FedNor investments to support business development, growth and regional recovery efforts across Parry Sound-Muskoka

From: FedNor

Backgrounder

Terry Sheehan, Member of Parliament for Sault Ste. Marie and Parliamentary Secretary to the Minister of Economic Development and Official Languages and Minister responsible for FedNor, today announced a FedNor investment of more than $3.4 million in support of four strategic initiatives designed to create and maintain jobs, enhance business development and maximize growth opportunities throughout the region.

Parry Sound-Muskoka initiatives supported by FedNor

Muskoka Community Futures Development Corporation (Muskoka Futures)

$2,260,720

Operational funding

Provided through FedNor’s Community Futures Program, a Government of Canada investment of $1.5 million will support the ongoing operations of Muskoka Futures 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. The Muskoka CFDC is one of 24 Community Futures Development Corporations supported by FedNor in Northern Ontario.

Business Growth Initiatives

A FedNor investment of $760,720 will allow Muskoka Futures to continue its Momentum and Muskoka 4.0 initiatives through 2023. Designed to create an innovation ecosystem to accelerate business growth in the Muskoka region, these priority projects will help to connect entrepreneurs with people and programs that enhance their success, while attracting businesses with high-growth potential to the area. Over the next three years, these strategic initiatives are expected to support over 600 businesses, while creating 120 high-quality local jobs in the Muskoka region.

Parry Sound Area Community Business & Development Centre (Parry Sound CB&DC)

$1,190,250

Operational funding

To accelerate business development and growth in the region, a FedNor investment of $900,000 will support the ongoing operations of the Parry Sound Area Community Business and Development Centre (CB&DC) 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.

Community Investment Initiative for Northern Ontario (CIINO)

To support regional recovery efforts and maximize economic opportunities in the West Parry Sound region, a FedNor investment of $290,250 will enable the Parry Sound Area CB&DC to hire an economic development officer (EDO) for a three-year period. Specifically, this strategic investment will support economic development and growth initiatives in the Town of Parry Sound, Townships of Carling, Archipelago and Seguin, as well as the Municipalities of Whitestone and McDougall. Some key projects to be undertaken by the EDO include investment attraction and marketing activities, as well as implementing measures to strengthen the economy and support pandemic and post-pandemic recovery efforts.

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