More federal funding announced

NECO Community Futures is getting over 1.6-million dollars from Ottawa.

MP Anthony Rota announced the FedNor funding Friday..

Executive Director of NECO Denise Sherritt says $960,000 of the funds they’re getting is for ongoing operations.

“This means that we know we have the capacity for the next three years. It allows us to work in the communities as well. We don’t only do business investment. We also work with communities to help them with their economic investment,” Sherritt says.

The rest is to provide access to capital for businesses including loans, equity investments, and loan guarantees.

Rota announced the funding at New Ontario Brewing Company on Cassells.

Rota says the company has benefited from NECO support.

“Two guys got together and wanted to open a brewery. They did and now they’re employing twelve people. That’s significant. NECO played a big role in getting them off the ground, helping them out and ensuring they were going in the right direction,” he says.

NECO offers business counselling, access to capital, and community-based planning services.

(photo by station staff)