Federal Investments Bolster Regional Municipality of Wood Buffalo's Small Business Community

Funding boosts recovery activity in the Regional Municipality of Wood Buffalo

FORT MCMURRAY, AB, May 28, 2018 /CNW/ - The Government of Canada is providing ongoing support for the small business community in the Regional Municipality of Wood Buffalo as they recover from the 2016 Horse River Wildfire.

Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for Western Economic Diversification Canada, announced more than $350,000 for Business Link to expand business development services at the Business Resource Centre located in Fort McMurray, and over $135,000 to assist Community Futures Wood Buffalo to deliver and administer the Wood Buffalo Recovery Loan Partnership Program.

Since establishing a presence in the Regional Municipality of Wood Buffalo, Business Link has provided support and advice to over 250 entrepreneurs in the Wood Buffalo area. Further, they have built partnerships with a number of local service providers to deliver educational events for businesses in the region.

Through the Wood Buffalo Recovery Loan Partnership Program, Community Futures Wood Buffalo, in partnership with the Regional Municipality of Wood Buffalo, has disbursed 20 loans worth over $1 million to small business owners.  This program has resulted in the creation and maintenance of 80 full-time and 79 part-time jobs. In addition, Community Futures Wood Buffalo has conducted 30 training sessions and served over 350 entrepreneurs. 

Quotes

"Small businesses are the heart of our communities. This is why our government is committed to supporting key initiatives that strengthen the Regional Municipality of Wood Buffalo's business community and its ongoing efforts towards a more resilient and thriving economy."

• The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for Western Economic Diversification Canada

"These investments will help local businesses access the tools and resources they need to recover and grow as they meet the evolving needs of the region. We are pleased to collaborate with our community partners to help local businesses expand knowledge, develop skills, and access the capital they need to prosper."

• Don Scott, Mayor, Regional Municipality of Wood Buffalo

"Business Link is excited to work alongside the Regional Municipality of Wood Buffalo in providing advice and support to local businesses. We believe that this collaborative approach will help with the recovery and growth of the regional small business community."

• Gord Sawatzky, Executive Director, Business Link

"The impacts of the May 2016 wildfire on the small business community in the Regional Municipality of Wood Buffalo (RMWB) called upon the three levels of government and the small business support network, including Community Futures Wood Buffalo, to provide extraordinary levels of support to this vital sector of the region's economy. Community Futures Wood Buffalo has been pleased to partner with the RMWB, the Government of Alberta and the Government of Canada to develop and successfully deliver the Wood Buffalo Recovery Loan Partnership Program. This Program addresses small business need for immediate access to the financing, coaching and training required to support business and the region's economic recovery."

• Matthew Creighton, Board Chair, Community Futures Wood Buffalo

Quick Fact

• · The Conference Board of Canada estimates that the rebuild/recovery effort in the Wood Buffalo Region will result in an increase of 1,200 jobs annually between 2017 and 2021.

Additional Links

• Regional Municipality of Wood Buffalo
• Business Link
• Community Futures Wood Buffalo
• Wood Buffalo Economic Development

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SOURCE Western Economic Diversification Canada

Donna Kinley, Manager, Consultations, Marketing and Communications, Western Economic Diversification Canada, Telephone: [phone], Email: [email protected]; Regional Municipality of Wood Buffalo, Email: [email protected]; Marissa Schmidt, Marketing & Communications Manager, Business Link, Telephone: [phone], Email: [email protected]; Matthew Creighton, Board Chair, Community Futures Wood Buffalo, Telephone: [phone], Email: [email protected]