October 25, 2004

PETERBOROUGH, Ontario – The Honourable Peter Adams, Member of Parliament for Peterborough, today announced Government of Canada support to the local Community Futures Development Corporation (CFDC), known as the Greater Peterborough Business Development Corporation.  The funding will be used to support the ongoing activities of the CFDC, including business services and access to capital for small and medium-sized businesses, and community economic development efforts.
This week, communities throughout Ontario are celebrating the significant role small and medium-sized businesses and CFDCs play, in stimulating economic development in rural and Northern Ontario.  Small Business Week, an initiative of the Business Development Bank of Canada, runs October 17–23, 2004, while on Friday, October 22, the spotlight will be on Community Futures Development Corporations in celebration of CFDC Day.
“CFDCs are uniquely equipped to provide local solutions to the challenges facing local communities,” said Mr. Adams.  “The Government of Canada strongly believes that the people of Peterborough are best positioned to identify the area’s economic development needs and opportunities, and we are proud to support the efforts and dedication of our CFDC partners.”
There are 61 Community Futures Development Corporations in rural and Northern Ontario, funded by Industry Canada’s Community Futures Program through FedNor.  They deliver 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 local residents representative of the community at large.
In the last five years, Ontario CFDCs, through their investment and business counseling activities, invested more than $196 million to help the small business sector create or maintain 22,288 jobs.
Industry Canada is investing a total of $250,000 in the Greater Peterborough Business Development Corporation, in support of its ongoing operations.
Through this initiative, the Government of Canada is acting on its commitment to support economic growth and diversification in rural areas.
Funding for this initiative was provided for in the March 2004 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:
Scott Turbett
Special Assistant, Office of the Honourable Joe Comuzzi
(613) 947-5850

Robert Naud
Senior Communications Officer, FedNor/Industry Canada 
(613) 954-3691 or 1 877 333-6673