FedNor continues to support small and medium-sized enterprises

FedNor Minister Tony Clement
News Releaase

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OTTAWA — The Honourable Tony Clement, Minister of Industry and Minister responsible for FedNor, today highlighted the success of FedNor’s partnership with Northern Ontario’s Community Futures Development Corporations (CFDCs) in supporting small and medium-sized enterprises (SMEs) throughout the region.

“Last year, small businesses employed nearly half of Canada’s entire workforce and contributed about 29 percent to the country’s GDP,” said Minister Clement. “Small and medium-sized businesses are the engine of the Canadian economy and our government is committed to helping them succeed. The Community Futures Program plays a key role in our efforts to achieve this goal.”

There are 24 CFDCs funded by FedNor to serve Northern Ontario businesses and communities. CFDCs are community-based, not-for-profit organizations run by a board of local volunteers and staffed by experienced business and economic development professionals.

“Our investment in CFDCs is paying impressive dividends for communities and businesses throughout Northern Ontario,” said Minister Clement. “Since 2006, thanks to FedNor’s financial support, Northern CFDCs have invested over $100 million in more than 3800 SMEs to create more than 10,000 jobs.”

Throughout the week, communities across Northern Ontario have been celebrating the significant role SMEs and CFDCs play in stimulating the local economy and creating jobs. Small Business Week, an initiative of the Business Development Bank of Canada, takes place from October 17 to 23, 2010.

To find out more about FedNor, visit us at: http://ic.gc.ca/FedNor.

To find out more about CFDCs in your area, visit: http://ic.gc.ca/cfdc-ontario.

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