FedNor investing $1.5 million to support on-going local job creation and economic development in the Sault Ste. Marie area

From: Federal Economic Development Agency for Northern Ontario - FedNor

News release

September 6, 2023 – Sault Ste. Marie, ON – Federal Economic Development Agency for Northern Ontario – FedNor

Terry Sheehan, Member of Parliament for Sault Ste. Marie and Parliamentary Secretary to the Minister of Labour, today announced a FedNor investment of $1,500,000 in the Community Development Corporation of Sault Ste. Marie & Area (SSMCDC). The announcement was made on behalf of the Honourable Patty Hajdu, Minister of Indigenous Services and Minister responsible for FedNor.

FedNor funds will support operating costs for a five-year period, and will help SSMCDC in providing business counselling and investment services to small and medium-sized businesses as well as leadership in community strategic planning and socio-economic development. The SSMCDC is governed by a board of volunteers and serves an area with a population totalling over 78,000. Over the previous five-year operating period, the SSMCDC assisted over 200 local businesses and helped create or maintain nearly 600 jobs.

This FedNor investment will support diverse economic growth in Sault Ste. Marie and area by providing resources to a locally-driven organization familiar with existing and potential opportunities and obstacles in the region. These funds will enable SSMCDC to invest in and support a range of local businesses, community partners, and key industries, with the goal of working together to facilitate the creation and maintenance of jobs and to build healthy, sustainable communities.

Quotes

“The Sault Ste. Marie area is a unique part of our region, and so fostering the development of local expertise and supports will put us in the best position to leverage our strengths and to address challenges. This FedNor investment will create real opportunities for Sault Ste. Marie area businesses and workers across the board, and will help continue to build a local economy that works for everyone.”

-       Terry Sheehan, Member of Parliament for Sault Ste. Marie and Parliamentary Secretary to the Minister of Labour

“The Government of Canada is proud to partner with community development corporations to help communities across Northern Ontario build strong and diverse local economies that support a wide range of critical sectors. This FedNor investment of $1.5 million is going to help the Community Development Corporation of Sault Ste. Marie & Area continue to build upon all their accomplishments, and to continue creating good jobs with resilient businesses.”

-       The Honourable Patty Hajdu, Minister of Indigenous Services and Minister Responsible for FedNor

“FedNor’s support helps make it possible for us to work with entrepreneurs and businesses in the Sault Ste. Marie area to ensure they have the resources they need to help them succeed. These funds will help us continue to develop and share local expertise to help our local economy continue to succeed and grow.”

-       Dan Friyia, Executive Director of the Community Development Coproration of Sault Ste. Marie and Area

Quick facts

  • The Community Development Corporation of Sault Ste. Marie & Area (SSMCDC) is a community-based, non-profit organization governed by a local volunteer board of directors.

    • Since 1987, SSMCDC has provided over $21.5 million in loans and equity investments to 651 businesses that have assisted in creating or sustaining 3,197 local jobs. These investments leveraged another $33.1 million from banks, owner’s equity, government, and non-traditional sources.
    • In addition, since 1987, the SSMCDC has provided advisory services that have assisted in creating or sustaining 3,781 jobs

  • The funding announced today is provided through the Community Futures Program (CFP), through which FedNor supports 24 Community Futures Development Corporations (CFDCs) located throughout Northern Ontario. These community-based, not-for-profit organizations are staffed by professionals and are each governed by local volunteer board of directors familiar with their communities' needs, concerns, and future development priorities.

Associated links

Contacts

Zeus Eden
Press Secretary
Office of the Honourable Patty Hajdu
Minister of Indigenous Services and Minister responsible for FedNor
zeus.eden@sac-isc.gc.ca

Federal Economic Development Agency for Northern Ontario
Media Relations

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