May 24, 2005

BRACEBRIDGE, Ontario, May 24, 2005 – The Honourable Andy Mitchell, Member of Parliament for Parry Sound–Muskoka, today announced a FedNor investment of $300,000 to the Muskoka Community Futures Development Corporation (CFDC).  Of this amount, $250,000 will go towards the ongoing operation of the organization, and the remaining $50,000 will be used to support Local Initiatives funding of community economic development projects within the CFDC’s catchment area.

“Small and medium-sized businesses are the lifeblood of the economy, so it’s important services are in place to help them flourish,” said Mr. Mitchell.  “The Muskoka CFDC plays a leading role in fostering community economic development and job creation throughout the area.”

The Muskoka CFDC is one of 61 Community Futures Development Corporations in rural and Northern Ontario funded by Industry Canada’s Community Futures Program through FedNor.  It delivers a wide variety of programs and services to support community economic development and small business growth.  CFDCs are designed to develop and implement long-term, community-based economic development initiatives.  They employ local staff and are governed by a volunteer Board of Directors made up of 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. Last year, the Muskoka Community Futures Development Corporation invested $1,141,599 and assisted in creating 115 jobs, contributing to an enhanced business community.

“We are delighted to maintain a key role in the future prosperity of this region,” said Michael Whyte, Chair of the Muskoka CFDC.  “Priorities include youth entrepreneurship initiatives and establishing a one-stop location where clients can access a variety of programs and services to assist them in creating their business or community economic development programs.”

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’s CFDCs, visit us at:  http://cfdc-ontario.gc.ca

For more information, please contact:

Graeme Wilkes
Director of Communications, Office of the Honourable Joe Comuzzi
(613) 947-5850

Paul Denis
Communications Officer, FedNor
(705) 670-5329 or 1 877 333-6673