Federal investment of more than two million dollars will enable a local not-for-profit organization to provide expert services to area entrepreneurs and support for economic development initiatives
January 10, 2019 – Rainy River, 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 at the Rainy River Future Development Corporation (RRFDC), a federally funded, not-for-profit organization dedicated to small business growth and regional economic development. Business counselling, access to capital, and community–based planning are just a few of the services being offered by the RRFDC thanks to a Government of Canada investment of $2,250,000.
The funding was announced today by Don Rusnak, Member of Parliament for Thunder Bay–Rainy River, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedNor.
Of the total, $1.5 million will help support the ongoing operations of the RRFDC for the next five years and the remaining $750,000 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 the Rainy River Future Development Corporation will help foster strong business growth and diversify the regional economy now and in 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.”
Don Rusnak, Member of Parliament for Thunder Bay–Rainy River
“I am thrilled that the Government of Canada and FedNor recognize our commitment to promoting community and economic growth within the Rainy River District. This financial assistance will go a long way in helping us in our efforts to support business development, create jobs and improve the commercial and industrial base of the Rainy River District.”
Gord Armstrong, Chair of the Rainy River Future Development Corporation
The RRFDC 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.