$1.8M in FedNor funding announced for Northern Ontario Angels

Thursday saw another funding announce from FedNor for the northeast – this time and investment of $1.8 million to stimulate business and promote economic growth in the region.

The money is going to Northern Ontario Angels, a not-for-profit organization led by a board of volunteers that links private investors with northern Ontario businesses to stimulate investment opportunities.

Ian Lane, the organization’s executive director told CTV news that this new funding will support a three year project designed to support the expansion and modernization of over 100 businesses in the north.

“We help entrepreneurs and founders that are growing their businesses and need expertise or an injection of capital to help grow and scale their businesses to get them to the next level,” he said.

“We pair those entrepreneurs and founders with accredited investors predominately here in northern Ontario.”

Lane said Angels anticipated this will result in 750 new jobs by 2027.

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Joe Eibl is the co-founder of Sudbury-based Flosonics Medical, he said that seed money that flowed from investors through Northern Onatrio Angels helped launch the company in 2016 – his company developed a wireless blood flow monitor.

“That first investment and vote of confidence from those angel investor folks that have been through the entrepreneurial process before and the mentorship that they provide is incredibly important,” he said.

Sudbury-area MPs made the announced together and said the federal government encourages entrepreneurship and supports increased access to investments.

“What we have learned is that they have already attracted investments of over $200 million,” said Sudbury MP Viviane Lapointe.

“So the return on investments from FedNor is very evident”.

Nickel Belt MP Marc Serré complimented the Angels on their above average female participation.

“To the credit of Northern Ontario Angels the national average for getting women involved is about 17 per cent for women investors and women entrepreneurs – the Northern Ontario Angels have over 25 per cent involvement in women when you look at investment and when you look at entrepreneurship,” he said.

Officials with the Angels estimate that since the non-profit’s creation in 2005 it has helped over 500 companies receive investments of over $250 million dollars.

Northern Ontario Angels is pan-northern with chapter in Sudbury, Thunder Bay, North Bay, Sault Ste. Marie, Timmins, Kenora, Parry Sound and the far north – servicing all communities in-between.