Trade Northern Ontario

FedNor Comes Through for Region

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FedNor comes through for region
By PETER BURKOWSKI
The Chronicle Journal
Monday, January 12, 2009


Industry Minister Tony Clement, who is responsible for FedNor, makes a funding announcement Sunday at the Northwestern Ontario Innovation Centre in Thunder Bay.
Industry Minister Tony Clement announced $1.8 million in government funding for the region on Sunday.
The funding will be shared among small business, information and communications technology, community economic development, science and innovation, and youth initiatives.
“Today‘s announcement reinforces our government‘s commitment to strengthening the economy of the Thunder Bay Region and Northern Ontario,” said Clement, who is also responsible for FedNor.
He said the money is intended to help the region endure the current economic downturn and help reduce the number of youths moving elsewhere.
Thunder Bay Mayor Lynn Peterson said the announcement is a cause for optimism.
“Working together, I believe our future is very bright,” said Peterson.
Among the funding beneficiaries is community futures development corporation Thunder Bay Ventures, which will receive $300,000.
Thunder Bay Ventures manager Royden Potvin said money from FedNor forms the foundation of the organization‘s budget.
“It really goes to the grassroots rural communities and provides those small and medium-sized enterprises in our communities with access to money and loans so that they can continue on,” said Potvin.
He added that he feels demand for Thunder Bay Ventures‘ business services is likely to increase in the near future.
“We‘ve had a few people looking for money, and we suspect that that will increase as the difficulties in accessing financing for business become a reality,” said Potvin.
Clement emphasized that FedNor has a committed five-year budget which started in 2006 – meaning that the organization isn‘t going anywhere until at least 2011.
“I believe we can make a difference – I‘m a hard-headed optimist,” he said.
Also sharing in the announced funding are Atikokan Economic Development Corporation, $300,000; Riverside Health Care Facilities Inc., Fort Frances, $200,000;Thunder Bay-based Molecular World Inc., $130,000; and Matawa First Nations Management, $82,000.

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