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Algoma businesses to benefit from $2.1 million in funds

FedNor funding to assist businesses in agriculture, tourism, transportation
open for business stock
(Stock photo)

Businesses in the Algoma region will benefit from $2.1 million in federal funds, announced on Jan. 20.

The East Algoma Community Futures Development Corporation (EACFDC) will continue to provide business financing and counselling services over the next five years, thanks to $1.6 million.

An additional $510,000 will help recruit two new economic development officers who will work with the EACFDC and the Huron North Community Economic Alliance (HNCEA) to pursue a range of regional economic and business development initiatives touching on agriculture, tourism, transportation, and investment attraction.

The East Algoma CFDC is one of 24 Community Futures Development Corporations (CFDCs) in Northern Ontario funded by FedNor to provide financing, mentoring and business development services to 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 Huron North Community Economic Alliance (HNCEA) is a regional grassroots organization made up of member communities stretching from Spanish to Sault Ste. Marie who work together to achieve regional prosperity. Its mission is to promote the economic growth of its communities by coordinating and implementing economic development projects.

“I am thrilled that the Government of Canada recognizes our commitment to promoting community and economic growth within East Algoma,” said the CFDC’s chair, Neil Tulloch, in the news release.

“This financial assistance will go a long way in helping us in our efforts to support business development, create jobs and strengthen the agricultural, tourism, commercial and industrial sectors in our region.”