FedNor, is working closely with its community partners to ensure entrepreneurs and business start-ups can overcome the impacts of COVID-19, ramp-up quickly and fully-participate in our economic recovery.
Paul Lefebvre, Member of Parliament for Sudbury, and Marc G. Serré, Member of Parliament for Nickel Belt, today announced a FedNor investment of $631,920 to help the City of Greater Sudbury establish a business incubator to enable high-growth and innovative firms to start-up, scale-up and create high-quality jobs. The announcement was made on behalf of the Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for FedNor.
Designed to offer a suite of programming and services to support business start-ups across all sectors and industries, the incubator will help early-stage companies commercialize new products or services, generate early revenue, raise capital and build managerial capacity. Specifically, the FedNor funding will be used to purchase equipment, hire staff and renovate an approximately 5,000-square-foot space in the downtown business district to house this state-of-the-art facility.
Northern Ontario has been hard hit by COVID-19 and today’s announcement is further proof of the Government of Canada’s commitment to families, communities and businesses, helping them to not just survive, but also thrive.
Once complete, this three-year initiative is expected to support more than 30 successful business start-ups, while helping to produce 30 new products and services, and creating up to 60 middle-class jobs in Greater Sudbury.
“Strong local economies rely upon the prosperity and growth of local businesses and entrepreneurs. In these uncertain times, we want Canadian businesses to know that we have their back. We will help our business and community partners adapt to the quickly evolving social and economic realities, and support their efforts to strengthen Northern Ontario’s economy and create good jobs.”
- The Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for FedNor
“This strategic investment will help create an ecosystem that fosters innovation and helps local entrepreneurs transform their ideas into successful businesses. By establishing an open and interactive work environment that’s conducive to collaboration and innovation, we can help Sudbury start-ups improve their success rate, commercialize new products and scale-up quickly.”
- Paul Lefebvre, Member of Parliament for Sudbury
“Our government is helping to build the economy of the future by supporting Sudbury and Nickel Belt’s best and brightest as they cultivate their ideas, develop new products and launch successful businesses. Today’s announcement will provide a big boost for innovative and technology-focused entrepreneurs looking to grow, create jobs and take their business or idea to the next level.”
- Marc G. Serré, Member of Parliament for Nickel Belt
"I am proud to say Greater Sudbury is home to a number of highly skilled entrepreneurs, all motivated to share their ideas and products with the community. After more than a year of monitoring the impacts of COVID-19 in the community, I am sincerely grateful for this investment from FedNor and the Federal Government and anticipate a future of economic growth in the North. Today’s announcement symbolizes a commitment to strengthen Northern Ontario’s economy, and a path towards accessible mentorship, workspaces, and equipment for local start-ups."
- Mayor Brian Bigger, City of Greater Sudbury
"While the global pandemic has required our local businesses to innovate and adapt to evolving circumstances, it has also created opportunity for new business ideas to emerge. Supporting and revitalizing our downtown is one of the key priorities for the Greater Sudbury Development Corporation, and having a collaborative space in the downtown where knowledge can be shared, partnerships can form and ideas can flourish will be fundamental in nurturing its success."
- Andrée Lacroix, Chair, Greater Sudbury Development Corporation
The funding announced today is provided through FedNor’s Regional Economic Growth through Innovation Fund (REGI), which supports the growth of Canadian businesses, their expansion into new markets and their adoption of new technologies and processes.
Since 2018, FedNor has provided more than $69 million in REGI funding to support 92 projects. Once complete, these projects are expected to help create and maintain more than 4,200 jobs in communities and First Nations across Northern Ontario.
- Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience
- Canada’s COVID-19 Economic Response Plan
- Regional Relief and Recovery Fund (RRRF)
- Coronavirus disease (COVID-19)
- To find out more about our programs and services, please visit: fednor.gc.ca
- Follow us on Twitter @FedNor
- Follow Innovation, Science and Economic Development Canada on Twitter: @ISED_CA
Office of the Minister of Economic Development and Official Languages
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