December 17, 2020 - Sudbury, ON - Federal Economic Development Initiative for Northern Ontario - FedNor
Across the country, the Government of Canada is helping businesses start and scale-up, while investing in families and communities to strengthen the economy. In Greater Sudbury, through FedNor, the federal government is working hard to provide businesses and entrepreneurs with access to the tools and resources they need to succeed, create local jobs and support regional recovery efforts.
Paul Lefebvre, Member of Parliament for Sudbury, and Marc G. Serré, Member of Parliament for Nickel Belt, today announced the Government of Canada is investing $960,000 to support the ongoing operations of the Nickel Basin Federal Development Corporation (Nickel Basin) for a three-year period. As result of this investment, Nickel Basin will assist approximately 60 businesses with start-up, maintenance and expansion efforts, which are expected to help create and maintain up to 675 local jobs.
For more than 20 years, Nickel Basin has been helping local entrepreneurs start or expand their businesses, create local jobs and support a stronger more diversified economy. Based in Sudbury, Nickel Basin provides a full range of business development services, including access to capital, mentoring, information and referrals. To accelerate the growth of scalable technology start-ups, the organization also administers the Sudbury Catalyst Fund, which makes equity investments in start-up companies in key sectors including clean tech, biomed and advanced manufacturing.
Today's announcement is further proof of the Government of Canada's commitment to Canadian businesses - helping them to overcome the challenges posed by COVID-19. Initiatives like this will help get Canadians back to work safely and ensure that small businesses, which are the backbone of the Canadian economy, can play a major role in Canada's economic recovery.
Quotes
"Strong local economies rely upon the prosperity and growth of local businesses and entrepreneurs. In these uncertain times, we want Canadian businesses to know that we have their back. We will help our business and community partners adapt to the quickly evolving social and economic realities, and support their efforts to strengthen Northern Ontario's economy and create good jobs for Ontarians."
- The Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for FedNor
"The Government of Canada has a phased plan for a robust, lasting recovery that supports families and businesses in Greater Sudbury and across the country. Through FedNor, we are working at the speed of business to kick-start the economy, create jobs and provide businesses with access to the resources they need to not only survive, but thrive as our economy recovers from the impact of COVID-19."
- Paul Lefebvre, Member of Parliament for Sudbury
"I'm thrilled that today's announcement will allow Nickel Basin to provide ongoing support to Nickel Belt - Greater Sudbury's business community. This strategic investment will support recovery efforts, generate business opportunities and attract private-sector investment and good-paying jobs to the region. Targeted, carefully thought-out investments just like this one are one of the many ways we are supporting local business and positioning our economy to come roaring back, stronger than ever before."
- Marc G. Serré, Member of Parliament for Nickel Belt
"We are proud to partner with the Government of Canada through FedNor to support local businesses, create jobs and help maximize the economic potential of the Greater Sudbury region. As we recover from the impacts of COVID-19, Nickel Basin is also stepping-up efforts to support our recovery by helping businesses stay afloat, keep their doors open and overcome challenges caused by the pandemic."
- Paul Reid, Chair, Nickel Basin Federal Development Corporation
Quick facts
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The funding announced today is provided through FedNor's Northern Ontario Development Program, which supports projects that promote sustainable community economic development, create jobs, enhance business development and growth, and facilitate innovation.
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The Nickel Basin Federal Development Corporation is a not-for-profit organization with a mandate to administer a community loan fund and provide business counselling services to support the development and growth of local small and medium-sized enterprises in Greater Sudbury.
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Since its inception in September 2000, Nickel Basin has authorized business loans totaling more than $40 million, while helping to create and maintain nearly 5,000 jobs.
