FedNor investments support business development, growth and regional recovery efforts in the Thunder Bay and Greenstone regions

As our economy recovers from the impact of COVID-19, the Government of Canada is stepping up efforts to help Northern Ontario businesses start up and scale up, while supporting jobs, growth and regional recovery efforts across Northwestern Ontario.

The Honourable Patty Hajdu, Minister of Health, and Member of Parliament, Thunder Bay—Superior North, and Marcus Powlowski, Member of Parliament, Thunder Bay—Rainy River, today announced a FedNor investment of more than $2.4 million in support of four strategic initiatives. The announcement was made on behalf of the Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for FedNor.

FedNor supported initiatives in the Thunder Bay and Greenstone regions

Thunder Bay Ventures
$1,400,000

Access to Capital for Small and Medium-Sized Businesses

A FedNor investment of $1 million will enable Thunder Bay Ventures to offer financing to new or existing small businesses and social enterprises in support of start-up, expansion or stabilization efforts, and to help create jobs in the region. Once complete, this strategic initiative is expected to help create 75  jobs and maintain an additional 125 more in the Thunder Bay region. Thunder Bay Ventures is one of 24 Community Futures Development Corporations (CFDCs) supported by FedNor in Northern Ontario. Thunder Bay Ventures provides business support services throughout its catchment area, which includes Thunder Bay, Oliver Paipoonge, Shuniah, Neebing, Conmee, O’Connor, Gilles, Gull Bay First Nation, Whitesands First Nation, and Armstrong Station.

Operational funding

Provided through FedNor’s Community Futures Program, a Government of Canada investment of $300,000 will support the ongoing operations of Thunder Bay Ventures for a one-year period. Specifically, this targeted investment will enable the organization to support community strategic planning initiatives and provide small and medium-sized enterprises with access to capital and business counselling services. This targeted investment is expected to support nearly 40 businesses, while helping to create 24 jobs and maintain 40 more in the region.

Northwestern Ontario Investment Pool

FedNor funding of $100,000 will enable Thunder Bay Ventures to administer the Northwestern Ontario Investment Pool on behalf of seven partner CFDCs for a three-year period. The investment pool is a shared resource that allows participating CFDCs to increase their lending limit by providing loans of up to $600,000 for qualifying businesses. This highly successful initiative ensures that the opportunities and risk of investment pool loans are shared on a prorated basis among partner CFDCs in the region. This three and a half year initiative is expected to help create or maintain up to 300 jobs.

Greenstone Economic Development Corporation
$1,005,000

To accelerate business development and growth in the region, a FedNor investment of $1,005,000 will support the ongoing operations of the Greenstone Economic Development Corporation for a three-year period. Specifically, FedNor funding will enable this not-for-profit, business-focused organization to provide small and medium-sized enterprises with business counselling services and access to capital, as well as support for community strategic planning initiatives. This priority project is expected to create 24 jobs and maintain 15 more.

Related Products

• News release: Government of Canada invests to maximize community and business growth opportunities in the Thunder Bay and Greenstone regions.

Associated Links

• To find out more about our programs and services, please visit: fednor.gc.ca
• Follow us on Twitter @FedNor
• Follow Innovation, Science and Economic Development Canada on Twitter: @ISED_CA
• Canada’s COVID-19 Economic Response Plan
• Regional Relief and Recovery Fund (RRRF)
• Coronavirus disease (COVID-19)