$600k in Fednor Funding for Dryden Announced

Posted 20 April 2017 by in Featured

Hon. Bob Nault making announcement on Fednor Funding

Hon. Bob Nault making announcement on Fednor Funding

DRYDEN – Bob Nault, Member of Parliament for the Kenora Riding, today announced an investment of $598,641 to support business growth and development, job creation, increased tourism, innovation and economic diversification in the City of Dryden and across Northwestern Ontario. The announcement was made on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, and Minister responsible for FedNor.

“Our government has put a large emphasis on helping Canadians play an active role in our economy. I’m happy to see this investment in Northwestern Ontario, which recognizes that we can and should be investing in locally grown businesses.  Investing into the Patricia Area Community Endeavours (PACE) and the new economic development officer will help the City of Dryden foster strong business growth in the community now and in the future,” said Nault.

A FedNor investment of $320,000 will support the ongoing operations of the Patricia Area Community Endeavours CFDC for a one-year period. Specifically, the 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 strategic planning and community economic development initiatives.

An additional investment of $278,641 through FedNor’s Community Investment Initiative for Northern Ontario (CIINO), will enable the City of Dryden to hire an economic development officer to pursue a variety of economic development opportunities over a three-year period.

Together, these initiatives will help diversify the local economy, provide quality employment opportunities, strengthen regional collaboration, promote tourism, and help the region pursue additional opportunities in agri-food, forestry and mining.

Quick Facts:

  • The Community Futures funding, provided through FedNor in Northern Ontario, supports projects that promote sustainable community economic development, enhance business development and growth, and facilitate innovation.
  • Patricia Area Community Endeavours Inc. is one of 24 Community Futures Development Corporations (CFDCs) funded by FedNor to serve 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 PACE CFDC offers its services to business from Vermillion Bay to Pickle Lake to Ignace, and everywhere in between.
  • FedNor’s Community Investment Initiative for Northern Ontario (CIINO) enables recipient communities and First Nations to increase the number of community and/or regional economic development initiatives implemented, leading to increased business investment, job creation, and increased regional collaboration and partnerships among communities.