TERRACE BAY – A renewal of FedNor funding will go toward operating costs at Superior North Community Futures Development Corporation (SNCFDC) for a five-year period that started Jan. 1.
“These FedNor funds will help us to directly build an area we love and call home," said Ron Salo, general manager, SNCFDC.
"This investment is going to enable us to continue building economic prosperity and growth, and to foster new developments and diversification. We look forward to working with local businesses, organizations, and entrepreneurs in the Superior North area."
The SNCFDC is a non-profit organization governed by a local volunteer board of directors. Its catchment area includes 12 different communities, from Dorion to Biigtigong Nishnaabeg and Manitouwadge.
The organization provides business loan services to small and medium-sized businesses and leadership in community strategic planning and socio-economic development.
“Businesses are the job creators. They're often supporting families. It keeps people in the region, and it provides a way to attract new families to the region,” said Patty Hajdu, the minister responsible for FedNor.
However, since the closure of AV Terrace Bay, small and medium-sized businesses are finding the trickle-down effect from higher-than-average paying industrial jobs beginning to slow.
SNCFDC board chair Louise Dupuis said the biggest thing she has noticed is not very many businesses are applying for new loans.
“People are afraid to -- and then coupled with the problem with AV Terrace Bay. I'm sure it's going to be very difficult, especially in the Terrace Bay area, for anyone new to invest,” Dupuis said.
Dupuis is hoping for the best for the people of Terrace Bay during the economic downturn.
