A sizable investment is going to support business development as well as growth and recovery efforts across Parry Sound-Muskoka.
On Tuesday, the Government of Canada announced an investment of $3,450,970 courtesy of the Federal Economic Development Initiative for Northern Ontario (FedNor) to help businesses, while supporting jobs and economic recovery in the District.
Minister responsible for FedNor, Terry Sheehan says this funding will support four strategic initiatives designed to create and maintain jobs, enhance business development and maximize growth opportunities.
“Recognizing that one size does not fit all, these community-based organizations are responding to local needs and development priorities thanks to support from the Government of Canada,” Sheehan said. “Today’s announcement will help them advance a variety of priority projects that will generate business opportunities, private-sector investments and good-paying jobs to support families living and working in the Parry Sound-Muskoka region.”
Of the total funding, $1.5 million will support the ongoing operations of Muskoka Community Futures Development Corporation for a five-year period.
Specifically, this investment allows the organization to support community strategic planning initiatives and provide small and medium-sized enterprises with access to capital and business counselling services.
An additional investment of $760,720 will allow Muskoka Futures to continue its Momentum and Muskoka 4.0 initiatives through 2023.
These priority projects are designed to create an innovation ecosystem to accelerate business growth in Muskoka – which will help to connect entrepreneurs with people and programs that enhance their success while attracting businesses with high-growth potential to the area.
Chair of Muskoka Futures Jeff Loney says these investments demonstrate the confidence the Government has in their organization
“I am thrilled that FedNor recognizes Muskoka Future’s continued record of success in fostering community, business and economic growth while helping businesses start-up and scale-up in the Muskoka region,” Loney said.
Over the next three years, these strategic initiatives are expected to support over 600 businesses, while creating 120 high-quality local jobs in the Muskoka region.
Meanwhile, the remaining $1,190,250 will go to support the Parry Sound Area Community Business & Development Centre.
$900,000 will support the ongoing operations of the Parry Sound CB&DC for a three-year period.
This funding will also enable the organization to provide small and medium-sized enterprises with business counselling services and access to capital, as well as support for community strategic planning initiatives.
FedNor’s remaining $290,250 in funding will enable the Parry Sound Area CB&DC to hire an economic development officer for the next three years.
Chair of the Parry Sound CB & DC Bob Griffith says they are proud to partner with the Federal government through FedNor to help maximize the economic potential of the Parry Sound region.
“Today’s announcement will allow us to hire an Economic Development Officer, support regional recovery efforts and advance a number of priority projects that will help diversify the economy, stimulate growth and attract new private sector investment to the area,” Griffiths said.
The EDO’s responsibilities will include investment attraction and marketing activities, as well as implementing measures to strengthen the economy and support pandemic and post-pandemic recovery efforts.
For more details, head to the Government of Canada’s website.