FedNor supports Parry Sound.

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 has been earmarked for "turning the lights on and paying the rent" at the centre for the next 12 months, there are no definite plans for the remaining money.

"(The money is) basically going to be drawn upon as board members or numbers of the community come forward with specific needs that the board feel need to be addressed."

He says there are numerous projects that could benefit from the money, but nothing can be done until the centre receives its criteria from the government for distributing the money. "We haven't exactly seen the criteria that (shows how) we can grant those dollars out yet, other than we know it cannot go to a private-sector business to give them an advantage over another business," Spinney says.

In the past, FedNor funding passing through the Parry Sound Area CB and DC has helped with projects such the Parry Sound natural gas project in 1999, which was an initiative to bring natural gas to Parry Sound after 30 years. Waterfront development studies and telecommunications projects have also been granted funding.

Aside from assisting area business with funding for start-up or expansion through loans, loan guarantees and/or equity funding, the Parry Sound Area CB and DC's main objective is to provide clients with information on government programs and publications and offer counselling services.

The centre services Parry Sound, the municipalities . of Whitestone and Magnetawan, and the Townships of Carling, McDougall, McKellar, Seguin and the Archipelago.