The federal government is providing Northern Ontario Angels (NOA) with $1.26 million over three years.
NOA connects entrepreneurs looking for growth capital with angel investors looking for investments. NOA supports angel investment groups in Sudbury, North Bay, Thunder Bay and Sault Ste. Marie.
The funding, being provided by FedNor, will enable NOA to continue to expand its services throughout Northern Ontario by strengthening and growing its chapters in each of the region’s five largest communities (Sudbury, Thunder Bay, Sault Ste. Marie, North Bay and Timmins) and establishing a new chapter in Kenora.
"I would like to thank the Government of Canada for this strong show of support for the work we do and the results we deliver for the people, businesses and communities of Northern Ontario,” NOA chair Chris Winrow said in a Nov. 16 news release.
“We welcome and appreciate FedNor’s continued support which allows us to continue to expand our services with the goal of bringing entrepreneurs and investors together to explore new business opportunities."
The funding comes from FedNor’s Northern Ontario Development Program.
“I am proud to be part of a government that recognizes the needs of businesses and entrepreneurs and supports their efforts to grow and succeed,” Thunder Bay-Superior North MP Patty Hajdu, minister of employment, workforce development and labour, said of the Nov. 16 announcement.
“Today’s announcement will help fuel the regional economy by attracting private sector investment to our communities and ensuring that local businesses have the tools they need to create jobs right here in the North.”