Mr. Speaker, in 1995 a major conference was organized in Timmins on the economic development needs of northern Ontario. Over 200 northern Ontario stakeholders attended.
The results of the conference were analysed by expert groups that formulated recommendations which were further refined by regional sounding boards comprising a cross section of regional interests.
The new FEDNOR will work closely with all existing regional economic development stakeholders, including the province. It seeks to create a permanent set of local capabilities to support jobs and growth while reducing overlap and duplication. Under the new FEDNOR, small businesses will have better access to the information, services and capital they need to be successful.
FEDNOR will increase the availability of capital in northern Ontario by forming partnerships with financial institutions to provide new forms of higher risk financing of small businesses. It will also provide additional capital to community futures development corporations to further develop their micro-lending programs.
Finally, FEDNOR will provide start-up financing for emerging, innovative small businesses as well as for such activities as non-bankable R and D specialized training.
FEDNOR remains a work in progress which will continue to evolve to meet the needs of northern Ontario. Future priorities include programs to address the equity and quasi-equity needs of intermediate small businesses having difficulty attracting venture capital, initiatives to meet the special needs of aboriginal entrepreneurs and northern Ontario's francophone communities and measures to improve the economic prospects of women and youth.