October 20, 2005

FORT FRANCES, Ontario, October 20, 2005 – Ken Boshcoff, Member of Parliament for Thunder Bay–Rainy River, today announced a FedNor contribution of $50,000 to the local Community Futures Development Corporation (CFDC) known as the Rainy River Future Development Corporation for Local Initiatives (LI) funding of projects that support community economic development.

“CFDCs play an integral role in Northern Ontario by acting as catalysts for job creation, economic development and diversification,” said Mr. Boshcoff.  “This funding allows the Rainy River CFDC to address emerging projects that will contribute to community growth, local partnerships and small business expansion.”

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.

LI funding is available to First Nations and not-for-profit organizations and groups with initiatives that support the CFDC’s strategic plan.  The maximum is $5,000 in most cases.  Applications must be approved by the CDFC’s Board of Directors.

In each of the previous three years, the CFDC has disbursed $50,000 annually in LI funding in support of a total of 42 projects.  Last year alone, 14 projects received LI funding.

Approved initiatives can include pre-feasibility studies, research projects, community information, communication and technology efforts, initiatives that promote innovation, new technology and e-commerce, development of on-line business services, environmental reports, small-scale capital projects, seminars and workshops, marketing/promotional activities, and community tourism events.

The Rainy River Future Development Corporation is one of 61 CFDCs in Northern and rural 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, Northern Ontario CFDCs have successfully invested more than $101 million through their loans and business counselling activities to help the small business sector create or maintain 10,621 jobs in the North.  Over the last year, the Rainy River CFDC invested $227,932 and assisted in creating or maintaining 15 jobs, contributing to an enhanced business community.

“This funding allows us to invest in numerous projects, enabling this program to have widespread benefit,” said Telford Advent, Chair of the Rainy River Future Development Corporation.  “We look forward to these projects contributing to the future prosperity of the region.”

FedNor helps rural and Northern communities strengthen their economies and create jobs.  By partnering with CFDCs, FedNor is opening doors and building futures for a prosperous Northern Ontario.

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

David Frood
Communications Officer, FedNor
(807) 766-1820 or 1877 333-6673