October 21, 2005
KESWICK, Ontario, October 21, 2005 – The Honourable Andy Mitchell, Minister of State (FedNor), today announced a Government of Canada contribution of $250,000 to the South Lake Community Futures Development Corporation (CFDC) for investment activities in the York and Durham regions. This contribution to the CFDC’s investment fund is helping meet the increased demands by small and medium-sized businesses for repayable loans, equity and loan guarantees.
“By investing in CFDCs, the Government of Canada helps to foster economic diversification and development in rural communities,” said Minister Mitchell. “Over the short period since it joined the Community Futures Program, the South Lake CFDC has already provided significant support to local small and medium-sized businesses and made a substantial impact in strengthening the area’s economy.”
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 from October 16-22, 2005. On Friday, October 21, the spotlight will be on Community Futures Development Corporations in celebration of CFDC Day.
The South Lake CFDC is one of 61 CFDCs 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. Over the last year, the South Lake CFDC invested $1,424,740 and assisted in creating or maintaining 142 jobs, contributing to an enhanced business community.
“This funding is helping us meet increased demands for capital in our service area,” said Buchan Etherington, Chair of the South Lake CFDC. “We are excited about the success of our investments and are eager to continue supporting key community economic development initiatives.”
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 Châteauneuf
Communications Officer, Industry Canada/FedNor
(519) 645-5684 or 1 877 333-6673