Province investing in company expansions in Northwestern Ontario
November 22 2024
THUNDER BAY – The Ontario government is providing $664,000 through the Northern Ontario Heritage Fund Corporation (NOHFC) to two business development projects in Thunder Bay. This investment will expand company operations, boost the local economy and create good paying jobs in the Northwest.
“Our government is proud to support businesses like Superior Resources Inc. and Precambrian Natural Surface Trails Inc. through the Northern Ontario Heritage Fund Corporation,” said Kevin Holland, MPP for Thunder Bay-Atikokan. “Sustainable forestry, responsible resource management, and outdoor recreation are critical to the economy and well-being of northern communities. By investing in companies that prioritize sustainability and enhance access to natural spaces, we are providing long-term prosperity of both the forestry sector and the communities that depend on it.”
The NOHFC is funding the following projects:
- $360,000 for Superior Resources Inc. to purchase equipment to increase its harvest capacity and fulfil its contractual agreement with Lake Nipigon Forest Management Inc.
- $304,000 for Precambrian Natural Surface Trails Inc. to purchase and expand a building to accommodate administrative operations and equipment storage, as well as purchase specialized equipment to increase operational capacity and productivity
“Our government’s recently modernized NOHFC programming strengthens our commitment to supporting the industries that drive the region’s success, from resource management to outdoor recreation,” said Greg Rickford, Minister of Northern Development. “By investing in projects that foster innovative and sustainable business practices, we are seizing partnership opportunities that promote long-term economic growth and job creation in our community.”
The NOHFC fosters economic growth, job creation and workforce development throughout the North, benefiting communities of all sizes, both rural and urban, including Indigenous communities. Since June 2018, the NOHFC has invested more than $841 million in 6,894 projects in Northern Ontario, leveraging more than $2.5 billion in investment and creating or sustaining over 10,560 jobs.
Quick Facts
- The Ontario government’s NOHFC programming supports more projects in rural northern communities and makes it easier for more people and businesses to apply. The programming targets existing and emerging markets, provides more work opportunities for Indigenous people and addresses the skilled labour shortage in the North.
- The NOHFC’s Invest North Program boosts economic growth and attracts more investment by supporting business development, expansion and innovation.
Additional Resources
Quotes
“Superior Resources is very grateful for the support of the NOHFC. Our forests and other natural resources in the North are the foundation of our economy and the communities we call home. We believe strongly in sustainable forestry and continually advancing the sustainable practices of our industry in Ontario. By supporting businesses such as ours, as well as the broader forestry sector, the NOHFC is a true champion for a sustainable and prosperous North.” – Ryan Murphy and Mikko Koivisto, Co-owners, Superior Resources Inc.