July 26, 2005
Sussex, New Brunswick
The Honourable Joseph McGuire, Minister of the Atlantic
Canada Opportunities Agency (ACOA), underscored the
importance of the partnership established with the
Community Business Development Corporations (CBDC) to
strengthen the economy of rural communities. The Minister
made the comments today during a visit to Kings County
Mechanical Ltd."ACOA and the CBDCs have developed a strong partnership
over the years in delivering the Community Futures Program
(CFP) and I'm very proud of the results," stated Minister
McGuire. "The CBDCs' effectiveness in providing services to
small rural businesses like Kings County Mechanical has
significantly improved the well-being of communities across
the region."When the Atlantic Investment Partnership ─ The Second Wave
was launched, it was announced that the CFP (which is
managed by ACOA in Atlantic Canada) would receive an
additional $8.4 million. This brings the total contribution
to the Community Futures Program to close to $60 million
over the next five years. The CFP finances the 41 CBDCs in
Atlantic Canada. "We are excited by the announcement of additional funding
for the CFP. The added funds will go a long way in helping
us assist entrepreneurs in our rural communities," said
Basil Ryan, Chief Operating Officer for the Atlantic
Association of CBDCs. "We identified the need for more
money for the CFP and ACOA responded, this we believe
exemplifies a true partnership. We want to thank the agency
for their wisdom and foresight in recognizing the great
work being done by CBDCs." For the year 2005-2006, a $40,000 investment from the CFP
has been provided to the CBDC Charlotte-Kings for the
hiring of a graduate intern for a 12 month period. CBDC Charlotte-Kings will also host the Conference and
annual general meeting of the Atlantic Association of
CBDCs, to be held from September 14 to 16, 2005, in St.
Andrews NB. The conference will bring together close to 300
volunteers and employees of the 41 CBDCs in Atlantic Canada
under the theme Building on our strengths. This event will
mark 30 years of excellence in providing services to SMEs
in Atlantic Canada. ACOA is proud to support this event
with a $20,000 investment under the CFP."I would like to thank ACOA for the financial support the
Agency is providing for the youth intern position as well
as for the annual general meeting that will take place in
our region this year," said Geoff Knight, Executive
Director of the Charlotte-Kings CBDC. "ACOA is a welcome
partner, financially and strategically, for the CBDC
network and their support is always appreciated."CBDC Charlotte-Kings provides assistance in Charlotte,
Kings and Saint John counties, excluding the City of Saint
John. It provides commercial loans of up to $125,000 and
manages the Seed Capital and Self-Employment Benefits and
Entrepreneur Program-Loan Guarantee. In 2004-2005, its
efforts generated total investments of over $2.8 M and led
to the creation and maintenance of close to 180 jobs in the
region. Specializing in welding, Kings County Mechanical Ltd is
expanding its operation to meet the demands and to
manufacture trailers for the transportation of modular and
prefabricated houses. Since its establishment, the company
has received financial support from CBDC Charlotte-Kings
and ACOA for various expansion and innovation projects.For information:
Valérie Poulin
Director of Communications
Office of the Honourable Joseph McGuire
Minister of the Atlantic Canada Opportunities Agency
(613) 941-4227
Basil Ryan
Chief Executive Officer
Atlantic Association of CBDC
(902) 747-2232
Stéphanie Bilodeau
Senior Communications Officer
ACOA NB.
(506) 452-3304
Geoff Knight
Executive Director
CBDC Charlotte-Kings
(506) 466-5055
