Community Development Corporation gets a federal boost

NEWS RELEASE

FEDNOR

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Harper government investment helps grow small businesses and create jobs in Sault Ste. Marie

SAULT STE. MARIE - Member of Parliament Bryan Hayes (Sault Ste. Marie), on behalf of the Honourable Greg Rickford, Canada’s Minister of Natural Resources and Minister for the Federal Economic Development Initiative for Northern Ontario (FedNor), announced today an investment that will support small business development and growth, and job creation in Sault Ste. Marie.

The announcement coincides with Small Business Week, an initiative of the Business Development Bank of Canada that celebrates the contributions small and medium-sized businesses make to the Canadian economy.

FedNor funding in the amount of $300,000 will support the ongoing operations of the Community Development Corporation (CDC) of Sault Ste. Marie and Area for a one-year period.

This investment will enable the organization to provide small and medium-sized enterprises with access to capital and business counselling services, as well as support regional community economic development and planning activities.

Quick facts

    •    The CDC of Sault Ste. Marie and Area is one of 24 Community Futures Development Corporations (CFDCs) funded by FedNor to serve Northern Ontario businesses and communities. CFDCs are community-based, not-for-profit organizations run by volunteer boards and staffed by experienced business and economic development professionals.

    •    Since 2006, through the Community Futures Program, the Harper Government has invested $66.25 million in Northern Ontario Community Futures organizations in support of more than 135 projects. These investments have helped support more than 20,000 jobs through the CFDCs’ lending and business counselling activities.

    •    Small Business Week runs from October 19 to 25, 2014. Statistics Canada reports that there are over 1.1 million small businesses in Canada which employ more than 7.7 million individuals or 69.7 percent of the total private sector labour force. The small business sector accounts for 27 percent of Canada’s total gross domestic product (GDP) and is a leader in innovation, research and development.

Quotes

“Our Government is committed to providing the tools communities and businesses need to grow and succeed. Today’s announcement will enable this Community Futures Development Corporation to continue to promote small business growth, create jobs and contribute to the long-term prosperity of Sault Ste. Marie and its residents.” - Bryan Hayes, Member of Parliament for Sault Ste. Marie

“The CDC of Sault Ste. Marie and Area is dedicated to building a strong, self-sustaining economy for the people and businesses of this region. Our ongoing partnership with the Government of Canada through FedNor is enabling us to continue to deliver our services and thus assist small and medium-sized businesses create jobs right here in the community.” - Janice Beatty, chair of the Board, CDC of Sault Ste. Marie and Area

Associated links

To find out more about our programs and services, please visit: fednor.gc.ca and follow us on Twitter @FedNor.

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