Feds announce $6M in FedNor funding for northern Ont. projects

Wednesday in Sudbury, FedNor announced $6 million for 13 economic development projects in northern Ontario.

They include natural resource development, mining infrastructure, agriculture and community development.

Some of the money comes in repayable loans to businesses while others are government contributions.

Patty Hajdu, the minister responsible for FedNor, said the money will foster economic growth.

“It's an economic development agency totally funded by the federal government and now it's independent, meaning that it is not part of a big department in Ottawa,” Hajdu said.

“It's it own agency that has the ability to work independently.”

Since FedNor became an independent agency in August of 2021, she said the timeline for approvals has been drastically reduced.

“Sometimes it would take eight or 10 months for that decision,” Hajdu said.

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“Well you know in a business landscape that is the kiss of death for some businesses (and) makes it really difficult for that kind of rapid decision making that businesses are often having to make.”

Officials with FedNor said the business loans have zero per cent interest and no security, but the agency does its due diligence to determine risk factors and viability of repayment.