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Government of Canada invests to accelerate business development and growth, and create up to 60 jobs throughout the Greater Sudbury region
Business incubators help Canada’s most promising start-ups establish themselves, and gain access to mentorship, financing and other assistance to accelerate the commercialization of new products, support growth and create middle-class jobs. In Northern Ontario, the Government of Canada, through FedNor, is working closely with its community partners to ensure entrepreneurs and business start-ups can overcome the impacts of COVID-19, ramp-up quickly and fully-participate in our economic recovery.
Paul Lefebvre, Member of Parliament for Sudbury, and Marc G. Serré, Member of Parliament for Nickel Belt, today announced a FedNor investment of $631,920 to help the City of Greater Sudbury establish a business incubator to enable high-growth and innovative firms to start-up, scale-up and create high-quality jobs. The announcement was made on behalf of the Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for FedNor.
Designed to offer a suite of programming and services to support business start-ups across all sectors and industries, the incubator will help early-stage companies commercialize new products or services, generate early revenue, raise capital and build managerial capacity. Specifically, the FedNor funding will be used to purchase equipment, hire staff and renovate an approximately 5,000-square-foot space in the downtown business district to house this state-of-the-art facility.
Northern Ontario has been hard hit by COVID-19 and today’s announcement is further proof of the Government of Canada’s commitment to families, communities and businesses, helping them to not just survive, but also thrive.
Once complete, this three-year initiative is expected to support more than 30 successful business start-ups, while helping to produce 30 new products and services, and creating up to 60 middle-class jobs in Greater Sudbury.