April 30, 2004 - LOCAL CFDC RECEIVES INDUSTRY CANADA FUNDING IN SUPPORT OF SMALL BUSINESS SECTOR AND INNOVATION PROJECTS, BANCROFT, Ontario

Hastings-Frontenac-Lennox and Addington MP Larry McCormick is pleased to announce a Government of Canada investment to the Community Futures Development Corporation (CFDC) of North & Central Hastings and South Algonquin for investments activities in the region, and in support of local innovation projects, including youth empowerment, technology integration, training, and area global positioning system mapping.
The CFDC of North & Central Hastings and South Algonquin is one of 61 Community Futures Development Corporations in rural Ontario funded by Industry Canada's Community Futures Program.  They are designed to develop and implement long-term community based economic development initiatives.  The CFDC of North & Central Hastings and South Algonquin employs local staff and is governed by a volunteer Board of Directors, made up of local residents representative of the community at large.
"CFDCs play an integral role in community capacity building through their investment, business services, and community economic development activities," says Mr. McCormick.  "This organization will build on the success of previous initiatives to foster economic growth and create employment."
The North & Central Hastings and South Algonquin CFDC is partnering with community members to complete and enhance projects from the first two stages of its Maintaining Momentum and Attaining Sustainability knowledge-based economy initiative.  The initiative involves:  implementing low bandwidth community radio; marketing activities and training; and creating a promotional website.  Various web-based training sessions will be offered.  The global positioning system (GPS), high-accuracy digital mapping, and wireless mobile field computing will map local businesses and other attractions.
Industry Canada is providing a total of $631,800 to the CFDC of North & Central Hastings and South Algonquin.  Of this amount, $500,000 will provide financing for local small and medium-sized businesses in the region, while $131,800 is being provided through Industry Canada's Innovation and Knowledge-Based Economy Initiative in support of the innovation projects.
"We will continue to provide businesses and communities improved access to much-needed investment capital," says Bruce Walker, Chair of the CFDC of North & Central Hastings and South Algonquin.  "We are also eager to embark on these new initiatives and increase our region's participation in the knowledge-based economy."
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 March 2004 federal budget, and is therefore built into the existing fiscal framework.