FedNor investing more than $7.6 million in Community Futures Development Corporations across Northern Ontario 

The Government of Canada recognizes the importance of small businesses in helping to create vibrant, interconnected communities, and that local networks that share time and energy understand and contribute to the strength of their neighbourhoods. FedNor’s investments in Community Futures Development Corporations will help people across Northern Ontario to grow their businesses and local economies. This funding will enable communities to experience and continue to build the high quality of life for which Canada is recognized globally.

Today, the Honourable Patty Hajdu, Minister of Indigenous Services and Minister responsible for FedNor, announced FedNor investments totalling $ 7,666,477 in support of nine Community Futures Development Corporation (CFDC) projects across Northern Ontario. This funding will enable CFDCs to provide business counselling and investment services to small and medium-sized businesses, leadership in community strategic planning, and community economic development in their service areas.

CFDC initiatives supported by FedNor

Greenstone Economic Development Corporation
$1,675,000

The Greenstone Economic Development Corporation will receive $1,675,000 provided through FedNor’s Community Futures Program to support operating costs for the period beginning January 1^st, 2023, and ending December 31^st, 2027.

Thunder Bay Ventures
$1,500,000

Thunder Bay Ventures will receive $1,500,000 provided through FedNor’s Community Futures Program to support operating costs for a five-year period.

Rainy River Future Development Corporation
$1,500,000

The Rainy River Future Development Corporation will receive $1,500,000 provided through FedNor’s Community Futures Program to support operating costs for the period beginning April 1^st, 2023, and ending March 31^st, 2028.

Wakenagun Community Futures Development Corporation
$960,000

Wakenagun Community Futures Development Corporation (WCFDC) will receive $960,000 provided through FedNor’s Community Futures Program to support operating costs for a three-year period.

Community Futures Ontario
$819,517

Community Futures Ontario (CFO) will receive a total of $819,517 for two initiatives:

• CFO will receive $442,748 provided through FedNor’s Community Futures Program to support operating costs for a three-year period.
• CFO will also receive $376,769 provided through FedNor’s Community Futures Program to purchase Management Information Systems licenses and to provide ongoing technical support for 24 CFDCs in Northern Ontario, as well as the Nickel Basin Federal Development Corporation and the Northeastern Ontario Investment Pool.

Lake of the Woods Business Incentive Corporation
 $706,550

The Lake of the Woods Business Incentive Corporation (LOWBIC) will receive a total of $706,550 for two initiatives:

• LOWBIC will receive $400,000 provided through FedNor’s Northern Ontario Development Program to support the SXNM project on behalf of the Northwest Community Futures Network and the network of CFDCs in Northeastern Ontario. The SXNM project focuses on matching new immigrants with employers in smaller rural communities, while also helping to match business succession opportunities with potential immigrant and other investors.
•  LOWBIC will also receive $306,550 provided through FedNor’s Community Futures Program to coordinate the training and meeting needs of the Northwest Community Futures Network for the period beginning March 1^st, 2022 and ending December 31^st, 2024.

The Venture Centre
$505,410

The Venture Centre will receive $505,410 provided through FedNor’s Community Futures Program to support the Northeast Development Network project for a two-year period. The Network project provides a forum for the exchange of tools, practices, and opportunities between CFDC members, while also supporting promotion of CFDC identity and the interests of communities and businesses in Northeastern Ontario. 

Related Products

News release: FedNor invests over $7.6 million in Community Futures Development Corporations across Northern Ontario

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