FedNor is injecting more than $4.6 million into five initiatives in the region.
Three Community Futures Development Corporations will be leading the projects in Timmins-James Bay.
It's expected that the projects will support over 110 businesses and create or maintain up to 90 jobs, according to the announcement. The money is from FedNor's Community Futures Program and Northern Ontario Development Program.
“The prosperity and growth of local businesses are key to building strong local economies. In these uncertain times, we want Canadian businesses to know that we have their back. As per our plan for a strong economic recovery, we will help our business and community partners adapt to the quickly evolving social and economic realities. We will continue to support their efforts to strengthen and grow the economy and create good jobs across Northern Ontario," said Mélanie Joly, the Minister responsible for FedNor, in a news release.
The Timmins-based Venture Centre is receiving a total of $1.9 million for operational, and training and development funding.
There is $1.6 million for its ongoing operations over five years. It's anticipated the investment will support more than 56 businesses, help create 24 jobs and maintain 32 jobs.
FedNor is also providing $365,750 for the Community Futures Northeastern Ontario (formerly known as Northeast Development Network) to coordinate training and meet the professional development needs of its board members and staff of the region's 15 CFDC's and Nickel Basin Federal Development Corporation.
"CFDCs are not-for-profit organizations that are staffed by professionals and are each governed by local volunteer boards of directors familiar with their communities' needs, concerns and future development priorities. This three-year project will end in December 2021 and is being managed by The Venture Centre on behalf of Community Futures Northeastern Ontario members," reads the announcement.
There is $2.4 million for the Kirkland and District Community Development Corporation.
The operational funding is $1.6 million over five years and is expected to support up to 53 businesses, create 10 jobs and maintain 19 jobs.
There is also $805,000 from the Post COVID Professional Service Relief Fund "to provide businesses with access to capital in order to engage professional services to assist them to survive, retain local jobs, and support the regional economy in the face of disruptions and uncertainties."
Wakenagun Community Futures Development Corporation is receiving $320,000 in operational funding.
The organization services 10 First Nations and communities in the Western James Bay region.
"Specifically, FedNor funding will enable this not-for-profit, business-focused 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. This priority project is expected to provide 50 businesses with business advice and information services and support 4 businesses, help create 3 jobs and maintain 3 more," according to the announcement.