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FedNor press release

Minister Clement announces investments to strengthen aboriginal business development in Northwestern Ontario

Thunder Bay, Ontario, August 11, 2011 — The Honourable Tony Clement, Minister for FedNor, today announced a Government of Canada investment of $1.82 million in support of First Nation small business development and growth in Northwestern Ontario.

“The Government of Canada is committed to helping communities capitalize on business opportunities, strengthen the local economy and create jobs,” said Minister Clement. “To that end, we continue to work in partnership with Community Futures Development Corporations, such as Nishnawbe Aski Development Fund, encouraging the entrepreneurial spirit in rural regions the country.”

FedNor supports the creation, growth and success of small and medium-sized businesses through the federal government’s Community Futures Program. Nishnawbe Aski Development Fund is one of 24 Community Futures Development Corporations (CFDCs) funded by FedNor to serve Northern Ontario businesses and communities. CFDCs are community-based, not-for-profit organizations run by volunteer boards and staffed by experienced business and economic development professionals.

Of the total, $960,000 in FedNor funding will enable Nishnawbe Aski Development Fund to offer business support services and access to capital to small and medium-sized enterprises (SMEs) for a three-year period. An additional $400,000 will be used to provide SMEs with repayable loans, equity and loan guarantees. The remainder will assist Bingwi Neyaashi Anishinaabek First Nation to establish an on-reserve industrial business park on the eastern shore of Lake Nipigon.

“Today’s announcement will help the many remote Aboriginal communities, served by Nishnawbe Aski Development Fund throughout Northwestern Ontario, to develop and grow their economies,” added Greg Rickford, MP for Kenora. “By giving communities the tools they need to address regional priorities and support business development, everyone benefits.”

“These funds will help us continue to diversify the economy of the 33 communities we serve in Northwestern Ontario,” said Madeline Commanda, Chair, Nishnawbe Aski Development Fund. “In addition, it will help us meet the growing demand for investment capital so Aboriginal people can benefit from business opportunities related to resource developments, including the area known as The Ring of Fire.”

To find out more about FedNor and the Community Futures Program, visit: http://ic.gc.ca/cfdc-ontario.

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For more information, please contact:

Heather Hume
Press Secretary
Office of the Honourable Tony Clement
613-957-2666

Kim Fewchuk
Communications Officer
FedNor
705-941-2105 or 1-877-333-6673