Government of Canada invests to support access to business and economic development services
May 24, 2019 – North Bay, ON – Federal Economic Development Initiative for Northern Ontario – FedNor
Entrepreneurs looking to start a business or take their existing businesses to the next level will find the support they need thanks to a Government of Canada investment of $1,660,000. This FedNor funding will enable NECO Community Futures Development Corporation to offer business counselling, access to capital, and community-based planning services in the East Nipissing and East Parry Sound region.
The funding was announced today by Anthony Rota, Member of Parliament for Nipissing-Timiskaming, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedNor.
Of the total, $960,000 will help support the ongoing operations of NECO for the next three years, while the remaining $700,000 will be used to provide access to capital for businesses in the form of loans, equity investments, and loan guarantees.
“The Government of Canada is focused on helping to build strong and sustainable communities and supporting innovative small businesses that create well-paying, middle class jobs. Our partnership with Community Futures organizations is enabling us to deliver those very results in rural and northern regions throughout the nation.”
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedNor
“Investing in NECO will help foster strong business growth and diversify the regional economy now and into the future. I am proud to be part of a government that supports businesses and entrepreneurs, and provides them with the tools they need to innovate, expand, reach new markets and create good-paying jobs.”
– Anthony Rota, Member of Parliament for Nipissing-Timiskaming
“I am thrilled that the Government of Canada and FedNor recognize our commitment to promoting community and economic growth within the Nipissing East and East Parry Sound regions. This financial assistance will go a long way in supporting our efforts to develop the small business sector, create jobs and improve the local economy.”
– Narry Paquette, Chair of NECO Community Futures Development Corporation
NECO is one of 24 Community Futures Development Corporations (CFDCs) in Northern Ontario funded by FedNor to provide financing, mentoring and business development services to Northern Ontario businesses and communities. CFDCs are community-based, not-for-profit organizations run by volunteer boards and staffed by experienced business and economic development professionals.
The investment announced today were provided through the Community Futures Program and the Northern Ontario Development Program which support projects that promote sustainable community economic development, enhance business development and growth, and facilitate innovation.