Two Terrys agree: Let's support local business

When the office of the minister for FedNor asked MP Terry Sheehan to make an announcement at the Community Development Corporation (CDC) they asked if he needed a briefing on what they do.

“I said ‘No, it’s okay. I was on their board about three and a half months ago as a resource so I am fairly familiar with what they do,’” said Sheehan during an announcement today at the CDC’s Queen Street office.

The CDC will receive $900,000 in FedNor funds to support their operational budget.

Long-time board member Terry Rainone said the money will help the organization ‘keep the lights on’ over the next three years.

The non-profit CDC supports small and medium businesses, offering counselling, planning and making available capital loans.

In his role as a resource board member, Sheehan has seen the result of efforts made by the CDC in supporting all levels of business in the city.

“I do know first-hand a number of businesses located throughout the riding that have accessed the services and also some of the funding that are successful here to day and employ people,” said Sheehan.

The counselling and planning are of particular importance for small and medium businesses affected by the trickle-down of troubles caused by the stagnant steel industry in the city, Sheehan said.

“It’s of paramount importance we all get together and support all levels of business,” said Sheehan.

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Terry Sheehan, Member of Parliament for Sault Ste. Marie, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, and Minister responsible for FedNor, today announced an investment of $900,000 in support of small business development and growth in the Sault Ste. Marie region.

The FedNor contribution will enable the Community Development Corporation of Sault Ste. Marie & Area to offer business counselling and access to capital services, as well as support community strategic planning initiatives for a three-year period.

Quick facts

• The funding announced today is provided through FedNor’s Community Futures Program, which supports projects that promote sustainable community economic development, enhance business development and growth, and facilitate innovation.

• Based in Sault Ste. Marie, the Community Development Corporation of Sault Ste. Marie & 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.

Quotes

“Community Futures organizations perform an important function by being a catalyst for economic development and growth. Here in Sault Ste. Marie, the Community Development Corporation has a long and rich history of helping diversify and strengthen the economy, one business at a time.”
- Terry Sheehan, Member of Parliament of Sault Ste. Marie

“The Government of Canada is committed to helping small and medium-sized businesses expand, innovate and grow in Northern Ontario. By working in partnership with organizations such as the Community Development Corporation of Sault Ste. Marie & Area, we are helping position the region for long-term economic success.”
- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, and Minister responsible for FedNor

Associated links

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