INVESTING IN OUR FUTURECDC FACT SHEET
(1986 – March 2009)
For 23 years, the Community Development Corporation of Sault Ste. Marie & Area (CDC) has played an important role in business development and community economic development in our communities. The CDC is an independent, non–profit corporation with a volunteer board of directors. Financial support is received by Industry Canada’s FedNor. Many programs and services delivered by the CDC are available to people in our communities. These include:
• An Investment Fund for business (loans, loan guarantees and equity investment of $1,000 to $150,000 per business). The maximum investment amount can be increased to $500,000 on an exception basis under the Northern Ontario CFDC Pool.
• Since 1987 the Investment Fund has provided over $12.5 million in loans & equity investments to 386 businesses that have assisted in creating or sustaining 1,776 local jobs. These investments leveraged another $20.7 million from banks, owner's equity, government and non-traditional sources.
• Business Counselling and Consulting Services (Free of Charge)
• Since 1987 the CDC has provided advisory services that have assisted in creating or sustaining 2,403 jobs.
• Self Employment Benefit Program (50 weeks of benefits)
• Since 1988, the SEB Program (funded by HRSDC and now MTCU) has provided over $11.6 million in E.I. benefits to over 622 local businesses that have created in excess of 706 jobs.
• The Wage Subsidy Program (WSP - up to 26 weeks of subsidy)
• Between 1998 to March 31, 2005, the WSP Program (funded by HRSDC) has provided nearly $5,000,000 in benefits to over 868 local businesses that have created 922 jobs.
• A Comprehensive Business Resource Centre (Free of Charge)
• Between April 1, 2008 and March 31, 2009 a total of 1,406 people utilized the resource centre and computer work stations.
• Ontario Business Connects Access Site (Business registrations online)
• Between April 1, 2008 and March 31, 2009 a total of 149 small businesses were registered through the CDC office.
• Canada Ontario Business Service Centre – The CDC is a Regional Access Site
• Community Initiatives Fund (program expired prior to 1995)
• Between 1987 and 1995, the CIF program provided in excess of $4,600,000 of investment into a wide range of projects that created hundreds of jobs. These investments leveraged another $22,000,000 from public and private sources.
• Local Initiative Funds – LIF is for not–for–profit corporations or organizations (up to a $5,000 contribution for community economic development projects)
• Since 2001 the LIF has provided $423,000 toward 132 community economic development projects.
By working with partners in both the public and private sectors to plan, initiate, facilitate, manage and administer projects, the CDC has assisted in the creation of sustainable jobs within our communities. The CDC has been one of the lead partners on the following initiatives:
. Destiny Sault Ste. Marie, the Economic Development and Diversification Strategy for Sault Ste. Marie;
. Trade Northern Ontario;
. Algoma Workforce Investment Committee;
. Searchmont Ski Resort: market study to become an all-season destination resort; water and sewer feasibility study; hydrology study; and digital mapping of the area;
. Searchmont Resort: Recovery/Redevelopment Initiative 2001-2002;
. The Industrial Marketing Strategy (IMS) for Sault Ste. Marie;
. The development of a multi-modal transportation facility/industrial lands study; and,
. Sault Ste. Marie airport transfer from Transport Canada to a local entity.
The CDC’s jurisdiction includes the municipality of Sault Ste. Marie and extends to Montreal River to the North, Laird Township to the East and Prince Township to the West.
During the last fiscal year, April 1, 2008 to March 31, 2009, the CDC had 6,992 incoming phone calls and 2,511 walk–in clients.
The CDC looks forward to its continued involvement in efforts to grow and diversify our communities.
