September 28, 2005

SIMCOE, Ontario, September 28, 2005 – The Honourable Andy Mitchell, Minister of State (FedNor), today announced a Government of Canada investment of $776,250 to the local Community Futures Development Corporation (CFDC) known as the Norfolk District Business Development Corporation.  Of this amount, $500,000 is for the capitalization of the CFDC’s investment fund to support increased demands by small and medium-sized businesses for repayable loans, equity and loan guarantees.  The remaining $276,250 will go towards the organization’s ongoing operations.

“Since its inception in 1989, this CFDC has made significant strides in fostering business development and job creation in the area,” said Minister Mitchell.  “This funding will enable the CFDC to continue its investment activities in the small and medium-sized business sector, and its efforts to develop the local economy.”

The Norfolk District Business Development Corporation 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.  Last year, the Norfolk District Business Development Corporation invested over $1.6 M ($1,635,100) and assisted in creating or maintaining 250 jobs, contributing to an enhanced business community.

“With this support, we can now enhance our contribution to the success of local communities and businesses,” said Ken Sheppard, Chair of the Norfolk District Business Development Corporation.

Through its investments 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