Northwestern Ontario is losing out on opportunities to attract high-growth firms due to a lack of venture capital firms in the northwest, a Thunder Bay consultant says.

At present there are no venture capital firms operating in northwestern Ontario. As a result, companies are relocating to other areas, including provinces in Western Canada, where venture capital for effective business growth is readily available.

In early August, Ted Chudleigh, parliamentary assistant for the Economic Development and Trade ministry, visited Thunder Bay business leaders to hear their concerns. Chudleigh will be submitting a report in September detailing ways to attract venture capital firms to the area.