FedNor announces $1.5M in economic development funding

THUNDER BAY – The federal government is dishing out more than $1.5 million to spur regional economic development.

FedNor Minister Greg Rickford announced the funding to five different Northern Ontario organizations to support jobs and growth, making the announcement during a media conference held at the Northwestern Ontario Innovation Centre on Tuesday.

“It’s an investment in research, innovation, internship and economic opportunities that benefit not just the city of Thunder Bay but the region as a whole,” Rickford told the assembled audience during his speech.

He said the investment is expected to create 21 direct jobs but it’s the potential spin-off benefits that make the investments significant.

“The investment opportunities and particularly the internships represent future jobs. FedNor boasts an outstanding record of translating a FedNor internship to either that going into a job where they their internship or creating new opportunities,” Rickford said in an interview after the announcement.

The largest recipient was the Northern Ontario Enterprise Gateway, which is commonly known as Northern Ontario Angels. That organization received $903,000.

Stephanie Ash, a member of the board of directors Northern Ontario Angels, said in the past decade nearly 100 deals have been completed with financing totalling more than $100 million and creating 800 jobs.

“Entrepreneurs who have innovative new ideas or businesses that are high-growth but need some financing, investment or even management expertise to take them to the next level,” Ash said.

“We actually connect those entrepreneurs with the right investors who are based in Northern Ontario to help grow and create economic development opportunities.”

The Northwestern Ontario Innovation Centre will receive $382,000 over two years to support its Next Level program, which provides small to medium-sized businesses with up to $5,000 to enhance their enterprise.

Confederation College will get $95,000 through the Northern Ontario Development Program to conduct a study to determine the viability of expanding regional manufacturing and innovation with an emphasis on the forestry sector.

The Thunder Bay Agricultural Research Association will see $90,000 for a feasibility study to examine business opportunities while the Northern Chiefs’ Council is receiving $63,000 for a two-year internship to develop a youth entrepreneurship peer support network for six First Nations communities.