FedNor is investing more than $3.6 million for three projects that will help businesses in the Hearst and Superior East regions.
In a virtual announcement today, Parliamentary Secretary for FedNor and Sault Ste. Marie MP Terry Sheehan said the funding was designed to create jobs and provide business growth opportunities.
The funding, provided through FedNor’s Community Futures Program, will be distributed between Nord-Aski Regional Economic Development Corporation (Nord-Aski) and Superior East Community Futures Development Corporation (CFDC).
“These investments will help them to advance a variety of priority projects that will generate business opportunities for the private sector with investments and good-paying jobs to support families living and working in the Hearst and Superior East regions,” Sheehan said. “Once completed, the strategic investments are expected to support nearly 400 local businesses and help create or maintain more than 1,850 middle-class jobs across the region."
Nord-Aski will receive a total of $2,055,000.
There is $1.6 million to support the organization’s ongoing operations over a five-year period. According to the announcement, the funding will allow small and medium-sized businesses to access the organization’s capital and business counselling services and will support community strategic planning initiatives.
There is also $455,000 for Nord-Aski’s Northeastern Ontario Investment Pool for a three-year period. The investment pool provides term loans, patient capital and equity financing to eligible businesses in the region that will be able to apply for financing up to a maximum of $500,000.
“This is a very strong show of support from FedNor and the Government of Canada that speaks to our record of success in fostering community business and economic growth,” said Nord-Aski’s chairperson George Graham. “At the same time, it helps to scale up our operations.”
The Superior East CFDC will receive $1.6 million that will support its ongoing operations in the next five years. The funding will help community initiatives in Wawa and surrounding areas as well as allow the non-profit organization to provide small and medium-sized businesses with counselling services and access to capital, according to the news release.
“Now more than ever, your support is required and appreciated from the Government of Canada and Fednor, so on behalf of our team at the Superior East Community Futures Development Corporation, please accept our guarantee that we will continue to keep our sleeves rolled up and work to better our communities,” said Mélanie Pilon, chair of Superior East CFDC.
Dariya Baiguzhiyeva, Local Journalism Initiative Reporter, TimminsToday.com