Government of Canada invests to accelerate business growth and help create or maintain up to 306 jobs in the Atikokan and Rainy River regions
Atikokan: Across the country, Community Futures Development Corporations (CFDCs) are helping entrepreneurs start or expand their businesses, and investing in communities to strengthen the economy. In Northern Ontario, these community-based, not-for-profit organizations are working hard to create jobs and provide a full range of business development services, including access to capital, mentoring, information and referrals, as well as support for community economic development, recovery efforts and special projects.
Marcus Powlowski, Member of Parliament for Thunder Bay—Rainy River, on behalf of the Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for FedNor, today announced a Government of Canada investment totalling $2 million in support of two strategic initiatives led by the Atikokan Economic Development Corporation and the Rainy River Future Development Corporation, two of the 24 CFDCs supported by FedNor in Northern Ontario.
First, an investment of $1.5 million will support the ongoing operations of Atikokan Economic Development Corporation for a five-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. Over the life of the project, the Atikokan Economic Development Corporation is expected to support more than 102 businesses, while helping to create up to 39 jobs and maintain 71 more in the region.
In addition, an investment of $500,000 will enable Rainy River Future Development Corporation to offer financing to new or existing small businesses and social enterprises to help create jobs in the Fort Frances region. This strategic initiative is expected to assist more than 32 businesses to start up, scale up or maintain operations, while helping to create up to 86 jobs and maintain an additional 110 more throughout the area.
Today’s announcement is further proof of the Government of Canada’s commitment to Canadian entrepreneurs and businesses – helping them to overcome the challenges posed by COVID-19. Initiatives like these will assist Canadians to get back to work and ensure that small businesses, which are the backbone of the Canadian economy, can play a major role in Canada’s economic recovery.