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The EDC got $1.62M from the city. Check out where it went

Tuesday, June 17, 2014   by: SooToday.com Staff

NEWS RELEASE

SAULT STE MARIE ECONOMIC DEVELOPMENT CORPORATION

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What does the Sault Ste. Marie Economic Development Corporation do, and what impact does the organization have on the community?

These questions are answered in the SSMEDC’s 2013 Annual Report.

The publication was finalized earlier this month following the Corporation’s annual Board of Directors meeting.

The report, which is available online at www.sault-canada.com, includes the following highlights:

  • In 2013, the SSMEDC conducted more than 400 client consultations with company owners and aspiring entrepreneurs, which led to 32 business startups and expansions, created or retained 279 jobs, and supported a total community investment of about $13.1 million.
  • Also in 2013, activity from the SSMEDC’s Tourism Sault Ste. Marie division – specifically, in attracting events and selling vacation packages – generated 18,918 visitor days, which led to $2.73 million in direct visitor spending and millions of more dollars in indirect economic activity.
  • Furthermore, the Corporation received $1.62 million in operating funds from the City in 2013, which represented about 1.4% of the Municipality’s total expenses, and the SSMEDC used this core investment to secure $1.78 million in additional funding from senior levels of government and the private sector.

Along with the highlights mentioned above, the SSMEDC’s 2013 Annual Report includes the Corporation’s audited financial statements and key community economic development initiatives that were advanced throughout the year.

These include the SSM/OLG Modernization Project, Deep Water Port development, a Small Business Incubator pilot program; Downtown/Waterfront Redevelopment projects, and a tourism initiative based on the iconic Group of Seven artists.

“The goal of our Annual Report is to provide information on our activity and demonstrate accountability for the investments we receive,” said Don Mitchell, President and Board Chair of the SSMEDC. “Our team delivers economic development programs, services and projects on behalf of the community, and it’s important that our funding partners and citizens understand the return they receive for investing in our organization.”

More information on the SSMEDC is available online at www.sault-canada.com.

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