FedNor investments to support business growth and regional recovery efforts
November 10, 2020 – Hearst, ON – Federal Economic Development Initiative for Northern Ontario – FedNor
Across the country, Community Futures Development Corporations (CFDCs) are investing in communities to strengthen the economy, and helping entrepreneurs start or scale-up their businesses. 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, including their current focus on recovery efforts.
Terry Sheehan, Parliamentary Secretary to the Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for FedNor, today announced Government of Canada investments of more than $3.6 million to help communities prosper, and assist businesses to grow and create or maintain jobs in the Hearst and Superior East regions.
Provided through FedNor’s Community Futures Program, this funding will support three initiatives led by Nord-Aski Regional Economic Development Corporation (Nord-Aski) and Superior East Community Futures Development Corporation (Superior East CFDC). Once complete, these strategic initiatives are expected to support nearly 400 local businesses, and help create or maintain more than 1850 middle-class jobs across the region.
Today’s announcement is further proof of the Government of Canada’s commitment to Canadian businesses – helping them to overcome the challenges posed by COVID-19. Initiatives like these will help get Canadians 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.