There was some welcomed good news on the economic front from to the community of Hearst today. Nord-Aski Regional Economic Development Corporation is getting $1.6 million in funding to help its operations for the next five years. It’s also getting $455,000 to help run the Northeastern Ontario Investment Pool for the next three years. Chairman George Graham says the pool offers business financing up to a maximum of a half of million dollars.

“Investment co provides term loans, patient capital and equity financing to qualifying small and medium-sized business in the region,” he said during a press conference earlier this morning. “This shared lending approach reduces the risk to participating CFDCs and allow tem to support strategic large scale projects.”

Nordaski administrates that investment pool for 13 partners right across the north. Twenty four community future development corporations including Nord-Aski are supported by FedNor in Northern Ontario.