FedNor is raining dollars into the Timmins region to help benefit current and prospective entrepreneurs grow their businesses.

Nearly $1.3 million dollars was announced at Rainville Health in Timmins Wednesday afternoon.

A million of that will help The Venture Centre, who provides loans for small and medium sized business owners like Rainville Health get off the ground and even help expand.

The remaining dollars ($297,400) will enable the Northeast Development Network provide services, tools and training to the region’s Community Futures Development Corporation (CFDC) volunteer board members.

It’s said this two-year investment to the NDN will improve the CFDC’s capacity to assist local businesses to manage and grow operations in Northeastern Ontario.

So long story short, this money is helping with innovation in the region.

That word was used quite a bit by FedNor officials when speaking on this funding.

David Lametti—the Parliamentary Secretary to Minister of Innovation, Science and Economic Development Navdeep Bains—was in town and he says innovation doesn’t just happen in the big cities.

“It happens in every region in the country,” he told the gathering.

“Innovation can create entirely new industries that never existed before. Innovation can also give existing industries a new lease on life by making them more productive and efficient.”

Accepting on behalf of The Venture Centre was Vice Chair Gerry Talbot.

“We are proud of the work we’ve done with over 500 private sector companies, providing financing and business guidance to entrepreneurs and assisting them achieve their dreams,” he says.

Talbot mentions the centre’s involvement has had an impact on over 1,300 jobs and leveraged close to $25 million dollars in community-based spending.

“Through FedNor, we are able to access excellent programs and services and this is a good (news story), not only for our local community, but for the entire region. And that my friends, is a very good thing.”

Pat and Tina Rainville also expressed their thanks to what The Venture Centre did for their business.

Pat says it was important for them to use The Venture Centre to move into their new location on Riverside Drive, as without such a program, they would’ve had a more difficult time.

“Especially living in Northern Ontario, when construction costs are a little bit more, the appraisals are a little bit less,” Pat continued, “It’s a little bit more difficult to have a project grow without such a program.”

Tina adds The Venture Centre helped bridge the gap when they were getting ready to open.

“When you get those last little bills coming in and things that need to be done and help with the cash flow and (they) really helped us complete the project,” she said.

“It helped us develop something that we’re really proud of.”

Tina says being on the main drag is a showcase that the centre is willing to invest in their own community.

And that’s not all. The new Rainville location helped the company grow and hire five or six more full-time employees over the last year alone.

“We’ve been here 20 years, and we’re going to be here another 50 years.”

Filed under: Local News