The Waubetek Business Development Corporation on the Whitefish River First Nation has received close to $1 million to help boost First Nations small businesses in the Manitoulin-North Shore area.
“Waubetek has a proud history of providing business financing and economic development services to First Nations and Aboriginal entrepreneurs in Northeastern Ontario,” Waubetek board chair Martin Bayer said in a news release. “This investment clearly demonstrates confidence in our organization and ensures we can continue to support clients in their efforts to start a new business or expand their existing operations.”
Over three years, Waubetek will receive $900,000 to provide small and medium-sized enterprises with access to business support and counselling services, repayable loans, equity and loan guarantees.
An additional $133,000 will be used to hire a full-time co-ordinator to to complete the development of eight regional economic initiatives in 27 First Nations within Waubetek's service area.
A further $27,500 will enable Waubtek to hire a youth intern as a business development officer to help stimulate economic activity in the region.
The money comes from the federal government's Community Futures Program, which supports 24 Community Futures Development Corporations across Northern Ontario, one of which is Waubetek.
The funding announcement coincides with the observation of Small Business Week, which aims to celebrate the contributions and achievements of entrepreneurs across the country.
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