Community Business Development Corporations fuel job growth in rural Atlantic Canada
News release
Counselling and loan services contributed to creating or maintaining 4,666 jobs in the region last year
August 29, 2018 – Moncton, NB – Atlantic Canada Opportunities Agency
Rural Atlantic Canadian entrepreneurs and the communities they live in are enriched by the support offered by Community Business Development Corporations (CBDCs). The CBDCs help rural entrepreneurs create new business opportunities through low interest business loans and specialized business advice, leading to well-paying middle-class jobs for Atlantic Canadians.
The impacts are highlighted in the Atlantic Association of CBDCs’ latest Annual Report. In Atlantic Canada’s four provinces, local CBDCs invested more than $73 million in 1,388 loans. Additionally, 8,792 small and medium-sized businesses received tailored services, including training and counseling, assistance with challenges such as assessing the viability of their ideas, preparing a business plan and identifying growth and training opportunities. All of these actions led to a total of 4,666 jobs being created or maintained.
Each year, the Atlantic Canada Opportunities Agency (ACOA) supports the business and economic development work of CBDCs across Atlantic Canada under the Community Futures Program. This collaboration leads the region towards a more vibrant and prosperous economy, and enables businesses to compete successfully in regional, national and global markets.
Investments made through local CBDCs tie into the Atlantic Growth Strategy, a pan-Atlantic consolidated approach to fuel growing, innovative businesses with global reach, which in turn strengthens the regional economy.
Quotes
“I applaud the work of the Community Business Development Corporations (CBDCs) across Atlantic Canada and the role they continue to play in growing the region’s economy. Their work complements the Government of Canada’s efforts to help create long-term prosperity for the middle class and those seeking to join it.”
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency
“For over 40 years, CBDCs of Atlantic Canada have been dedicated and committed to helping support and assist the economy of rural communities throughout the Atlantic region. As CBDCs, we continue to be practical and innovative in meeting the needs of the small business community and rural-based entrepreneurs by offering a variety of programs and services that nurture the growth and development of small and-medium sized businesses in our region.”
– Stan Reid, President of the Atlantic Association of Community Business Development Corporations
Quick facts
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39 CBDCs in Atlantic Canada receive support from ACOA.
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Every year, ACOA provides CBDCs in Atlantic Canada with funding totalling over $12.5 million under the Community Futures Program.
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CBDCs assist in the creation, expansion and modernization of small businesses by providing financial and technical services to entrepreneurs in rural regions.
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The Community Futures Program supports 268 community-based, non-profit organizations across Canada that provide small business services to people living in rural communities.
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The Atlantic Association of CBDCs recognizes exceptional members of the community every year with their Business Award of Distinction. The winner will be announced at the organization’s Annual General Meeting being held September 12-14 in Corner Brook, Newfoundland and Labrador. The 2018 finalists are:
- Community Inclusions – O’Leary, PEI;
- Rock Solid Diesel – Grand Falls-Windsor, NL;
- Hôpital Vétérinaire Chaleur Veterinary Hospital – Beresford, NB;
- Safeguard Property Management – Kentville, NS.
Associated links
Contacts
Elyse Hamel
Senior Communications Officer
Atlantic Canada Opportunities Agency
506-227-0402
Joe Brennan
Senior Program Coordinator
Atlantic Association of Community Business Development Corporations
902-747-2232