FedNor investments support business development, growth and regional recovery efforts in Timmins-James Bay region

From: FedNor

Backgrounder

Terry Sheehan, Parliamentary Secretary to the Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for FedNor, today announced a FedNor investment of more than $4.6 million in support of five strategic initiatives led by three of the region’s Community Futures Development Corporations (CFDCs). The funded projects are expected to support more than 110 businesses, and help create or maintain up to 90 jobs while maximizing development and growth opportunities throughout the region.

FedNor-supported initiatives in the Timmins-James Bay region

Kirkland & District Community Development Corporation

$2,405,000

Operational funding

Provided through FedNor’s Community Futures Program, a Government of Canada investment of $1.6 million will support the ongoing operations of Kirkland & District Community Development Corporation (KDCDC) 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 project’s lifespan, KDCDC expects to support up to 53 businesses, while helping to create 10 jobs and maintain 19 more in the region. KDCDC’s service area includes Black River Matheson, Holtyre, Raymore, Kirkland Lake, Virginatown, Larger Lake, Englehart, Charlton and Matachewan.

Post Covid Professional Service Relief Fund

A FedNor investment of $805,000 will enable KDCDC to provide businesses with access to capital in order to engage professional services to assist them to survive, retain local jobs, and support the regional economy in the face of disruptions and uncertainties. This pan-regional initiative is delivered by KDCDC in collaboration with the 13 CFDCs and the Nickel Basin Federal Development Corporation servicing Northeastern Ontario.

The Venture Centre

$1,965,750

Operational funding

The Venture Centre will receive a FedNor investment of $1.6 million to support the organization’s ongoing operations for a five-year period. Based in Timmins, The Venture Centre provides a full range of business development and growth services, including access to capital, mentoring, information and referrals. This targeted investment is expected to support more than 56 businesses, while helping to create 24 jobs and maintain 32 more in the region. The Venture Centre services the communities of Timmins, Gogama, Foleyet, Mattagami First Nation, Shining Tree and Biscotasing.

Training and development

A FedNor investment of $365,750 will enable Community Futures Northeastern Ontario (formerly known as Northeast Development Network) to coordinate the training and meet the professional development needs of the board members and staff of the region’s 15 CFDCs, as well as the Nickel Basin Federal Development Corporation. CFDCs are not-for-profit organizations that are staffed by professionals and are each governed by local volunteer boards of directors familiar with their communities’ needs, concerns and future development priorities. This three-year project will end in December 2021 and is being managed by The Venture Centre on behalf of Community Futures Northeastern Ontario members.

Wakenagun Community Futures Development Corporation

$320,000

Operational funding

To accelerate business development and growth in the region, a FedNor investment of $320,000 will support the ongoing operations of Wakenagun Community Futures Development Corporation for a one-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 provide 50 businesses with business advice and information services and support 4 businesses, help create 3 jobs and maintain 3 more. Wakenagun’s service area covers the Western James Bay region, servicing 10 First Nations and communities, including Fort Severn First Nation, Weenusk First Nation, Attawapiskat First Nation, Kashechewan First Nation, Fort Albany First Nation, the Town of Moosonee, Moose Factory (Moose Cree First Nation, MoCreebec & Local Services Board area), Taykwa Tagamou First Nation, and Missanabie Cree First Nation.

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