FedNor funding to support close to 60 businesses and 900 jobs in the region

NICKEL BELT – GREATER SUDBURY - Viviane Lapointe, Member of Parliament for Sudbury, today announced that the Government of Canada is investing $960,000 to support the ongoing operations of the Nickel Basin Federal Development Corporation (Nickel Basin) for a three-year period. MP Lapointe was joined by Marc G. Serré, Member of Parliament for Nickel Belt and Parliamentary Secretary to the Ministers of Energy and Natural Resources and Official Languages for the announcement, which was made on behalf of the Honourable Patty Hajdu, Minister of Indigenous Services and Minister responsible for FedNor.

Provided through FedNor’s Northern Ontario Development Program, the funding will allow Nickel Basin to provide business counselling and investment services to small and medium-sized businesses and support socio-economic development in the community. As result of this investment, Nickel Basin will assist approximately 60 businesses with start-up, maintenance and expansion efforts, which are expected to help create and maintain up to 900 local jobs.

For 25 years, Nickel Basin has been helping local entrepreneurs start or expand their businesses, create local jobs and support a stronger, more diversified economy. Based in Sudbury, Nickel Basin provides a full range of business development services, including access to capital, mentoring, information and referrals. To accelerate the growth of scalable technology start-ups, the organization also administers the Sudbury Catalyst Fund, which makes equity investments in start-up companies in key sectors including clean tech, biomed and advanced manufacturing.

Quotes

“Local leadership and organizations understand the communities they serve and are best positioned to respond to their unique needs, supporting Canadians where they live. The Government of Canada is supporting organizations like Nickel Basin so we can achieve our shared goal and build a strong, sustainable economy in Northern Ontario. We invest in regional economies because Canada is strongest when we are succeeding together.”  - The Honourable Patty Hajdu, Minister of Indigenous Services and Minister responsible for FedNor

“Sudbury is a hotbed for entrepreneurs and business with high growth potential and this investment will help them take their operations to the next level. This $960,000 investment in Nickel Basin will help them build on their impressive record of success, which includes supporting close to 5,000 jobs and investing more than $40 million in local business. I look forward to the positive results this funding will deliver in the form of jobs, growth and economic prosperity for Greater Sudbury and beyond.”  - Viviane Lapointe, Member of Parliament for Sudbury

“The Government of Canada is committed to strengthening the economy, creating jobs, and providing businesses with the resources they need to succeed. By fostering collaboration and supporting innovators and job creators, the government is helping them to start up, scale up, and create more jobs here at home in Nickel Belt-Greater Sudbury." - 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 shows confidence in our organization and the important work we do to ensure Greater Sudbury’s business community is thriving. Today’s announcement means that entrepreneurs and businesses will have continued access to the resources they need to get started, grow their operations and create more jobs in the communities we serve. We have a proud history of success and this $960,000 will ensure that great work continues for three more years.”  - Paul Reid, Chair, Nickel Basin Federal Development Corporation

Quick facts

• The funding announced today is provided through FedNor’s Northern Ontario Development Program, which supports projects that promote sustainable community economic development, create jobs, enhance business development and growth, and facilitate innovation.
• The Nickel Basin Federal Development Corporation is a not-for-profit organization with a mandate to administer a community loan fund and provide business counselling services to support the development and growth of local small and medium-sized enterprises in Greater Sudbury.
• Since its inception in 2000, Nickel Basin has authorized business loans totaling more than
  $53 million, while helping to create and maintain close 6,000 jobs.

Associated links

• To find out more about our programs and services, please visit: canada.ca
• Follow us on X: @FedNor
• Follow us on LinkedIn: https://ca.linkedin.com/company/fednor

More information

Kaylie Dudgeon,
Communications Manager
705-507-2416
[email protected]