Supporting rural entrepreneurial opportunities across Atlantic Canada
News release
Community Business Development Corporations are at the heart of growing rural Atlantic Canadian economies
September 12, 2024 – Moncton, New Brunswick · Atlantic Canada Opportunities Agency (ACOA)
Small and medium-sized businesses in rural communities play a vital role in Canada’s economy. The Government of Canada is helping entrepreneurs in rural, coastal and remote regions grow their skills and their businesses, so everyone can succeed.
Today, the Honourable Gudie Hutchings, Minister of Rural Economic Development and Minister responsible for ACOA, announced an investment of $12.6 million under the Community Futures program to support the network of 41 Community Business Development Corporations (CBDCs) in Atlantic Canada.
This investment will help CBDCs provide crucial financial support, skills training, expert knowledge and tailored on-the-ground initiatives to the rural businesses, organizations and communities they serve.
Over the past year, CBDCs in all four Atlantic provinces have supported hundreds of businesses. These include great companies like Krista Lyn Vaters Interior Design Studio Inc. in Botwood, Newfoundland and Labrador, where CBDC programs helped transform her passion into a thriving local interior design business. In Haut-Shippagan, New Brunswick, Cielo Glamping Maritime (in French only) combines luxury glamping with local produce, cuisine and live music to attract tourists and showcase Acadian culture.
CBDCs also supported Ketobolic Kitchen in Bridgetown, Nova Scotia, in scaling up production and broadening distribution to retail outlets across the province. Additionally, Prince County Guest House in Miscouche, Prince Edward Island, used the CBDC’s Tourism Seasonal Extension Program to enhance their facilities and improve the guest experience, stimulating local tourism.
These are just four highlights in a long list of businesses across Atlantic Canada that are meeting their potential and contributing to growing local economies thanks to the support from their local CBDC.
Today’s announcement demonstrates the Government of Canada’s commitment to creating jobs and helping rural communities thrive and achieve sustainable, long-term growth.
Quotes
“Small businesses are the heart of our communities. They are the wind in our sails, driving growth in Atlantic Canada, with CBDCs playing an important part in their success.”
– The Honourable Gudie Hutchings, Minister of Rural Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency
“For 29 years the CBDC network in Atlantic Canada has worked in concert with the Atlantic Canada Opportunities Agency. With ACOAs continued investment in the CBDC organization we are able to help entrepreneurs and small businesses succeed. Together we are fostering economic growth, employment, and innovation in communities across Atlantic Canada.”
– Neville Robinson, President, Atlantic Association of Community Business Development Corporations (AACBDC)
Quick facts
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For the past 39 years, the Government of Canada’s Community Futures program has been supporting economic development in primarily rural areas across Canada through a network of 256 Community Futures Organizations (CFO’s). In Atlantic Canada, the CFOs are called Community Business Development Corporations, or CBDCs.
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CBDCs are non-profit organizations that deliver a wide variety of programs and services to support community economic development and small business growth in Atlantic Canada. They employ local staff and are each governed by a volunteer board of directors, made up of local residents representing the community.
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Since 1995, the Government of Canada, through the Atlantic Canada Opportunities Agency (ACOA), has invested over $265 million into CBDCs via the Community Futures program. This has contributed to the creation of over 30,108 jobs, maintenance of over 60,300 jobs, and assistance to 40,936 entrepreneurs in Atlantic Canada.
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Between 1995 and March 2024, CBDCs disbursed 41,105 loans for a value of nearly $1.7 billion.
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To find your local CBDC, or for more information on the services and support they offer, visit the CBDCs website.
Associated links
Contacts
Connor Burton
Press Secretary
Office of the Minister of Rural Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency
Connor.Burton@acoa-apeca.gc.ca
Media Relations
Atlantic Canada Opportunities Agency
mediaroom-salledesmedias@acoa-apeca.gc.ca
Helen Michel
Program Assistant
Marketing and Communications
Atlantic Association of CBDCs
Helen.michel@cbdc.ca
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