FedNor investing more than $7.6 million in Community Futures Development Corporations across Northern Ontario
News release
Investments will help support business development and community growth across the region
May 02, 2023 – Thunder Bay, ON – Federal Economic Development Agency for Northern Ontario – FedNor
Today, the Honourable Patty Hajdu, Minister of Indigenous Services and Minister responsible for FedNor, announced investments totalling $7,666,477 in support of nine Community Futures Development Corporation (CFDC) projects across Northern Ontario.
Formally established in 1985, the Community Futures Program has been supporting small businesses and rural economic development for more than 30 years. There are currently 24 CFDCs in Northern Ontario that provide business counselling and investment services and strategic planning to small and medium-sized businesses in their regions.
Today’s announcement will go towards a mix of both operational and project specific investments across CFDCs in Northern Ontario. This funding will assist in supporting small businesses, will help diversify local economies and help communities capitalize on local economic initiatives.
Recipients of today’s funding include:
- Greenstone Economic Development Corporation
- Thunder Bay Ventures
- Rainy River Future Development Corporation
- Wakenagun Community Futures Development Corporation
- Community Futures Ontario
- Lake of the Woods Busines Incentive Corporation
- The Venture Centre
For more detail on the projects being funded, please see the associated backgrounder.
Quotes
“Community Futures helps small businesses in rural and remote communities with advice and support that helps them to land funding, grow their operations and create jobs. Northern Ontario is home to thousands of small and medium-sized organizations and to keep it that way, FedNor will continue to ensure they have the support they need to thrive.”
- The Honourable Patty Hajdu, Minister of Indigenous Services and Minister responsible for FedNor
“As a not-for-profit organization that fosters all economic sectors within the Greenstone area, FedNor’s support for us means support for our communities. This funding for Greenstone Economic Development Corporation will support our operating costs for the next five years. This commitment ensures we can look ahead and make the needed plans for our community.”
- Sylvie Goulet, Executive Director of Greenstone Economic Development Corporation
Quick facts
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The majority of funds announced today are provided through FedNor’s Community Futures Program, which supports 24 Community Futures Development Corporations (CFDCs) located throughout Northern Ontario.
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CFDCs are community-based, not-for-profit organizations governed by local volunteer boards of directors familiar the needs, concerns, and future development priorities of their communities.CFDCs offer a wide variety of programs and services supporting community economic development and small business growth.
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Additional funding is provided through the Northern Ontario Development Program, through which FedNor invests in projects led by municipalities, First Nations, and other organizations and institutions that support community economic development, diversification, job creation and self-reliant communities in Northern Ontario.
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Associated links
Contacts
Zeus Eden
Press Secretary
Office of the Honourable Patty Hajdu
Minister of Indigenous Services and Minister responsible for FedNor
Federal Economic Development Agency for Northern Ontario
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