FedNor funds will support new and existing businesses and foster growth and sustainability throughout the region
November 7, 2024 - Birch Island, ON - Federal Economic Development Agency for Northern Ontario - FedNor
When Canadians have the tools they need, they contribute to thriving communities and strong economies. Today, Marc G. Serré, Member of Parliament for Nickel Belt and Parliamentary Secretary to the Ministers of Energy and Natural Resources and Official Languages, and Terry Sheehan, Member of Parliament for Sault Ste. Marie and Parliamentary Secretary to the Minister of Labour and Seniors, announced a FedNor investment of $1,500,000 in the Waubetek Business Development Corporation (Waubetek). The announcement was made on behalf of the Honourable Patty Hajdu, Minister of Indigenous Services and Minister responsible for FedNor.
Provided through FedNor's Community Futures Program (CFP), the funding will support Waubetek's ongoing operations for a five-year period beginning September 1, 2024. The funding will help this not-for-profit organization provide business counselling and investment services to small and medium-sized businesses, as well as leadership in community strategic planning and socio-economic development.
In the previous five-year operating period, Waubetek provided more than $3.3 million in business loans, which helped nearly 40 businesses start-up, scale-up and increase profitability. They also helped create or maintain close to 75 local jobs.
