Funding of $452,183 will enable Northern Ontario Enterprise Gateway (NOEG) to increase access to capital

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Port of Thunder BayTHUNDER BAY – Greg Rickford, Member of Parliament for Kenora, on behalf of the Minister for FedNor, today announced a Government of Canada investment of more than $772,000 in two projects to support small business development across Northern Ontario. Funding of $452,183 will enable Northern Ontario Enterprise Gateway (NOEG) to increase access to capital for small and medium-sized enterprises (SMEs) across Northern Ontario. To achieve this, NOEG will expand its investor readiness training for entrepreneurs and intensify its efforts to develop additional angel investors. NOEG will focus on emerging high-tech businesses and those entrepreneurs who are growing, innovative and need equity financing.

“Today’s announcement demonstrates the Government of Canada’s commitment to help qualified entrepreneurs take the next step in growing their businesses,” explained Rickford, speaking for the Minister. “These concrete measures will better equip small businesses to expand their product lines and markets, strengthening the economy in Northern Ontario. By investing in these initiatives in partnership with community organizations, the Government of Canada is enhancing the success and growth of small businesses across the North, enabling them to compete in today’s ever-changing global marketplace.”

Funding of $452,183 will enable Northern Ontario Enterprise Gateway (NOEG) to increase access to capital for small and medium-sized enterprises (SMEs) across Northern Ontario. To achieve this, NOEG will expand its investor readiness training for entrepreneurs and intensify its efforts to develop additional angel investors. NOEG will focus on emerging high-tech businesses and those entrepreneurs who are growing, innovative and need equity financing.

”In addition to facilitating investment in Northern Ontario SMEs, this initiative links entrepreneurs with experienced business owners, who can provide them with the support and expertise they require,” said Mary Long Irwin, Executive Director, NOEG. The remaining $320,000 will assist the Northwestern Ontario Innovation Centre (NOIC), under its Next Level Program, to provide eligible SMEs with up to $5,000 toward specific project costs needed to grow their innovative businesses, develop new products and seize market opportunities. This support will be based on the small businesses’ specific needs, ranging anywhere from test-marketing and sales activities to management training and intellectual property protection.

Chair of the Board, Karen Grant, commented “As a Board, we are delighted to receive FedNor funding support and by the Government of Canada`s ongoing commitment to the mission of NOEG. Developing strong linkages between entrepreneurs and investors is vital to economic success in Northern Ontario. This funding will allow NOEG to continue stimulating investment capital, education and management expertise into high growth potential northern companies.“

“This Program is tailor made to meet the individual requirements of growing businesses in the region,” said Mr. Don Wing, President, Northwestern Ontario Innovation Centre. “Sometimes, all it takes is a little bit of help for entrepreneurs to move up to the next level.”

The funding announced today was provided through FedNor’s Northern Ontario Development Program (NODP). The NODP supports projects that strengthen community economic development, enhance business growth, and facilitate innovation throughout the region.