Chukuni Communities Development Corp. has become the first community futures development corporation (CFDC) to receive long-term funding, which will enable it to do more planning for the future.
The CFDC is getting a $1.3-million boost from FedNor and is the first CFDC in Ontario to obtain a three-year operational agreement.
Out of the money allotted, $750,000 will be used for continued operations in the CFDC over the next several years and $500,000 will be invested in the CFDC's support initiatives in the municipality of Red Lake and the township of Ear Falls. Another $50,000 will be provided through the local initiatives program to be used for community economic development projects within Chukuni’s catchment area.
Chukuni is one of 56 CFDCs in Ontario funded by Industry’s Canada Community Futures Program through FedNor. The community development corporation has a wide variety of programs and services to support economic development and small business growth. They are governed by a board of directors and have a small staff who invested $1,122,343 and assisted in creating 27 jobs contributing to an enhanced business community last year.
Under the three-year contract, the CDFC is required to submit terms and conditions along with the agreements of other Ontario CDFCs agreements since all are subject to annual reviews and audits.
“This new multi-year agreement will strengthen our ability to respond to the community economic development needs by stabilizing our operations while the investment funding enables us to responds to increased demand from small businesses in the region,” Duncan Wilson, president of Chukuni CFDC says.
