MP SHEEHAN ANNOUNCES MAJOR FUNDING IN SUPPORT OF LOCAL BUSINESS, ECONOMIC DIVERSITY
SAULT STE. MARIE, ON – (April 26, 2019) – Sault Ste. Marie Member of Parliament Terry Sheehan announced $1.5 million in operational funding in support of the Community Development Corporation of Sault Ste. Marie and Area (CDC) through FedNor. This funding will provide five years’ worth of operational funding to support community planning, business counselling and information services; access to capital, and community-based projects and economic diversification.
“This funding provides critical assistance for this vital business resource centre, making it possible for them to assist local small and medium size businesses in the form of loans, counselling, business, information, and developing relationships between the public and private sector to nurture the creation of sustainable jobs.”
TERRY SHEEHAN,
MEMBER OF PARLIAMENT FOR SAULT STE. MARIE
“On behalf of the Board of Directors and Staff, I’d like to thank the Federal Government for their continued support of the CDC of Sault Ste. Marie and Area. We have been receiving this support for years, and it has resulted in more than $19 million in loans and equity investments to 601 businesses helping to create or sustain 2,931 local jobs. These new funds will provide operating support over a five-year period allowing us to continue working towards economic prosperity for our region.”
DAN FRIYIA,
EXECUTIVE DIRECTOR OF THE COMMUNITY DEVELOPMENT CORPORATION OF SAULT STE. MARIE AND AREA
Quick Facts
- The funding announced today is provided through FedNor, which supports projects in Northern Ontario that promote sustainable community economic development, enhance business growth and facilitate innovation.
- Since December 2015, FedNor approved more than $180 million in support of 553 projects in Northern Ontario, which leveraged an additional $311 million other sources.
- Since 2016 and through successive budgets, the Government of Canada has earmarked an additional $62 million for FedNor in support of various initiatives to enable the organization to further strengthen Northern Ontario’s economy and create even more middle-class jobs for Canadians.
- The Prosperity and Growth Strategy for Northern Ontario outlines the Government of Canada’s approach to ensure the region can fully benefit from the national Innovation and Skills Plan. It is focused on three key economic development areas: supporting innovation; growing companies; and building stronger communities.
Related Links
To find out more about FedNor’s programs and services, please visit: fednor.gc.ca.
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From left: Sault Member of Parliament Terry Sheehan; CDC Executive Director Dan Friyia; Board Member Hal McGonigal