April 26, 2005

GERALDTON, Ontario, April 26, 2005 – The Honourable Joe Comuzzi, Member of Parliament for Thunder Bay-Superior North and Minister of State (FedNor), today announced FedNor support of $250,000 to the local Community Futures Development Corporation (CFDC) known as the Greenstone Economic Development Corporation for investment activities in the organization’s service area.

“By investing in CFDCs, the Government of Canada is helping to provide Northern communities and businesses with access to the capital and resources they require to reach their full potential,” said Mr. Comuzzi.  “The next business success story is often authored by a welltimed investment.”

The Greenstone Economic Development Corporation is one of 61 CFDCs in rural and Northern Ontario funded by Industry Canada’s Community Futures Program through FedNor.  CFDCs deliver a wide variety of programs and services to support community economic development and small business growth.  They employ local staff and are each governed by a volunteer board of directors, made up of local residents representative of the community.

In the last five years, Northern Ontario CFDCs have successfully invested more than $101 million through their loans and business counselling activities to help the small business sector create or maintain 10,621 jobs in the North.  Last year, Greenstone Economic Development Corporation invested $677,400 and assisted in creating or maintaining 47 jobs, contributing to an enhanced business community.

“We can now contribute further to key initiatives to stimulate business growth and job creation,” said Michael Power, Chair of the Greenstone CFDC.  “We’re working to diversify the economy by investing in value-added wood, tourism, mining, and service industries.”

FedNor helps rural and northern communities strengthen their economies and create jobs.  By partnering with CFDCs, FedNor is opening doors and building futures for a prosperous Northern Ontario.

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’s CFDCs, visit:  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

David Frood
Communications Officer, FedNor
(807) 766-1820 or 1 877 333-6673