Government of Canada invests to strengthen the East Algoma region

BLIND RIVER, Ontario, July 16, 2010 — The Honourable Tony Clement, Minister of Industry and Minister responsible for FedNor, announced a Government of Canada investment, through FedNor, of more than $540,000 in the East Algoma Community Futures Development Corporation (CFDC) to support small business development and growth in the region.

“By partnering with Community Futures Development Corporations throughout Northern Ontario, our government is helping small and medium-sized businesses prosper and create employment,” said Minister Clement. “Last year, our investments in the East Algoma CFDC helped 54 local businesses create or maintain more than 108 jobs.”

FedNor supports the creation, growth and success of small and medium-sized businesses through the federal government’s Community Futures Program. The East Algoma Community Futures Development 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.

Of the total, $500,000 will assist the East Algoma CFDC in meeting the needs of small and medium-sized businesses for repayable loans, loan guarantees, and equity investments. The remaining $45,500 will allow the CFDC to develop a strategic plan and economic development strategy for the Francophone community of East Algoma. The funding will also assist with the development of a Youth Enterprise Camp.

“This investment is key to providing local small and medium-size businesses with the funding they need to establish or expand their business,” said Vyrn Peterson, Board Chair, East Algoma Community Futures Corporation. “We are pleased with the positive results our partnership with FedNor continues to yield for the businesses and residents of the entire region.”

To find out more about FedNor and the Community Futures Program, visit: http://ic.gc.ca/cfdc-ontario

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For more information, please contact:

Lynn Meahan
Press Secretary
Office of the Honourable Tony Clement
613-995-9001

Media Relations
Industry Canada
613-943-2502

Kim Fewchuk
Communications Officer
FedNor
705-941-2105 or 1-877-333-6673