NECO receives funding from FedNor

Nipissing-Timiskaming MP Anthony Rota announces FedNor funding for North Bay’s CFDC.

The NECO Community Futures Development Corporation (CFDC) had a visit from Nipissing-Timiskaming MP Anthony Rota Wednesday.

Rota stopped by to announce FedNor funding totalling $545,000 for the CFDC.

NECO, one of 61 CFDCs in rural and Northern Ontario, provides programs and services that support economic development and small business growth.

Rota explained that small businesses are the “lifeblood “ of small communities. He said that helping the small business sector, helps creates development and employment opportunities.

“That’s what this is all about.” Rota said.

“It’s about getting prosperity and getting people out to work.”

He explained that in the last five years, CFDCs have invested over $101 million dollars to aid the small business sector. This led to creating and maintaining 10,621 jobs in Northern Ontario.

“A lot of smaller businesses might not get off the ground under conventional needs,” Rota explained.

“NECO helps them out that way.”

He said that the Canadian government in proud of its relationship with CFDCs and their communities.

“It’s not just pumping money and saying lets hope something happens,” Rota said.

“We’re actually getting results.”

Caren Gagne, Chair of NECO, explained that $295,000 of the funding would go towards the organizations operations and provide support for services in both French and English. $200,000 will go towards coordinating the communication and training of the Northeast Development Network. Also $50,000 of the funding will go towards local initiatives.

She explained that local initiatives include everything from repairing community centres to funding art festivals. In previous years this funding was set at a maximum of $5,000.

“$50,000 may seem like a lot, but really it’s not,” Gagne explained.

“We’ll certainly utilize the whole amount.”