March 24, 2005

BLIND RIVER, Ontario, March 24, 2005 – Brent St. Denis, Member of Parliament for Algoma–Manitoulin–Kapuskasing, today announced FedNor support of $200,000 to the East Algoma Community Futures Development Corporation (CFDC) for investment activities in the region.

The East Algoma CFDC is one of 61 CFDCs 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.

“The Government of Canada recognizes the importance of investing in small and medium-sized enterprises to build strong, thriving communities in the North,” said Mr. St. Denis.  “This funding allows this CFDC to enhance the local business community while fostering economic diversification in the area.”

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 East Algoma CFDC invested $621,551 and assisted in creating 34 jobs, contributing to an enhanced business community.

“This funding allows us to meet increasing demands for capital and assist area businesses in reaching their full potential for success,” said Vyrn Peterson, Chair of the East Algoma CFDC.  “We can now continue to address local needs and priorities to revitalize the local 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’s 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

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