Government of Canada invests to accelerate business growth and help create or maintain up to 306 jobs in the Atikokan and Rainy River regions
News release
FedNor funding to support business expansion, community growth and economic recovery efforts
July 20, 2021 – Atikokan, ON – Federal Economic Development Initiative for Northern Ontario – FedNor
Across the country, Community Futures Development Corporations (CFDCs) are helping entrepreneurs start or expand their businesses, and investing in communities to strengthen the economy. In Northern Ontario, these community-based, not-for-profit organizations are working hard to create jobs and provide a full range of business development services, including access to capital, mentoring, information and referrals, as well as support for community economic development, recovery efforts and special projects.
Marcus Powlowski, Member of Parliament for Thunder Bay—Rainy River, on behalf of the Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for FedNor, today announced a Government of Canada investment totalling $2 million in support of two strategic initiatives led by the Atikokan Economic Development Corporation and the Rainy River Future Development Corporation, two of the 24 CFDCs supported by FedNor in Northern Ontario.
First, an investment of $1.5 million will support the ongoing operations of Atikokan Economic Development Corporation 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. Over the life of the project, the Atikokan Economic Development Corporation is expected to support more than 102 businesses, while helping to create up to 39 jobs and maintain 71 more in the region.
In addition, an investment of $500,000 will enable Rainy River Future Development Corporation to offer financing to new or existing small businesses and social enterprises to help create jobs in the Fort Frances region. This strategic initiative is expected to assist more than 32 businesses to start up, scale up or maintain operations, while helping to create up to 86 jobs and maintain an additional 110 more throughout the area.
Today’s announcement is further proof of the Government of Canada’s commitment to Canadian entrepreneurs and businesses – helping them to overcome the challenges posed by COVID-19. Initiatives like these will assist Canadians to get back to work and ensure that small businesses, which are the backbone of the Canadian economy, can play a major role in Canada’s economic recovery.
Quotes
“Strong local economies rely upon the prosperity and growth of local businesses. 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 and grow Northern Ontario’s economy and create good jobs.”
- The Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for FedNor
“Today’s $2 million announcement will help create or maintain up to 306 jobs in the Atikokan and Rainy River regions by accelerating community economic development and helping businesses start up, scale up and improve productivity. This support to businesses and communities will enable them to chart a path for a strong economic recovery.”
- Marcus Powlowski, Member of Parliament for Thunder Bay—Rainy River
“We are proud of the work that we are doing to support business recovery efforts and strengthen the regional economy. Today’s announcement of ongoing operational funding affirms the important role that we play in helping businesses to start up and grow in the Atikokan region.”
- Jim Turner, Board Chair, Atikokan Economic Development Corporation
“We would like to thank the Government of Canada and FedNor for helping us to maximize economic and growth opportunities here in the Rainy River region. We remain dedicated to working with new and existing businesses as they establish roots here in our communities, create jobs for area residents and contribute to the economic wellbeing of our service area.”
- Gord Armstrong, Board Chair, Rainy River Future Development Corporation
"I am grateful for the financial aid and business counselling that I have received from Atikokan Economic Development Corporation that enabled me to purchase the Atikokan News Stand. As owner of the Main Street convenience store, I have fulfilled my dream of becoming an entrepreneur."
- Venkata Kommina Naga, Owner/Operator, Atikokan News Stand
Quick facts
-
Community Futures Development Corporations (CFDCs) are community-based, not-for-profit organizations staffed by professionals and governed by local volunteer boards of directors familiar with their communities' needs, concerns and future development priorities.
-
The Rainy River Future Development Corporation services the municipalities of Alberton, Chapple, Emo, Fort Frances, La Vallee, Lake of the Woods, Morley and Rainy River.
-
The Atikokan Economic Development Corporation has a service area that includes the town of Atikokan, the village of Upsala, and the First Nations of Seine River, Lac la Croix and Lac des Mille Lacs.
Associated links
Contacts
Catherine Mounier-Desrochers
Press Secretary
Office of the Minister of Economic Development and Official Languages
catherine.mounier-desrochers@canada.ca
Kim Fewchuk
Communications Officer
FedNor
705-971-4112
kim.fewchuk@ised-isde.gc.ca
Page details
- Date modified: