January 27, 2005

MOOSE FACTORY, Ontario, January 27, 2005 — The Honourable Joe Comuzzi, Minister of State (FedNor), today announced FedNor support to the Wakenagun Community Futures Development Corporation (CFDC) for its ongoing operations and Local Initiatives Contribution (LIC) Program for local and regional community-based economic development projects.

“CFDCs play an integral role in Northern Ontario by acting as catalysts for job creation and economic development and diversification,” said Minister of State Comuzzi.  “This funding allows the Wakenagun CFDC to provide area Aboriginal communities and businesses with the tools and resources they need to become self-reliant and successful.”

The Wakenagun CFDC is one of 61 CFDCs 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-based economic development and small business growth.

In the last five years, Northern Ontario CFDCs have successfully invested more than $92 million through their loans and business counselling activities to help the small business sector create or maintain 10 100 jobs in the North.

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 at large.

FedNor is investing $270 000 toward the organization’s ongoing operations, while the LIC Program will receive $50 000.

The LIC Program supports and enhances the activities related to the Wakenagun CFDC’s strategic plan, and provides area communities and businesses access to funding for small-scale economic development initiatives.

“We are proud to offer services and support to help revitalize the area’s economy,” said Bill Cachagee, Chair of the Wakenagun CFDC.  “We plan to continue investing in initiatives to enhance tourism and support local youth and entrepreneurs in reaching their full potential.”

FedNor helps rural and Northern communities strengthen their economies and create jobs.  By partnering with CFDCs, such as the Wakenagun Community Futures Development Corporation, FedNor is opening doors and building futures for a prosperous Northern Ontario.

Funding for this initiative was provided for in the March 2004 federal budget and is therefore built into the existing fiscal framework.

To find out more about Ontario 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

Mario Paluzzi
Communications Officer, FedNor
(705) 941-2064 or 1 877 333-6673