Bancroft, Ontario — Daryl Kramp, MP for Prince Edward-Hastings, April 16, 2010 announced that the Community Futures Development Corporation of North & Central Hastings and South Algonquin will receive an investment of $1,000,000.00 through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).

“Our government is committed to immediate job creation and economic growth right here in the Bancroft area”, said MP Kramp. “We are providing funding for the development of local businesses and organizations because we understand the positive impact they have on communities.”

This announcement, part of Canada’s Economic Action Plan, will see $1,000,000.00 provided to the CFDC of North & Central Hastings and South Algonquin to provide financing to retain and expand small and medium businesses in the community.

"We appreciate the Federal Government's confidence in Community Futures and our loan clients" says Community Futures Chair, Rob Price. "Every penny of this $1 million grant will be directly invested in local small business to create and maintain local employment. We loan money to businesses that have been turned down by the conventional lenders. Last year that amounted to $4.84 million in loan activity. Imagine the impact to our communities if we were unable to fill that gap."

"Its always a pleasure to work with Daryl ", says Bob Cloes, Community Futures General Manager. “We truly believe Daryl's support and his understanding of the challenges of being in business helps keep Community Futures role in the community even more significant."

This project will be funded through the Community Adjustment Fund, a two-year, $1-billion national program aimed at addressing the short-term economic needs of communities hit hardest by the global economic recession. The approved project must meet the terms and conditions set out in the contribution agreement.

FedDev Ontario was created as part of Canada’s Economic Action Plan to support economic and community development, innovation, and economic diversification, with contributions to communities, businesses and non-profit organizations in southern Ontario.

Community Futures Development Corporations (CFDCs) support community economic development by assisting Ontario’s rural and northern communities to strengthen and diversify their economies. With 37 corporations in rural southern Ontario and 24 in Northern Ontario, CFDCs are well positioned to offer local solutions to local needs.

As a community based, non-profit organization, Community Futures Development Corporation of North & Central Hastings and South Algonquin is run by a board of local volunteers and staffed by professionals who encourage entrepreneurship and the pursuit of economic opportunity. Currently, there are twelve Directors on the Board of Directors who are all area residents.

With financial assistance from the Government of Canada through the Federal Economic Development Agency for Southern Ontario CFDC offers a variety of products and services to promote small business growth and community economic development. Primary among those are: Community Economic Planning & Development: Investment in Local Business, Business Development and Counseling Service.

Through Government of Canada funding, Community Futures provides access to capital. Small business clients can apply for financial assistance from the CFDC for up to $150,000, if they have been refused assistance from their Bank, Trust Company or Credit Union. In the year 2009 Community Futures Development Corporation of North & Central Hastings and South Algonquin had $4,844,472 in new loans, including rewrites and facade improvement loans to a total of 62 businesses creating or maintaining 233 jobs, which is twice the annual average. As well, 18 Ontario Self Employment Benefit Program clients were introduced to self employment.

The Government of Canada has also funded the Community Futures Development Corporation of North & Central Hastings and South Algonquin to implement six components of the Eastern Ontario Development Program (EODP): Access to Capital, Skills Development, Youth Retention, Local Initiatives, Business Planning, and Innovation Communication Technology.