Industry Minister invests FedNor money in development agencies

The Government of Canada is investing more than $1.3 million in the Sudbury region, Minister of Industry Tony Clement announced, Jan. 20.
The investment, made through FedNor, will support eight community-based economic development initiatives.
Clement, who is also the minister responsible for FedNor, appeared at Mining Technologies International (MTI) to announce the investment.

The Nickel Basin Federal Development Corporation will receive $500,000 of the investment, enabling the organization to provide access to capital for small and medium-sized businesses and provide entrepreneurs with access to vital services, such as business planning and counselling.

Clement said the investment is a much needed one for the region, partly because of the current economic climate.
Although he said Canada in the only highly industrialized country in the world to regain most of its jobs lost during the recent recession, “there are still more jobs to be obtained, gained and retained."

MTI president Bob Lipic said his company has worked very hard last several years to create a competitive export business, and it couldn't have made it this far without the help of Nickel Basin. "We're very appreciative of the support that we got," he said.
Lipic said that a couple years ago, his employment level was around 250, while today it's fast approaching 400. “We've had good continuous growth,” he said. “And that's with the support that we've received that helped us achieve those goals and objectives.”
For the remaining investment, $245,123 will go toward community economic developments such as the Rainbow Country Travel Association, and Regroupement Des Gens D'affaires Franchophones, while $560,000 will go toward youth initiatives like the Northern Ontario Youth Centre for Social Innovation.

A day earlier, Clement announced a FedNor investment of $100,000 in seed money for a northwestern Ontario investment pool during a visit to Thunder Bay.

The pool is a partnership of the region's Community Futures Development Corporations which is geared to helping small business seek larger loans.

“This investment in local small businesses will help ensure future prosperity by giving them more access to capital and knowledge to build on their ideas,” said Clement in a statement.