Government of Canada investing $1.7 million in economic development and diversification in the Lake Superior North Shore area
News release
FedNor funds will help a community futures development corporation support new and existing businesses and foster economic growth and stability in the region
February 20, 2024 – Terrace Bay, ON – Federal Economic Development Agency for Northern Ontario – FedNor
The Honourable Patty Hajdu, Minister of Indigenous Services and Minister responsible for FedNor, and Member of Parliament for Thunder Bay—Superior North, today announced a FedNor investment of $1,700,000 in the Superior North Community Futures Development Corporation (SNCFDC).
FedNor funds will support SNCFDC’s operating costs for a five-year period beginning January 1, 2024. The funding will help SNCFDC provide business counselling and investment services to small and medium-sized businesses and leadership in community strategic planning and socio-economic development.
In the previous five-year operating period, SNCFDC assisted 66 businesses, including new startups. They also helped create 71 new jobs, and maintain 62 more.
This investment will support SNCFDC in responding to opportunities in the Lake Superior North Shore area.
Quotes
“This investment will help dozens of local businesses in Lake Superior North Shore area grow and prosper. It will help create and maintain a number of good-paying jobs for middle class families across the region. This is a clear signal from our government that we are here to help communities of all sizes in the region grow and diversify their economies.”
- The Honourable Patty Hajdu, Minister of Indigenous Services and Minister Responsible for FedNor
“These FedNor funds will help us to directly build an area we love and call home. This investment is going to enable us to continue building economic prosperity and growth, and to foster new developments and diversification. We look forward to working with local businesses, organizations, and entrepreneurs in the Superior North area.”
- Ron Salo, General Manager, Superior North Community Futures Development Corporation
Quick facts
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The Superior North Community Futures Development Corporation (SNCFDC) is a community-based, non-profit organization governed by a local volunteer board of directors.
- Their catchment area includes 12 different communities, from Dorion in the west to Biigtigong Nishnaabeg in the east, and Manitowadge in the north.
- In the last five years, they have helped provide $3,453,743 in funding to businesses and organizations.
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The funds announced today are provided through FedNor’s Community Futures Program (CFP), through which FedNor supports 24 Community Futures Development Corporations (CFDCs) located throughout Northern Ontario.
- These community-based, not-for-profit organizations are staffed by professionals and are each governed by local volunteer board of directors familiar with their communities' needs, concerns and future development priorities.
Associated links
Contacts
Simon Ross
Director of Communications
Office of the Minister of Indigenous Services and Minister responsible for FedNor
simon.ross@sac-isc.gc.ca
Federal Economic Development Agency for Northern Ontario
Media Relations
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