Empowering entrepreneurship and fueling local business growth in Prince Edward Island
News release
Community Business Development Corporations supporting development of small businesses through tailored financing, mentorship, and training programs.
February 27, 2025 · Montague, Prince Edward Island · Atlantic Canada Opportunities Agency (ACOA)
The Government of Canada is proud to support the growth and development of small- and medium-sized enterprises (SMEs) in rural and coastal areas of Prince Edward Island.
Today, the Honourable Lawrence MacAulay, Minister of Agriculture and Agri-Food and Member of Parliament for Cardigan, announced investments totaling $923,724 for 2024/25 through the Community Futures Program for three Community Business Development Corporations (CBDCs) in Prince Edward Island. The announcement was made on behalf of the Honourable Gudie Hutchings, Minister of Rural Economic Development and Minister responsible for ACOA.
This funding will enable the CBDCs to offer essential financial assistance, specialized training, expert guidance, and customized local initiatives to the rural businesses, organizations, and communities they support.
For a full list of CBDCs receiving this funding, please refer to the backgrounder.
This investment is part of the $12.6 million allocated by the Government of Canada, through ACOA, to support the 41 CBDCs in Atlantic Canada under the Community Futures Program. With this contribution, the CBDCs in Prince Edward Island will continue to provide essential support to local businesses, including financing, training, and services tailored to the needs of local entrepreneurs.
Quotes
“Small businesses keep our rural communities strong. ACOA supports all the CBDCs in Prince Edward Island that are helping our local entrepreneurs to hire folks and invest in their communities. Because that’s a win for everyone.”
The Honourable Gudie Hutchings, Minister of Rural Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency
“Community Business Development Corporations are working on the ground right across the Island to give organizations and entrepreneurs the tools and connections they need to help their communities flourish. I’m so pleased to see this continued commitment from our government to create more opportunities for rural communities in Prince Edward Island.”
The Honourable Lawrence MacAulay, Minister of Agriculture and Agri-Food and Member of Parliament for Cardigan
“With support from ACOA, CBDCs continue to strengthen the economies in Atlantic Canada’s rural communities by providing financial assistance and delivering mentoring and training to medium and small businesses. This allows clients to fulfill their dreams of becoming self-supporting and independent business owners.”
Martina MacDonald, Executive Director, CBDC PEI East
Quick facts
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For 39 years, the Government of Canada’s Community Futures Program has supported economic development in mainly rural regions of Canada through a network of 267 Community Futures Development Corporations (CFDCs). In Atlantic Canada, CFDCs are known as Community Business Development Corporations (CBDCs).
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CBDCs are non-profit organizations that offer a wide range of programs and services to support community economic development and the growth of small businesses in Atlantic Canada. They employ local staff and are each led by a volunteer board of directors, representing the community.
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Since 1995, the Government of Canada, through ACOA, has invested over $265 million in CBDCs via the Community Futures Program. This funding has contributed to the creation of over 30,108 jobs, the maintenance of over 60,300 jobs, and support for 40,936 entrepreneurs in Atlantic Canada.
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Between 1995 and March 2024, CBDCs disbursed 41,105 loans valued at 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 CBDC website.
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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
David Fleming
Communications Manager
Atlantic Canada Opportunities Agency
david.fleming@acoa-apeca.gc.ca
Martina MacDonald
Executive Director
CBDC PEI East
Martina.MacDonald@cbdc.ca
Claus Schmidt
Executive Director
CBDC Central PEI
Claus.Schmidt@cbdc.ca
Maxine Rennie
Executive Director
CBDC Western PEI
Maxine.Rennie@cbdc.ca
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