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SCOTIABANK FUNDS RURAL BUSINESS

The Ontario Association of Community Development Corporations has teamed up with Scotiabank of Toronto to help people in small-town Ontario start their own businesses. Under the program, called the Community Credit Project, Scotiabank will make $2 million available to nine Community Development Corporations, who will in turn loan the money to start-up businesses. Each corporation will be responsible for promoting the program. In the past, members of the association could lend money to start-up companies, but many times would have to tell the entrepreneur to wait until another company had paid its loan back. Over the past ten years, OACDC members have loaned $200 million to 9,000 business.

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