May 16, 2005
HAWKESBURY, Ontario, May 16, 2005 – The Honourable Don Boudria, P.C., Member of Parliament for Glengarry–Prescott–Russell, today announced a Government of Canada contribution of $500,000 to the local Community Futures Development Corporation (CFDC) known as the Prescott-Russell Community Development Corporation for investment activities in the Champlain, Alfred, Plantagenet, East Hawkesbury, Russell, Clarence-Rockland, and Casselman areas.
“By supporting key local-level partners such as CFDCs, the Government of Canada is helping Ontario communities build capacity, foster business and economic development and create jobs,” said Mr. Boudria. “This funding allows the Prescott-Russell CFDC to provide area businesses access to the capital they require to reach their full potential for success.”
The Prescott-Russell CFDC is one of 61 Community Futures Development Corporations in rural and Northern Ontario funded by Industry Canada’s Community Futures Program through FedNor. It delivers a wide variety of programs and services to support community economic development and small business growth.
In the last five years, Ontario CFDCs, through their investment and business counselling activities, invested more than $229 million to help the small business sector create or maintain 26,418 jobs. Last year, the Prescott-Russell Community Development Corporation invested $1,255,816 and assisted in creating or maintaining 144 jobs, contributing to an enhanced business community.
CFDCs are designed to develop and implement long-term, community-based economic development initiatives. They employ local staff and are each governed by a volunteer board of directors made up of local residents representative of the community.
“This announcement allows us to address increased local demand for capital and reach out to more entrepreneurs and businesses to develop the region’s economy,” said Gilbert Héroux, President of the Prescott-Russell CFDC. “We look forward to more success stories as a result.”
Through its investments in CFDCs, the Government of Canada is acting on its commitment to support economic growth and diversification in rural communities.
Funding for this initiative was provided for in the February 2005 federal budget and is therefore built into the existing fiscal framework.
To find out more about Ontario CFDCs, visit us at: http://cfdc-ontario.ic.gc.ca
For more information, please contact:
Graeme Wilkes
Director of Communications, Office of the Honourable Joe Comuzzi
(613) 947-5850
Yves Châteauneauf
Communications Officer, Industry Canada/FedNor
(519) 645-5684 or 1 877 333-6673