April 6, 2005

WAWA, Ontario, April 6, 2005 – Brent St. Denis, Member of Parliament for Algoma–Manitoulin–Kapuskasing, today announced a FedNor contribution of $820,000 to the Superior East Community Futures Development Corporation (CFDC).  Of the total, $250,000 will go toward the organization’s ongoing operation; an additional $500,000 will augment its investment activities in the region; $50,000 is earmarked as a Local Initiatives Contribution; and an additional $20,000 will support enhancements to the CFDC’s bilingual services.

“CFDCs are an example of how the Government of Canada works with local partners to foster growth, diversity and employment creation,” said Mr. St. Denis.  “Small and medium-sized businesses are the lifeblood of the economy, so it’s vital we have the resources available to help them flourish.”

The additional investment capital will allow the Superior East CFDC to continue to provide small to medium-sized businesses with repayable loans, equity and loan guarantees.  These funds are required to meet an increasing demand from businesses in the region.

The Local Initiatives Contribution will allow Superior East CFDC to provide up to $5,000, in most cases, to community economic development projects, particularly those which help communities adapt to the global, knowledge-based economy.  These can include pre-feasibility studies, research projects, technology initiatives, efforts promoting innovation and new technology, development of on-line business services, and marketing/promotional activities.

Through the Bilingual Service Cost Initiative, Superior East CFDC will enhance communication and services to and for the Francophone community, which is estimated at 30 percent of the population in the CFDC’s catchment area.

The Superior East CFDC is one of 61 Community Futures Development Corporations 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 governed by a volunteer board of directors made up of local residents representative of the community at large.

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 Superior East CFDC invested $905,954 and assisted in creating 97 jobs, contributing to an enhanced business community.

“We are pleased to maintain a key role in the future development of this area,” said Doug McCrank, Chair of the Superior East Community Futures Development Corporation.  “This funding allows us to continue pursuing a variety of activities to enhance this region, including tourism marketing initiatives and the completion of the cell phone service project.”

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:  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

Mario Paluzzi
Communications Officer, FedNor
(705) 941-2064 or 1 877 333-6673