April 25, 2005

WEST NIPISSING, Ontario, April 25, 2005 — Ray Bonin, Member of Parliament for Nickel Belt, today announced a FedNor investment of $424,058 to the local Community Futures Development Corporation (CFDC) known as Economic Partners-Sudbury East/West Nipissing Inc.  Of this amount, $300,000 will be invested in small and medium-sized businesses in the region, $54,058 will go towards the development and implementation of a multi-sector marketing strategy for the Sudbury East region, $50,000 will support Local Initiatives funding of community economic development projects within the CFDC’s catchment area, and $20,000 will support the delivery of services in both official languages.

“The success of the Community Futures Program is founded on the principle that local people understand the community’s economic development needs,” said Mr. Bonin.  “In addition to supporting local economic development initiatives, this investment will foster the recognition and use of both official languages within the Sudbury East and West Nipissing area.”

Economic Partners-Sudbury East/West Nipissing Inc. 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 $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, Economic Partners-Sudbury East/West Nipissing Inc. invested $386,000 and assisted in creating or maintaining 59 jobs, contributing to an enhanced business community.

“With this contribution, we can continue to provide important services and capital to help area businesses and communities achieve their goals,” said JoAnne Beninger, Chair of Economic Partners-Sudbury East/West Nipissing Inc.  “We look forward to further contributing to the prosperity of the people and businesses of our area.”

Through this initiative 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 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