N.B. Association of CBDCs - Annual Report 2023-24

Table of contents Message from the President ...........................................................................

3

Building strong entrepreneurial leverage .....................................................

4

Consultant Advisory Services Program ..........................................................

6

Canada Digital Adoption Program ..................................................................

6

Self-Employment Benefit (SEB) Program .......................................................

6

A focus on women entrepreneurship ............................................................

7

At the heart of our regions Chaleur ...................................................................................................

8

Charlotte/Kings .....................................................................................

9

Kent ........................................................................................................ 10 Madawaska ............................................................................................ 11 Northumberland ................................................................................... 12 Péninsule acadienne ............................................................................ 13 Restigouche ........................................................................................... 14 Southwest .............................................................................................. 15 Victoria Madawaska-South .................................................................. 16 Westmorland Albert ............................................................................. 17 CBDC programs and services .......................................................................... 18

Mission To stimulate the economy of the province of New Brunswick by representing and supporting the CBDCs in the delivery of programs and services to businesses and organizations by developing strategic partnerships with key stakeholders.

Funded by the Government of Canada and the Province of New Brunswick through the Canada-New Brunswick Labour Market Agreement.

The Government of Canada is pleased to provide financial support to the CBDCs of Atlantic Canada.

Message from the President The Self-Employment Benefit Program generated over $3.5 million in investments, with 276 projects approved, attesting to its ongoing popularity. Thanks to our partnership with Avenue NB Cooperative, the Self-Employment Benefit Program was tailored to individuals living with disabilities (SEB PWD). This year, 27 projects were approved, assisting clients with diverse challenges. Our dedicated team ensured that these clients received customized services, access to training and comprehensive business advice.

Our provincial network has set a new benchmark, with over $40 million approved under our loan programs for the second year in a row. Our provincial portfolio also reached an impressive milestone, with total investments of over $120 million, the highest we’ve seen in the last 2 decades.

While commercial loans account for 59.5% of these investments, it is important to note that $2.4 million was also invested in social enterprise loans. Although this activity remains somewhat marginal, it clearly illustrates that our CBDCs are committed to community well-being by fostering openness and inclusivity. A total of 231 projects were approved for new and young entrepreneur loans, representing 33% of investments.

Our organization’s strength lies in the collaboration with the 10 CBDC offices around the province. This partnership is crucial in providing entrepreneurs with the support they need via various programs.

The digital transformation of small businesses continues to be a focal point. The Canadian Digital Adoption Program (CDAP) is made possible under our agreement with Innovation, Science and Economic Development Canada (ISED) and partnerships with 16 universities and colleges across Atlantic Canada (detailed results can be found on page 6). This initiative aligns with our efforts since 2021 to bolster the online presence of small businesses through practical projects.

Women in Business New Brunswick (WBNB) achieved several exceptional outcomes, highlighted on page 7. The WBNB team continues to provide invaluable support in the form of mentorship, training, and networking opportunities, empowering women entrepreneurs to succeed in various industries. Additionally, our engagement with Indigenous communities was strengthened through initiatives such as the Indigenous Pop-up Shop events, the online store www.nujintuisgatijig.ca.

In an era of recovery, NBACBDC demonstrated robust adaptability in supporting rural entrepreneurs. With more than 110 volunteers serving on Boards of Directors throughout the province, our network benefits from extensive local expertise. We continue to forge strong partnerships with business community stakeholders and all levels of government, striving to promote a new social economy characterized by responsiveness, flexibility, and community resilience.

I would like to express my sincere appreciation to Scott Tidd, our Executive Director, for his exemplary leadership. Our dedicated team of 18 employees have been instrumental in serving our CBDC members across New Brunswick. The high level of support provided by the New Brunswick Association and its team ensures that our CBDCs can effectively empower entrepreneurs while fostering growth and innovation throughout the province.

On behalf of myself and the Executive Committee, I would also like to express our gratitude to Basil Ryan, Chief Operating Officer of the Atlantic Association of CBDCs, and our key partners, the Atlantic Canada Opportunities Agency (ACOA) and the Government of New Brunswick, for their unwavering support in fostering community development through entrepreneurship.

Rémi Roy, President of the New Brunswick Association of CBDCs

ANNUAL REPORT 2023-24

The 2023-2024 fiscal year marked another significant chapter in my role as President of the New Brunswick Association of Community Business Development Corporations (NBACBDC).

It is with great pride that I present this year’s achievements as we celebrate our organization’s remarkable influence on the business landscape of our province.

NB ASSOCIATION OF CBDCS

Rémi Roy, President

The Consultant Advisory Services (CAS) program has become a flagship offering of New Brunswick CBDCs, with 90 applications approved this past year (see page 6 for detailed results).

3

Building strong entrepreneurial leverage in rural communities in NB Total value of assistance from the CBDCs and financial leverage over the past five years (in millions of dollars) Total value of assistance

Financial leverage

$ 80.0 $

Over the last fiscal year, we saw consistent investment levels of $37.1M alongside a modest reduction in leverage to $7.8M. The steady increase in assistance to rural New Brunswick communities over the past three years is a good indicator of the economic stability.

$ 60.0 $

$42.7

$ 40.0 $

$34.9

$29.7

$25.8 $21

$ 20.0 $

$27

$ 0.0 $

$17.4

2019-20

2020-21

Number of applications received and approved for each CBDC loan product

$28.1

2021-22

$37.1

$37.1

2022-23

2023-24

Breakdown of amounts disbursed per loan product (in millions of dollars) 0.9%

Applications received

Applications approved

400

16.2% $6,009,573

ANNUAL REPORT 2023-24

362

300

300

200

156 130

NB ASSOCIATION OF CBDCS

129 102

100

4

6.6% $330,163 16.8% $2,455,852 $6,237,309

22

21

0 General Business Loan

First-Time Entrepreneur Loan

Youth Loan

Social Enterprise Loan

59.5% $22,090,871

2

2

Innovation Loan

General Business Loan

Youth Loan

Social Enterprise Loan

Innovation Loan

First-Time Entrepreneur Loan

An impressive 59.5% of our amounts disbursed come from our General Business Loan, while the FirstTime and Youth Entrepreneur loans account for 33%. New Brunswick's CBDCs remains an invaluable gateway for entrepreneurs of various demographics and sectors.

The number of businesses who received financial assistance over the past five years New Start-Up

Existing Businesses

Total Businesses

600

526

505

500

428 390

400

325

317

300

278

258

238 200

201 128

188

170

152

150

100

0

2019-20

2020-21

2021-22

2022-23

2023-24

An 18% increase in businesses that received financial assistance compared to the previous year. For the first time, the CBDC portfolio exceeded a new threshold with $120 million in investments.

Jobs created and maintained in the community over the past 5 years Jobs Created

Jobs Maintained

2000

A 9.1% increase (compared to the previous year) in jobs created and maintained in rural New Brunswick communities through regular loan programs.

ANNUAL REPORT 2023-24

1500

1000

0

2019-20

2020-21

2021-22

2022-23

2023-24

Jobs created

540

361

440

516

704

Jobs maintained

1478

652

1229

1353

1335

Total

2018

1013

1669

1869

2039

NB ASSOCIATION OF CBDCS

500

5

CONSULTANT

CANADA DIGITAL

ADVISORY SERVICES

ADOPTION PROGRAM

Through its partnership with ACOA, the New Brunswick Association of CBDCs delivers the Consulting Advisory Services (CAS) Program. This program gives CBDC’s the ability to offer consultant advisory services to small and medium-sized businesses and notfor-profit organizations throughout New Brunswick. A total of 90 CBDC clients and 5 ACOA clients benefited from this program, for an investment of $672,200. In addition, thanks to Women in Business New Brunswick, 41 women entrepreneurs qualified for advisory services projects for an investment of $313,737.

“Digital promotion is the way to go in this era," said a participant. In one year, 821 entrepreneurs across the four (4) Atlantic provinces were approved for $1.9 million in grants to digitize their business. In addition to the grant, a team of e-Commerce Advisors provided up to 10 hours of consultation to support each business implement their digitization project. A majority of entrepreneurs raised their Spending Plan to put more value to their digital strategy. The main lines of businesses benefiting from the program are retail trade, professional, scientific and technical services, and accommodation and food services.

A Self-Employment Benefit (SEB) Program Number of applications received and approved throughout the province over the past five years

ANNUAL REPORT 2023-24

Applications received

Applications approved

600

500

510

504 475 438

400

300

362 310

294

270

276

NB ASSOCIATION OF CBDC

232

6

200

100

0

2019-20

2020-21

2021-22

2022-23

2023-24

During the last fiscal year, the amount of financial assistance awarded totals $3.5M through 276 applications approved, allowing participants to continue to receive Employment Insurance or a weekly allowance (according to the existing policy) to get their own business up and running.

Empowering, Supporting, Thriving.

Women in Business New Brunswick (WBNB) is comprised of a Director, Development Officers, and Project Coordinators who provide business counselling, training, and support across the province for over 20 years.

Our Results In a Snapshot

286 one-on-one counselling sessions with women entrepreneurs 40 training opportunities and 18 information

22 training opportunities to underrepresented

sessions to Women entrepreneurs in

groups through the Integrated Women’s

New Brunswick (876 participants)

Entrepreneurship Project (266 participants)

Over

9,000 followers across platforms and record number of sold-out events!

Women Entrepreneurship 101 is an eleven-week business start-up training program. cohorts with a total of participants have been provided

+140 participants in the Women’s Leadership Provincial Gathering 3 virtual training sessions on Gender Based Analysis Plus (GBA+) (97 participants) 14 Coffee Break sessions to virtually connect entrepreneurs across the province to foster collaboration (115 participants)

New program launched : Solution Succession - provides support, training sessions, live webinars, coaching, mentorship and networking services to successfully acquire a new business and integrate into it!

51 applications received for the Consultant Advisory Services (CAS) and $313,737 disbursed Indigenous Women in Business Summit and Pop-Up Shop: vendors and

35

+300 visitors

42 indigenous women vendors hosted on nujintuisgatijig.ca

ANNUAL REPORT 2023-24

37

NB ASSOCIATION OF CBDC

2

7

For fiscal year 2023-2024, three business sectors took the attention in the CBDC Chaleur Accommodation and Food Service

$667,665 in loans approved

Construction

$632,770 in loans approved

Manufacturing

$368,821 in loans approved

Investment in the region Requests processed

Training sessions

Applications received

63

Number of sessions

55

Applications approved

63

Amount granted

$21,079

Amount invested

$5,015,356

NB ASSOCIATION OF CBDC

ANNUAL REPORT 2023-24

Impact on businesses

8

New start-up

13

Existing businesses

50

Total

63

Impact on employment Jobs created

96

Jobs maintained

203

Total

299

Self-Employment Benefit Applications approved

15

Value of assistance

$22,448

Consultant Advisory Services Number of clients

13

Amount granted

$72,713

Photo credit: PR Photography - Pascalle Roy

BATHURST | 219 MAIN STREET, SUITE 3 | 506.548.5951 | WWW.CHALEURCBDC.CA

Business sector highlights in the Charlotte-Kings region for fiscal year 2023-2024 Other services

$1,266,502 approved (39%)

Accomodations and Food Services

$555,000 approved (17%)

Health and Social Assistance

$510,000 approved (16%)

Investment in the region Training sessions

Requests processed Applications received

60

Applications approved 51

Number of sessions

25

Amount granted

$27,053

$2,883,731 Number of business counselling sessions Impact on businesses 28

Existing businesses

22

Total

50

Impact on employment Jobs created

83

Jobs maintained

50

Total

133

Number of clients

94

Self-Employment Benefit Applications approved

45

Value of assistance

$909,148

Consultant Advisory Services Number of clients

18

Amount granted

$162,090

ST.STEPHEN | 123 MILLTOWN BLVD, SUITE 202 | 506.466.5055 | WWW.CHARLOTTECBDC.CA

NB ASSOCIATION OF CBDC

New start-up

ANNUAL REPORT 2023-24

Amount invested

9

For fiscal year 2023-2024, three business sectors took the attention in the Kent region Fisheries

$1 million

Agriculture

$630,000 in approved loans

Construction

13 applications approved

Investment in the region Requests processed

Training sessions

Applications received

74

Number of sessions

21

Applications approved

66

Amount granted

$26,146

Amount invested

$4,897,684

NB ASSOCIATION OF CBDC

ANNUAL REPORT 2023-24

Impact on businesses

10

New start-up

27

Existing businesses

37

Total

64

Impact on employment

Number of business counselling sessions Number of clients

240

Self-Employment Benefit Applications approved

38

Value of assistance

$665,000

Jobs created

90

Jobs maintained

232

Consultant Advisory Services

Total

322

Number of clients

4

Amount granted

$37,948

Photo credit: Pays de la Sagouine

BOUCTOUCHE | 190 IRVING BLVD | 506.743.2422 | WWW.CBDCKENT.CA

For fiscal year 2023-2024, three business sectors took the attention in the Madawaska region Retail

$430,000 in loans approved

Health care and social services

$420,000 in loans approved

Construction

$314,555 in loans approved

Investment in the region Applications received

83

Number of sessions

32

Applications approved

75

Number of participants

30

Amount approved

$3,951,070

Amount granted

$177,367

Amount invested

$2,543,125

Number of business counselling sessions

New start-up

19

Number of clients

Existing businesses

43

Total

62

Impact on businesses

Impact on employment Jobs created

28

Jobs maintained

27

Total

55

176

Self-Employment Benefit Applications received

18

Applications approved

14

Value of assistance

$307,579

ANNUAL REPORT 2023-24

Training sessions

Consultant Advisory Services Number of clients

19

Amount granted

$129,354

Photo credit: Pixel Heart Photo Studio

EDMUNDSTON | 24 SAINT-FRANÇOIS STREET | 506.737.8925 | WWW.MADAWASKACBDC.CA

NB ASSOCIATION OF CBDC

Requests processed

11

For fiscal year 2023-2024, three business sectors took the attention in the Northumberland region Accommodation and Food Service

$953,725 in loans approved

Health Care

$470,000 in loans approved

Tourism, Recreation & Leisure

$162,560 in loans approved

Investment in the region Requests processed

Training sessions

Applications received

79

Number of sessions

20

Applications approved

44

Amount granted

$170,635

Amount invested

$3,148,785

Impact on businesses

NB ASSOCIATION OF CBDC

ANNUAL REPORT 2023-24

based on disbursement

12

Number of business counselling sessions 163

New start-up

20

Number of clients

Existing businesses

25

Total

45

Self-Employment Benefit

Impact on employment Jobs created

52

Jobs maintained

151

Total

203

Applications approved

14

Value of assistance

$245,000

Consultant Advisory Services Number of clients

6

Amount granted

$153,755

Photo credit: John Hayward

MIRAMICHI | 1773 WATER STREET | 506.778.2121 | WWW.NORTHUMBERLANDCBDC.CA

For fiscal year 2023-2024, three business sectors took

the

attention

in

the

CBDC

Péninsule

acadienne region Nursing homes

Services

Agriculture

Investment in the region Training sessions

Applications received

61

Number of sessions

130

Applications approved

51

Amount granted

$79,061

Amount invested

$4,939,326

New start-up

20

Existing businesses

22

Total

42

Impact on employment Jobs created

77

Jobs maintained

186

Total

263

Number of business counselling sessions Number of clients

98

Self-Employment Benefit Applications approved

22

Value of assistance

$573,551

Consultant Advisory Services Number of clients

20

Amount granted

$201,777

Photo credit: Mathieu Dupuis

TRACADIE | 3620 MAIN STREET | 506.395.9700 | WWW.CBDCPA.CA

ANNUAL REPORT 2023-24

Impact on businesses

NB ASSOCIATION OF CBDC

Requests processed

9

For fiscal year 2023-2024, three business sectors took the attention in the Restigouche region Other Services

$1,557,650 in loans disbursed

Food and Accomodation

$1,167,906 in loans disbursed

Retail /Wholesale

$1,104,675 in loans disbursed

Investment in the region Requests processed

Training sessions

Applications received

95

Number of sessions

28

Applications approved

84

Amount granted

$51,101

Amount invested

$7,053,072

NB ASSOCIATION OF CBDC

ANNUAL REPORT 2023-24

Impact on businesses

14

New start-up

16

Existing businesses

68

Total

84

Impact on employment

Number of business counselling sessions Number of clients

24

Self-Employment Benefit Applications approved

22

Value of assistance

$440,000

Jobs created

111

Jobs maintained

267

Consultant Advisory Services

Total

378

Number of clients

2

Amount granted

$19,933

CAMPBELLTON | 41 WATER STREET | 506.753.3344 | WWW.RESTIGOUCHECBDC.CA

For fiscal year 2023-2024, three business sectors took the attention in the CBDC Southwest region. A significant increase in applications in these sections was observed when compared to past years.

Wholesale & Retail

Tourism

Construction

Investment in the region Training sessions

Applications received

45

Number of sessions

22

Applications approved

44

Amount granted

$29,687

Amount invested

$4,193,036

New start-up

17

Existing businesses

17

Total

34

Impact on employment

Number of business counselling sessions Number of clients

192

Self-Employment Benefit Applications approved

20

Value of assistance

$342,320

Jobs created

113

Jobs maintained

161

Consultant Advisory Services

Total

274

Number of clients

4

Amount granted

$85,443

HANWELL | 73 MILLENNIUM DRIVE | 506.454.2747 | WWW.SOUTHWESTCBDC.CA

ANNUAL REPORT 2023-24

Impact on businesses

NB ASSOCIATION OF CBDC

Requests processed

15

For fiscal year 2023-2024, three business sectors took

the

attention

in

the

CBDC

Victoria

Madawaska-South region Construction: A sharp increase in construction projects requires an improvement in working capital, as well as the creation of new businesses in the field.

Seasonal services: An increased demand for seasonal work services, such as lawn mowing and snow removal, is driving a need for greater working capital.

Professional, scientific, and technical services: A strong demand for financial assistance from the CBDC for companies in this category, with an increased need for suppliers, products and services.

Investment in the region

ANNUAL REPORT 2023-24

Requests processed

Training sessions

Applications received

29

Number of sessions

10

Applications approved

25

Amount granted

$18,213

Amount invested

$1,197,917

Impact on businesses New start-up

7

Existing businesses

17

Total

24

NB ASSOCIATION OF CBDC

Impact on employment

16

Number of business counselling sessions Number of clients

78

Self-Employment Benefit Applications approved

8

Value of assistance

$102,000

Jobs created

5

Jobs maintained

40

Consultant Advisory Services

Total

45

Number of clients

4

Amount granted

$37,948

GRAND FALLS | 439 TERRACE STREET | 506.473.6446 | WWW.MADVICCBDC.CA

Business sector highlights in the CBDC Westmorland Albert region Food services: Loans for this sector are still trending despite statistics that may not be as optimistic as it could be. CBDC Westmorland Albert needs to listen to entrepreneurs and adjust to the region’s specificity.

Construction: Despite inflation, this sector continues to be strong in the area with no end in sight.

Health services and agriculture: Two additional sectors that seem to be rising in the Westmorland Albert region.

Investment in the region Training sessions

Applications received

69

Number of sessions

280

Applications approved

42

Amount granted

$103,310

Amount invested

$1,241,750

New start-up

24

Existing businesses

9

Total

33

Applications approved

78

Value of assistance

$1,492,500

Consultant Advisory Services Number of clients

Impact on employment Jobs created

45

Jobs maintained

6

Total

51

Number of business counselling sessions Number of clients

Self-Employment Benefit

256

Amount granted

24 $138,567

Impact Loan Program Loans approved

33

Loans disbursed

29

Jobs created or maintained

39

Follow-ups and monitoring

115

Photo credit: André Audet

SHEDIAC | 337 MAIN STREET | 506.532.8312 | WWW.CBDCWESTMORLANDALBERT.CA

ANNUAL REPORT 2023-24

Impact on businesses

NB ASSOCIATION OF CBDC

Requests processed

17

CBDC Programs and Services Who We Are

What We Do

CBDCs are not-for-profit organizations run by volunteers from the local business community who firmly believe in improving the economic viability of their region. There are 41 CBDC offices in Atlantic Canada dedicated to the development of small businesses and assisting entrepreneurs in accessing financing and other business training and resources.

Our objective is to help build stronger communities in Atlantic Canada by stimulating private sector employment in our rural areas.

CBDCs work throughout rural Atlantic Canda in the creation, expansion and modernization of small and medium sized businesses.

What We Offer Entrepreneurs Youth Loan Tailored solutions for young entrepreneurs aged from 18 to 34 that are interested in starting, expanding or modernizing their business.

First-Time Entrepreneur Loan Targeted financing for the first-time entrepreneurs starting or purchasing their first business.

Provides financial and coaching support to new entrepreneurs during the planning and startup phase of their new business.

Business Counselling Business counselling in the form of advice to new and established entrepreneurs.

Consultant Advisory Services

General Business Loan Designed to assist entrepreneurs when traditional avenues of financing are not available, for either creating, purchasing or succession planning.

Available to small and medium-sized business, as well as non-for-profit organization, to access technical and financial assistance by engaging consultants to assist them in various topics.

Skills Training

Innovation Loan Assist in the development of the knowledgebased economy, the adaptation and commercialization of technology.

Social Enterprise Loan Tailored financing designed to assist social enterprises.

219 Main Street - Suite 3, Bathurst (NB) E2A 1A9 CBDC NB

Self-Employment Benefit (SEB) Program*

www.cbdc.ca

Tailored trainings in specialized areas such as marketing development, bookkeeping, feasibility studies and business analysis. *SEB is funded by the Government of Canada through the Canada-Provincial Governments Labor Market Agreements.

506.548.2406 cbdcnb

nb-cbdc