Government of Canada invests $1.6M to support economic development and growth in the Manitoulin, LaCloche and Espanola regions
News release
FedNor funding to assist more than 100 businesses and create or maintain over 325 jobs
November 10, 2023 – Mindemoya, ON – Federal Economic Development Agency for Northern Ontario – FedNor
Today, Marc G. Serré, Member of Parliament for Nickel Belt and Parliamentary Secretary to the Minister of Energy and Natural Resources and Parliamentary Secretary to the Minister of Official Languages, announced a Government of Canada investment of $1.6 million to support business and economic opportunities in the Manitoulin, LaCloche and Espanola regions. The announcement was made on behalf of the Honourable Patty Hajdu, Minister of Indigenous Services and Minister responsible for FedNor.
Provided through FedNor’s Community Futures Program, the funding will support the ongoing operations of the LaCloche Manitoulin Business Assistance Corporation (LAMBAC) for a five-year period. Specifically, this funding will enable this not-for-profit Community Futures Development Corporation (CFDC) to offer community and business support services and access to capital for businesses throughout the Manitoulin, LaCloche and Espanola areas. This project is expected to assist over 100 businesses, create more than 100 jobs and help maintain 225 more.
This project supports the Government of Canada’s Prosperity and Growth Strategy for Northern Ontario, which identifies investing in building the economic development capacity of municipalities and Indigenous communities in the region as a key action.
Quotes
“By investing in LaCloche Manitoulin Business Assistance Corporation, we are supporting businesses, stronger communities and good-paying jobs. This $1.6 million investment will help strengthen economies in Manitoulin, LaCloche and Espanola regions. This is how we build a Northern Economy that benefits everyone.”
- The Honourable Patty Hajdu, Minister of Indigenous Services and Minister responsible for FedNor
“This project is a concrete example of how the Government of Canada is helping businesses scale-up and improve the economic prospects of communities throughout the Manitoulin, LaCloche and Espanola regions. I look forward to witnessing first-hand the positive results these priority projects will deliver for families, communities and businesses in the form of jobs, growth and a stronger economy.”
- Marc G. Serré, Member of Parliament for Nickel Belt and Parliamentary Secretary to the Minister of Energy and Natural Resources and Parliamentary Secretary to the Minister of Official Languages
“This five-year commitment from FedNor and the Government of Canada speaks volumes to our record of success in fostering community, business and economic growth, while helping businesses start or scale-up. By providing businesses with access to capital and a one-stop shop for support services, we are helping to fuel the economy and create jobs and opportunities in the communities we serve.”
- Carolyn Campbell, Executive Director, LAMBAC
Quick facts
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The funding announced today is provided through FedNor’s Community Futures Program (CFP), which supports projects that promote sustainable community economic development, enhance business development and growth, and facilitate innovation.
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LAMBAC is one of 24 CFDCs funded by FedNor to serve Northern Ontario businesses and communities. This not-for-profit organization has a mandate to provide business resources to support business development, distribute small business loans, and support community economic development. LAMBAC serves businesses in the area from Walford through to Nairn on Highway 17, from Espanola down Highway 6 through and including all of Manitoulin Island, and the municipality of Killarney.
Associated links
Contacts
Simon Ross
Director of Communications
Office of the Minister of Indigenous Services and Minister responsible for FedNor
simon.ross@sac-isc.gc.ca
Federal Economic Development Agency for Northern Ontario
Media Relations
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