FedNor bolsters Sault development corp.

The Community Development Corporation (CDC) of Sault Ste. Marie and Area has received a $1.4-million boost from FedNor.

FedNor Minister Tony Clement said in a new release that the aim is to “keep Canada's economy strong and to help small businesses succeed.” He added that federal funding in 2010 assisted 110 businesses in the Sault area to create or maintain more than 250 jobs.

Of the funding, $900,000 will support the ongoing operations of the CDC, enabling it to offer business support services and access to capital to small and medium-sized businesses over a three-year period. With $300,000, new and existing businesses will receive repayable loans, equity and loan guarantees. The remaining $225,000 will be used to support local and regional community economic development projects within its catchment area.

“For 25 years, we've been working to foster partnerships and create economic opportunities that will benefit this region,” Janice Beatty, CDC chair, said in a news release. “Today's announcement means that we will be able to continue our important role in addressing challenges at the community level.”

The Sault CDC is one of 24 not-for-profit organizations funded by FedNor to serve Northern Ontario businesses and communities.