CBDC Northumberland - Annual Report 2023-24

CBDC Northumberland: Making an Impact

Serving a geographical area of nearly 13,000 square kilometers, CBDC Northumberland encourages economic development by strengthening local expertise and improving resource distribution, generating wealth in New Brunswick’s largest county. Its decision-making processes are facilitated by its Board of Directors, comprised of leaders from the business and community sectors.

Creating local jobs: Over the past year, CBDC Northumberland has helped to create and maintain 203 local jobs. Efforts to support and invest in small and medium-sized businesses are designed to stimulate community-level development and to encourage economic growth and diversity. This reinforces one of our primary objectives: to grow the regional workforce.

Supporting rural communities: CBDC Northumberland believes in the power of entrepreneurship as a means to keep young people in rural communities. To that end, we strive to reach out to aspiring young entrepreneurs to help make their dreams a reality. For the very first time, CBDC Northumberland sponsored the Young Entrepreneur Award at the Greater Miramichi Chamber of Commerce Gala this year, with Cole Price Construction receiving the honour.

Leveraging local resources: Schools and colleges play an important role in promoting entrepreneurship Our staff is proud to partner with the New Brunswick Community College Miramichi campus, highlighting opportunities and providing advice to the next generation on how to start their own business. CBDC Northumberland also works closely with neighbouring CBDCs as we continue to support and approve projects across

the county while diversifying the fields in which we operate. Tying in with these efforts, our Executive Director sits on the Economic Development and Labour Force Advisory Committee of the Greater Miramichi Regional Service Commission.

Embracing cooperation and solidarity: Thanks to its Social Enterprise Loans and Consultant Advisory Services, CBDC Northumberland is one of the few places in New Brunswick where notfor-profit organizations can receive financial support and guidance. This fiscal year, we have invested $300,000 in social enterprise projects in Northumberland County.

Forging closer ties with the First Nations: CBDC Northumberland is based in the City of Miramichi, located in Mi’kma’ki, the ancestral and unceded territory of the Mi’kmaq People. We recognize the First Nations of Esgenoôpetitj, Natoaganeg and Metepenagiag. In keeping with CBDC’s inclusive services mandate, our Board and Staff remain aware of local cultural and economic needs. CBDC Northumberland is also proud to have Chief George Ginnish of Natoaganeg as the representative of local First Nations on its Board, strengthening its collaboration with all communities within its service area.

Pauline Tenass Executive Director

Karinne Savoie Administrative Assistant

Lucie Daigle Project Analyst

Madison Young Project Analyst Alexa Henderson Project Analyst

Message from the Chairperson

As Chairperson of CBDC Northumberland’s Board of Directors, I would like to welcome you to our 38th annual general meeting. I have served on the Board of Directors at CBDC Northumberland for the past eight years and had the pleasure of taking on the role of Chairperson this past year. As Chairperson of CBDC Northumberland, I’m pleased to provide you, the members of the Corporation and the general public, with a summary of the Corporation’s accomplishments during the past twelve months and its continuous support to the economic development of our region.

CBDC Northumberland has had one of its most successful years to date. In 2023-2024, CBDC Northumberland provided financial assistance to the business community of Northumberland County. At year end, our loan portfolio stood at $8,647,706 00, with 137 loans managed Here are some highlights of how this year’s funding was allocated:

44 loan applications were approved, totalling $2,670,660.00.

As of March 31st, 2024, $3,148,785.00 CBDC funding has been disbursed into the community

Delinquencies are at an all-time low, with only five cases in our entire loan portfolio. 14 clients were approved for the SelfEmployment Benefit Program, with assistance totalling $245,000.00.

$170,635 00 was invested in training programs for entrepreneurs 52 jobs were created and 151 jobs were maintained within the community as a direct result of our assistance.

On behalf of the Board of Directors of CBDC Northumberland, I would like to congratulate Pauline and her team for the hard work and dedication they have shown to CBDC Northumberland as well as the business community as a whole over the past year. The accomplishments of the Corporation are a direct reflection of the time and effort that the entire staff puts into their work on a daily basis and shows that they are truly passionate about the economic development of Northumberland County.

In conclusion, I would like to thank the Board members for their support, dedication and volunteer work over the past year

Wayne Bushey, Chairperson

Message from the Executive Director

It is with great pleasure that I welcome everyone to our 38th annual meeting. CBDC Northumberland was first established in November 1985, thus completing 38 years of operation.

Our team’s focus has continued to be on supporting the entrepreneurs of Northumberland County We at CBDC Northumberland have exceeded our mandate by approving $2,670,660.00 in investments through our loan products in the past year, thus resulting in the creation/maintenance of 203 jobs. As of March 31st, 2024, our loan portfolio amounted to $8,647,706 00

In addition, CBDC in collaboration with our partners, has provided business training opportunities to 20 entrepreneurs, as well as workforce skills training to 30 individuals working in our community We have worked closely with our community partners to ensure our services are tailored to the unique needs of our clients

This past year, the staff and I have made efforts to become more involved within our community. This can be seen through new volunteer efforts, fundraising, sponsorships, and presentations to local organizations

The last fiscal year was satisfying in many ways, and we are undertaking the next fiscal year with determination and enthusiasm. We have within our reach all that is required for continued success; an excellent Board of Directors, a good working relationship with our partners, the general public, and private sector throughout the region, and finally… the Entrepreneurial Spirit that is alive and well on the Miramichi.

I would like to thank my team for their hard work, dedication, and determination over the course of yet another successful year. Without their commitment to CBDC Northumberland, the Corporation would not have achieved the level of success that it did in the past year.

Finally, I would like to extend many thanks to the Board of Directors for the guidance, support, time, and dedication they have provided to me and the Corporation over the years. They are fundamental to the Corporation; they are true leaders.

Pauline Tenass, Executive Director

Our Board of Directors

Wayne Bushey Chairperson

Niki Breau Vice-Chairperson

Kevin E Russell Treasurer

George H Ginnish Secretary

Brett Gallant

Scott Allison

Marcel Muise

Photo credit: Bonnie Coughlan

For fiscal year 2023-2024, three lines of business took the attention in the Northumberland region

Accommodation and Food Service

Health Care

Tourism, Recreation & Leisure

Investment in the region

Requests processed

Applications received

Applications approved

Amount invested

Impact on businesses

based on disbursement

New start-up

Existing businesses

Total

Impact on employment

Jobs created

Jobs maintained

Total

$953,725 in loans approved

$470,000 in loans approved

$162,560 in loans approved

Training sessions

Number of sessions

Amount granted

Number of business counselling sessions

Number of clients

Self-Employment Benefit

Applications approved

Value of assistance

Consultant Advisory Services

Number of clients

Amount granted

Photo credit: John Hayward

Building strong entrepreneurial leverage in the Northumberland region

Total value of assistance from CBDC Northumberland and financial leverage over the past five years

For fiscal year 2023-2024, total loans disbursed increased by 107% compared with the previous year, while the financial leverage shows an increase of 94%.

Number of applications approved for each CBDC loan product

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

Youth and and first-time entrepreneurs account for 47.7% of loans disbursed in the Northumberland region. Entrepreneurship as a career choice remains a strong value that CBDC is proud to promote.

Number of businesses who received financial assistance over the past five years

Although an upward trend has been observed for the last three years, the year 2023-2024 shows an impressive 200% increase in total loans disbursed compared to the previous year.

Jobs created and maintained in the community over the last five years

JobsCreated JobsMaintained

CBDC Northumberland's loan programs demonstrate a great impact on employment in Northumberland County. The number of jobs created and maintained increased by 27% over the previous year

CBDC Programs and Services

Who We Are

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.

What We Offer

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

First-Time Entrepreneur Loan

Targeted financing for the first-time entrepreneurs starting or purchasing their first business

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

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

Social Enterprise Loan

Tailored financing designed to assist social enterprises.

What We Do

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.

Entrepreneurs

Self-Employment Benefit (SEB) Program

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

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.

Tailored trainings in specialized areas such as marketing development, bookkeeping, feasibility studies and business analysis Skills Training

*SEB is funded by the Government of Canada through the Canada-Provincial Governments Labor Market Agreements.