FedNor supports Parry Sound.

• Author: GOULIQUER, DIANNE
• Position: Parry Sound Area Community Business and Development Centre

Thanks to a $300,000-investment from FedNor, the Parry Sound Area Community Business and Development Centre (CB and DC) can spend its 15th year backing more economic development projects in the community.

The funding will offset costs of ongoing operations of the centre and support local economic development initiatives.

The Parry Sound CB and DC is one of 52 community futures development corporations (CFDCs) in Ontario funded by Industry Canada's community futures program through FedNor.

CFDCs are designed to develop and implement long-term, community-based economic development initiatives. They employ local staff and are governed by a volunteer board of directors comprised of community members representing the private sector, municipalities and other not-for-profit economic development stakeholders.

Cheryl Forth, a community economic development officer with FedNor, says because of the Parry Sound CB and DC's status as a community futures development corporation, FedNor acts as the facility's primary source for funding.

"We're their core funder with regards to their operating dollars," Forth says. "They also receive funding from other organizations because of their ability to represent the area and co-ordinate and deliver activities."

It is FedNor, however, that provides the majority of the centre's overall annual funding; $250,000 of this year's instalment will go to cover operating costs, Forth says.

"The other $50,000 is to assist them in doing small community economic development projects working with local, public-sector and not-for-profit organizations."

Since its inception in 1986, the Parry Sound Area CB and DC has successfully lever-aged $8.4 million and created or maintained over 1,000 jobs in the area.

Last year alone, the centre invested $1 million in and around the community. Parry Sound Area CB and DC executive director Bill Spinney says while over 75 per cent of this year's FedNor money...