October 21, 2005

ELORA, Ontario, October 21, 2005 – Lynn Myers, Member of Parliament for Kitchener–Conestoga, on behalf of the Honourable Andy Mitchell, Minister of State (FedNor), today announced a Government of Canada investment of $777,500 in the Community Futures Development Corporation (CFDC) of Wellington-Waterloo.  Of this total, $500,000 will augment the CFDC’s investment activities in the region, while the remaining $277,500 will go towards the organization’s ongoing operations over the next year, including business services and access to capital for small and medium-sized businesses, as well as community economic development efforts.

“The Government of Canada is committed to supporting efforts to make local economies prosperous,” said Mr. Myers.  “In its short time in existence, this CFDC has become a key player in helping communities and businesses in this region flourish.”

This week, communities throughout Ontario are celebrating the significant role small and medium-sized businesses and CFDCs play in stimulating economic development in rural and Northern Ontario.  Small Business Week, an initiative of the Business Development Bank of Canada, runs October 16-22, 2005, while on Friday, October 21, the spotlight will be on Community Futures Development Corporations in celebration of CFDC Day.

The Wellington-Waterloo CFDC is one of 61 Community Futures Development Corporations in rural and Northern Ontario funded by Industry Canada’s Community Futures Program through FedNor.  CFDCs deliver a wide variety of programs and services to support community economic development and small business growth.  They employ local staff and are each governed by a volunteer board of directors made up of local residents representative of the community.

In the last five years, Ontario CFDCs, through their investment and business counselling activities, invested more than $229 million to help the small business sector create or maintain 26,418 jobs.  Last year, the Wellington-Waterloo CFDC invested $779,000 and assisted in creating or maintaining 82 jobs, contributing to an enhanced business community.

“This funding allows us to continue fostering economic development, employment creation and vibrant communities in the region,” said Joe Martens, President of the Wellington-Waterloo CFDC.  “We’re eager to build on strengths in the economy, such as agriculture and tourism, and in the coming year we will prepare a strategic plan to identify other community priorities.”

Through its investment in CFDCs the Government of Canada is acting on its commitment to support economic growth and diversification in rural communities.

Funding for this initiative was provided for in the February 2005 federal budget and is therefore built into the existing fiscal framework.

To find out more about Ontario CFDCs, visit:  http://cfdc-ontario.ic.gc.ca

For more information, please contact:

Graeme Wilkes
Director of Communications, Office of the Honourable Andy Mitchell, Minister of State (FedNor)
(613) 947-5850

Yves Chateauneuf
Communications Officer, Industry Canada/FedNor
(519) 645-5684 or 1 877 333-6673