KENORA – Greg Rickford, Member of Parliament for Kenora announced today that the Government of Canada, through FedNor are investing $375,000 to support small business development and growth in the Kenora region.
Today’s announcement was particularly meaningful as the Prime Minister’s Message of the Day, Strengthening Regional Growth, highlighted the importance of regional agencies like Lake of the Woods Business Investment Corporation, that focus on local economic development, diversification and recovery.
“Community Futures Development Corporations (CFDCs) play an important role in the Government of Canada’s support for local initiatives that help create jobs and develop local business while creating sustainable, self-reliant communities,” said MP Rickford. “Working with our community partners at a grassroots level has and will continue to deliver positive economic results for the people and businesses of the Kenora region.”
FedNor supports the creation, growth and success of small and medium-sized businesses through the Government of Canada’s Community Futures Program. The Lake of the Woods Business Incentive Corporation is one of 24 CFDCs funded by FedNor to serve Northern Ontario businesses and communities. CFDCs are community-based, not-for-profit organizations run by a board of local volunteers and staffed by experienced business and economic development professionals.
“The Community Futures Program is a cornerstone of the Government of Canada’s economic development and job creation efforts in Northern Ontario and across rural regions of the country,” said Minister Clement. “Last year, funding provided through the CFDC program enabled the Lake of the Woods Business Incentive Corporation to assist more than 32 local businesses to create or maintain over 44 jobs.”
Of the total, $300,000 will support the ongoing operations of the Lake of the Woods Business Incentive Corporation, allowing it to offer business support services and access to capital for small and medium-sized businesses for a one-year period. The remaining $75,000 will enable the organization to support a variety of local and regional community economic development projects within its service area.
“Today’s announcement is a vote of confidence in our ongoing ability to deliver critical services to our local entrepreneurs and businesses,” said Anita Webb, Board Chair, Lake of the Woods Business Incentive Corporation. “This funding will enable us to diversify our economy, making this region a better place to live and work.”
To find out more about FedNor and the Community Futures Program, visit: http://ic.gc.ca/cfdc-ontario