Sault Ste. Marie’s Community Development Corporation has received $300,000 in FedNor funding to support small business development, growth and job creation in the city.
Over a one-year period, the organization will provide small and medium-sized enterprises with access to capital and business counselling services, as well as support regional community economic development and planning activities.
The CDC of Sault Ste. Marie & Area is one of 24 Community Futures Development Corporations (CFDCs) funded by FedNor to serve 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 announcement was made during Small Business Week. Statistics Canada reports that there are over 1.1 million small businesses in Canada which employ more than 7.7 million individuals or 69.7 percent of the total private sector labour force. The small business sector accounts for 27 percent of Canada's total gross domestic product (GDP) and is a leader in innovation, research and development.
“The CDC of Sault Ste. Marie & Area is dedicated to building a strong, self-sustaining economy for the people and businesses of this region,” CDC board chair Janice Beatty said in a news release. “Our ongoing partnership with the Government of Canada through FedNor is enabling us to continue to deliver our services and thus assist small and medium-sized businesses create jobs right here in the community.”
