By Brent Fox
The Advertiser/NovaNewsNow.com
ACOA community development director Mel Coombs was the guest speaker at the ninth annual meeting of the Nova Scotia Association of Community Business Development Corporations at the Old Orchard Inn, Greenwich June 7.
The Hants-Kings Community Business Development Corporation (CBDC) hosted the event.
Coombs said he was at the event to express appreciation for what the organizations do.
“We provide funding for their operations, and they delivered programs on our behalf.”
Rural community development is a big part of what ACOA does, said Coombs.
“And the CBDCs are a major part of that network.”
They are a key partner in providing financing and counselling to a lot of small enterprises, micro businesses and rural development, Coombs noted. They provide services and assistance not available elsewhere. There could be issues with a business size or lack of collateral or history in getting bank loans, for example.
The CBDCs deal with one business at a time, Coombs said, and there isn't much publicity around this effort.
“It doesn't get the profile some of our larger programs might get,” he said.
The Hants-Kings CBDC provides loans of up to $150,000 to viable business projects, SEED loans of up to $20,000 for new businesses and to youth, Students in Business loans of up to $5,000 and loans of up to $15,000 for youth entrepreneurs.
Provincially, the CBDCs have acted as a catalyst for economic growth and sustainability to the tune of $17.3 million over the past year, helping 385 businesses, resulting in the creation and/ or maintenance of 1,100 jobs.
Through delivering ACOA's SEED program, 267 entrepreneurs accessed about $3.1 million, which assisted them in leveraging a further $4.6 million from other sources. As well, the CBDCs provided $312,100 in 65 student-run businesses.
Beyond capital, the CBDCs provided counselling for 3,400 entrepreneurs - giving $86,200 to 106 businesswomen, and 278 people under Service Canada's Self-Employment Benefits Program.
