April 29, 2005

PARRY SOUND, Ontario, April 29, 2005 — The Honourable Andy Mitchell, Member of Parliament for Parry Sound–Muskoka, today announced a FedNor investment of $750,000 to the local Community Futures Development Corporation (CFDC) known as Parry Sound Area Community Business & Development Centre Inc.  The money will enable the organization to provide area small and medium-sized businesses with access to repayable loans, equity and loan guarantees.

“The Government of Canada is dedicated to working with local partners to ensure Northern communities have access to the resources they require to reach their full potential,” said Mr. Mitchell. “By supporting CFDCs, FedNor is helping people at the community level foster small business growth throughout the region.”

The Parry Sound Community Business & Development Centre 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, Northern Ontario CFDCs have successfully invested more than $92 million through their loans and business counselling activities to help the small business sector create or maintain 10,100 jobs in the North.  Last year, the Parry Sound CB&DC invested more than $1.3M ($1,357,275) and assisted in creating or maintaining 164 jobs, contributing to an enhanced business community.

“This funding allows us to meet increasing demands for capital from area businesses,” said Michael Reeves, Chair of the Parry Sound Community Business & Development Centre Inc.  “We can now continue to help the local small business community address challenges related to the seasonal nature of our region’s economy.”

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 us at:  http://cfdc-ontario.ic.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