Economic Development Office City of Elliot Lake 45 Hillside Drive North Elliot Lake, ON AFFECTED RETAIL BUSINESSES TO RECEIVE

ACCESS TO $25 000 LOAN Requested by EDC for Alternative Business Continuity Funds. Unanimously Supported by EACFDC Board of Directors. ELLIOT LAKE, MAY 30 2013 Operating retail businesses in Elliot Lake who have been impacted by the closure of the Algo Centre Mall will now have access to assistance from the East Algoma Community Futures Development Corporations investment fund that has been created to complement terms of the Business Continuity Stabilization Fund. The Economic Development Committee of the City of Elliot Lake requested support to access the funds to assist any retail sector business who may be feeling the impact of the closure of the Algo Mall. With the funds, eligible retail businesses will now be able to receive an interest-free loan (up to two years) of $25 000 until the new Pearson Plaza Mall is open early next year. The loan will enable retail businesses to diversify and regain strength while the new mall is being constructed. This is an important support that can be provided to ensure that viable businesses can continue to operate during the transition period, said EACFDC General Manager Shawn Heard. The fund will also be available to retail businesses that may not have been located in the mall but have been losing business as a result of its closure. The application to the fund will be available for anyone who wishes to apply, where they will be reviewed by CFDC. The East Algoma Community Futures Development Corporation (EACFDC) is a federally supported not-for-profit Community Futures Development Corporation working towards a stronger regional economy while preserving the quality of life. Contact Shawn Heard, General Manager at 705-356-1152 ext. 26, sheard@eastalgomacfdc.ca or John Campbell at 705-356-1152 ext. 24, jcampbell@eastalgomacfdc.ca. About the Economic Development Committee EDC is a standing committee of Council whose mandate is to create the environment for investment in the City of Elliot Lake in order to diversify the economy and create wealth and jobs. Contact Tom Farquhar, Chair, Economic Development Committee Tom.Farquhar@city.elliotlake.on.ca