Terry Sheehan, Parliamentary Secretary to the Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for FedNor, today announced a FedNor investment of more than $6.6 million in support of six strategic initiatives in the Kenora region. The funded projects are expected to support more than 400 businesses, help create or maintain up to 1,155 jobs, and maximize development and growth opportunities throughout the region.
Specifically, the FedNor funding will support six projects led by the Lake of the Woods Business Incentive Corporation, Chukuni Communities Development Corporation and Patricia Area Community Endeavours, three of the region’s Community Futures organizations.
Today’s announcement is further proof of the Government of Canada’s commitment to Canadian entrepreneurs and businesses – helping them to overcome the challenges posed by COVID-19. Initiatives like these will assist Canadians to get back to work and ensure that small businesses, which are the backbone of the Canadian economy, can play a major role in Canada’s economic recovery.
Funding recipients include:
Lake of the Woods Business Incentive Corporation: $2,500,000
Operational funding
Provided through FedNor’s Community Futures Program, a Government of Canada investment of $1.5 million will support the ongoing operations of Lake of the Woods Business Incentive Corporation for a five-year period. Specifically, this targeted investment will enable the organization to support community strategic planning initiatives and provide small and medium-sized enterprises with access to capital and business counselling services. This targeted investment is expected to support more than 125 businesses, while helping to create 104 jobs and maintain 120 more in the region.
Access to capital for small and medium-sized businesses
A FedNor investment of $1 million will enable Lake of the Woods Business Incentive Corporation to offer financing to new or existing small businesses and social enterprises to help create jobs in the Kenora region. This strategic initiative is expected to assist more than 90 businesses to start up, scale up or maintain operations, while helping to create 154 jobs and maintain an additional 444 jobs.
Chukuni Communities Development Corporation: $2,250,000
Operational funding
The Chukuni Communities Development Corporation (CDC) will receive a FedNor investment of $1.5 million to support the organization’s ongoing operations for a five-year period. Based in Red Lake, the Chukuni CDC provides a full range of business development and growth services, including access to capital, mentoring, information and referrals. This targeted investment is expected to support more than 38 businesses, while helping to create 24 jobs and maintain 78 more in the region.
Access to capital for small and medium-sized businesses
To support business and economic recovery efforts in Ear Falls, Red Lake and surrounding areas, the Chukuni CDC will receive FedNor funding of $750,000. This targeted investment will enable this not-for-profit organization to provide financing to small businesses and social enterprises. Once complete, this strategic initiative is expected to support 39 businesses, helping to create 46 jobs and maintain an additional 135 jobs.
Patricia Area Community Endeavours: $1,858,786
Operational funding
To accelerate business development and growth in the region, a FedNor investment of $1.6 million will support the ongoing operations of the Patricia Area Community Endeavours (PACE) for a five-year period. Specifically, FedNor funding will enable this not-for-profit, business-focused organization to provide small and medium-sized enterprises with business counselling services and access to capital, as well as support for community strategic planning initiatives. This priority project is expected to support 85 businesses and help create 5 jobs and maintain 5 more. PACE’s service area includes the towns of Ignace, Machin, Dryden, Sioux Lookout and Pickle Lake, as well as the Lac Seul, Eagle Lake and Wabigoon Lake First Nations.
Support for entrepreneurs and businesses
PACE will receive FedNor funding of $258,786 to hire a Program Coordinator to create and launch three new business programs designed to support entrepreneurs through mentorship, remote work transitions and access to business incubator services. Once fully implemented, this three-year initiative is expected to support 36 businesses, while helping to create 13 jobs and maintain an additional 27 jobs.
