Launch of Grow Bonds Pilot Program

February 25, 2005

Speaking Notes

for

Rick Bartolucci

Minister of Northern Development and Mines

Launch of Grow Bonds pilot program

February 25, 2005

Thunder Bay, Valhalla Inn

9:30 a.m.

 

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• Good morning everyone. Thank you, Michael, for that warm welcome.
  
• Michael, as you all know, is the long-time MPP for Thunder Bay-Superior North. He is passionate and vocal in his representation of his Riding and for Northwestern Ontario, and I am very, very pleased that Michael agreed to join us today for a significant announcement, the seeds of which were sown right here in Northwestern Ontario.
  
• I am very excited about today’s announcement and I am pleased that you all took time to join us. I’m delighted to be back in Thunder Bay with good news for businesses here and right across the North.
  
• Also joining us is my colleague and Parliamentary Assistant, Thunder Bay-Atikokan MPP Bill Mauro.
  
• As you know, Bill is a determined advocate on your behalf, and a key member of the northern caucus that is reaching out across the North to listen to and serve northerners better.
  
• Bill, along with Michael, have been staunch advocates of the initiative that brings us here today… the launch of the Northern Ontario Grow Bonds pilot program.
  
• I also want to deeply and sincerely thank and acknowledge the organization that was instrumental in proposing and promoting the idea of northern bonds -- the Northwestern Ontario Associated Chambers of Commerce.
  
• I’m pleased that their CEO, Mary Long-Irwin, is able to be here. Welcome, Mary.
  
• These days when I stand at a podium to speak, I begin by talking about our government’s Northern Prosperity Plan. And I make no apology for it.
  
• To start anywhere else would be like serving the gravy before the roast is even on the table.
  
• The Northern Prosperity Plan, announced in last spring’s provincial budget, fleshes out our government’s intention to help the North realize its rich potential.
  
• When I unveiled the Northern Prosperity Plan last June, I described the Plan’s four strategic pillars:
  • First, strengthening the North and its communities
  • Second, listening to and serving northerners better
  • Third, competing globally and
  • Fourth, providing new opportunities for all.
    
• For me, the analogy of the Northern Prosperity Plan as a well supported building is very appropriate.
  
• In construction, before you start to build, you choose your site, draw up the plans, get your financing in order. A lot of work is going on while your neighbours are wondering why – to their eyes – nothing has happened yet.

• In fact, when it comes to building northern prosperity, our government has been hard at work. The Northern Prosperity umbrella is a large, inclusive one under which the needs of all Northern Ontarians, particularly our First Nations friends, are included.

• In the Northern Prosperity Plan, we said we would refocus the Northern Ontario Heritage Fund to support job creation and economic development. We said we would continue vital Heritage Fund investments for community infrastructure. And we said we’d introduce new Heritage Fund programs.

• We said it, and we’ve done it, as I announced last month when I unveiled six new programs under a renewed Heritage Fund mandate.

• We said we’d return the geographic description of Northern Ontario to the official boundary as it was before September 2000, in order to direct limited resources to northern regions that most need those resources.

• We’ve passed the legislation to bring this about.

• We said we’d establish Northern Development Councils to provide a direct link to a government that listens to the North… a government that acts on northern priorities.

• As of one week ago -- when I introduced the members of three Northern Development Councils -- we’ve also done this.

• Our government said that we understand the importance of providing economic tools to help small and medium-sized businesses thrive. We proposed to develop a northern bonds program to attract and retain investment, and create jobs in the North.

• This morning, I’m proud to say that our government has also done this.

• It’s my pleasure now to formally announce the launch of the Northern Ontario Grow Bonds Business Loan Program… northern investment working for northerners.

• Northern Ontario Grow Bonds will be on sale to northern investors next month, beginning on March 21, and closing on April 11.

• The Ontario Financing Authority, an agency of the provincial government, will be responsible for bond sales to northern investors.

• Through the sale of Northern Grow Bonds, we are hoping to raise $20 million.

• That means we will need northerners from across our great region to show their pride and show their commitment to our home, our North by buying bonds and investing in our communities.

• You’ll be hearing a lot about Grow Bonds over the next few weeks as the government prepares for the sales period. And I need you, starting with everyone in this room, to spread the word. Tell your family, friends, neighbours and colleagues to go out and buy Northern Ontario Grow Bonds.

• My ministry will handle the business loan program, which is open for applications as of today, ending on April 15.

• I want to thank the Northwestern Ontario Associated Chambers of Commerce for their part in getting this program rolling.

• They -- and other chambers of commerce -- told us there’s a pent-up demand for expansion and start-up business financing in northern communities… especially in single-industry, resource-dependent towns where traditional lending institutions perceive a higher risk.

• This demand for capital from small and medium-sized businesses is what Northern Ontario Grow Bonds aim to meet.

• I’ve lived in the North all my life. I know that northerners work harder and smarter to overcome the unique challenges of doing business here.

• Why do we do it? It’s simple: we love living here. We want to ensure that this life is available for our children and grandchildren.

• Do we want this enough that each one of us will go to our Chamber of Commerce office, to a GIC, or online to buy Grow Bonds? I believe we do.

• I respect the work ethic and entrepreneurial spirit of northerners.

• I’m proud that our government is tapping into that energy and providing an outlet for it through the Northern Ontario Grow Bonds program.

• And I look forward to the new and expanded business opportunities that will flourish as a result of Grow Bonds.

• Today’s announcement is a real indication that my government is listening to, and working with northerners to serve northerners better.

• Northern Ontarians, this is our time to shine. This is our time to demonstrate that unshakeable faith we have in our fellow northerners. With the Grow Bonds initiative, the future is literally in our own hands. I encourage each and every northerner to work diligently to ensure its success.

• Thank you.

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