September 21, 2005
THUNDER BAY, Ontario, September 21, 2005 — The Honourable Joe Comuzzi, Member of Parliament for Thunder Bay–Superior North, and Ken Boshcoff, Member of Parliament for Thunder Bay–Rainy River, today announced a FedNor contribution of $50,000 to the local Community Futures Development Corporation (CFDC) known as Thunder Bay Ventures to support Local Initiatives funding of community economic development projects.
“This announcement will further the area’s growth and promote more self-reliant communities by building on strengths in the economy,” said Mr. Comuzzi.
“The Local Initiatives program demonstrates how the Government of Canada stimulates economic development by working with partners at the local level,” said Mr. Boshcoff.
The funding allows Thunder Bay Ventures to carry out its community economic development mandate by encouraging local endeavours, fostering small business development and increasing community partnerships. Priority is given to projects that assist communities in making the transition to the global, knowledge-based economy and to projects that lead to export activity.
These may include pre-feasibility studies, research projects, marketing and promotional activities, technology initiatives, efforts promoting innovation and new technology, and development of on-line business services.
Whenever possible, community applicants contribute to project costs and private and public sector partnerships are encouraged. Projects are approved by the CFDC’s Board of Directors and Thunder Bay Ventures will be an active partner in all initiatives. Over the past four years, Thunder Bay Ventures has invested $208,000 in 48 Local Initiatives projects.
Contributions will be available to First Nations and not-for-profit groups focusing on community economic development. Each project can receive up to $5,000. Approved projects must not create ongoing dependencies with external partners.
“Our community is working towards a more prosperous future and we are thankful for FedNor’s assistance in reaching this goal,” said Jon Wynn, Chair of Thunder Bay Ventures. “The Local Initiatives program allows us to address emerging projects and priorities.”
By supporting the Thunder Bay Ventures through its programs and services, 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 CFDCs, visit: http://cfdc-ontario.ic.gc.ca
For more information, please contact:
Graeme Wilkes
Director of Communications, Office of the Honourable Andy Mitchell, Minister of State (FedNor)
(613) 947-5850
David Frood
Communications Officer, FedNor
(807) 766-1820 or 1 877 333-6673