Government of Canada supports First Nations and Indigenous entrepreneurs across Northeastern Ontario with $1.5 million investment

Press Release

From: Federal Economic Development Agency for Northern Ontario – FedNor

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.

Quotes

“Organizations like the Waubetek Business Development Corporation are driven by local leadership that understands that the communities they serve have an inside track in understanding their needs. That is why the Government of Canada is proud to partner with community organizations, because we understand the importance of home, and of supporting Canadians where they live. We are investing in strong and diverse regional economies because Canada is strongest when we are succeeding together.”

– The Honourable Patty Hajdu, Minister of Indigenous Services and Minister Responsible for FedNor

“The Government of Canada recognizes that the Indigenous economy contributes nearly $50 billion annually to our national GDP and we remain focused on supporting its continued growth and prosperity. This FedNor investment of $1.5 million in the Waubetek Business Development Corporation is another great example of how we are stepping up for First Nation communities and Indigenous entrepreneurs in Northern Ontario to create local jobs and build a strong, sustainable economy that includes everyone.”

– Terry Sheehan, Member of Parliament for Sault Ste. Marie and Parliamentary Secretary to the Minister of Labour and Seniors

“First Nation businesses and organizations are major driving force behind jobs, growth and strong economy here in Northern Ontario and across the country. By funding the Waubetek Business Development Corporation, we are helping to create or maintain jobs, while supporting Indigenous-led business ventures across Northeastern Ontario. Waubetek has a proud history of delivering for First Nations communities and Indigenous entrepreneurs, and this $1.5 million investment will ensure that tradition continues for five more years!”

– Marc G. Serré, Member of Parliament for Nickel Belt and Parliamentary Secretary to the Ministers of Energy and Natural Resources and Official Languages

“This strong show of support from FedNor demonstrates confidence in our organization and the important work we do to support First Nation communities and Indigenous entrepreneurs across Northeastern Ontario. This targeted investment will ensure new and existing businesses have continued access to the resources they need to grow, maximize profitability, create jobs and position our region for sustainable long-term success. Since 1989, we have provided a variety of business services and commercial financing to more than 3,000 Aboriginal businesses in a variety of industries, including mining, tourism, forestry, and more.”

– Dawn Madahbee Leach, General Manager, Waubetek Business Development Corporation

Quick facts

The funds announced today are provided by FedNor’s Community Futures Program (CFP), which supports 24 Community Futures Development Corporations (CFDCs) located throughout Northern Ontario. These community-based, not-for-profit organizations are staffed by professionals and are each governed by local volunteer board of directors familiar with their communities’ needs, concerns and future development priorities. CFDCs offer a wide variety of programs and services supporting community economic development and small business growth. In particular, they provide: strategic community planning and socio-economic development; business information and planning services; and, access to capital for small and medium-sized businesses and social enterprises.
The Waubetek Business Development Corporation is one of the 24 CFDCs funded by FedNor to support small and medium-sized business and community economic development in Northern Ontario. Waubetek supports businesses through small business loans and resources. The organization administers local investment funds to help finance new or existing business and social enterprises for start-up, expansion or stabilization that will maintain or create jobs.
Waubetek works with 27 First Nation communities, as well as Indigenous entrepreneurs off-reserve in a large area of northeastern Ontario. Its catchment areas includes Highway 17 from Sault Ste. Marie along the North Shore of Lake Huron, including Manitoulin Island through Sudbury and North Bay to Mattawa. It also services communities along Highway 11 north to Temagami from North Bay and Highways 69 and 400 south of Sudbury to Orillia and Barrie.

Associated links

Contacts
Jennifer Kozelj
Press Secretary
Office of the Minister of Indigenous Services and Minister responsible for FedNor
jennifer.kozelj@sac-isc.gc.ca

Federal Economic Development Agency for Northern Ontario
Media Relations

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