March 21, 2007
KAPUSKASING, Ontario, March 21, 2007 — The Honourable Tony Clement, Minister of Health and Minister for FedNor, today announced a $500,000 FedNor contribution to the North Claybelt Community Futures Development Corporation (CFDC) to support its investment activities in the region.
“Community Futures Development Corporations such as North Claybelt are an invaluable resource to entrepreneurs and the small business sector across Northern and rural Ontario,” stated Minister Clement. “I am pleased the Government of Canada funding of $500,000 will be used to provide assistance in the form of loans, loan guarantees and equity financing to small and medium-sized businesses throughout the North Claybelt catchment area.”
Budget 2007, announced Monday in Ottawa, introduced a number of key initiatives in support of the small business sector, including:
- reducing the federal paper burden on small business by 20 per cent by November 2008
- reducing the tax compliance burden on small business by decreasing the frequency of their tax remittance and filing requirements
- introducing tax reductions which will lower Canada’s tax rate on new business investment
In the last five years, Northern Ontario CFDCs have helped the small business sector create or maintain 10,621 jobs in the North. Over the last year, the North Claybelt CFDC invested $714,206 and assisted in creating or maintaining 17 jobs, helping the business community to grow.
“We are proud of the role we play in helping to ensure the economic prosperity of communities in our service area and of the faith FedNor continues to show in our abilities,” stated Barbara Major, North Claybelt CFDC Chair. “This funding will allow us to continue to work hard to build on our successes to date.”
The North Claybelt Community Futures Development Corporation is one of 61 CFDCs in rural and Northern Ontario funded through FedNor.
To find out more about Ontario CFDCs, visit: http://cfdc-ontario.ic.gc.ca.
For more information, please contact:
Erik Waddell
Press Secretary, Office of the Honourable Tony Clement
613-957-0200
Mario Paluzzi
Communications Officer, FedNor
705-941-2064 or 1-877-333-6673