CBDC Victoria Madawaska-South - Annual Report 2023-24

Message from the President

Jean-MauriceGagnon,President

As President of CBDC Victoria Madawaska-South, I am pleased to welcome you to our annual general meeting. We take pride in helping promoters of economic development projects by offering support during the start-up, acquisition, expansion, transfer and consolidation phases.

But our efforts are not limited to financial assistance: we also provide ongoing support via a wide range of business services and products. The CBDC Victoria Madawaska-South continues to provide financial assistance and counseling services to small and medium-sized businesses as a community-based organization.

The board truly reflects the entrepreneurial makeup of the region. Our mandate is to promote the economic dynamism of our region and to provide assistance to entrepreneurs who wish to develop projects and expand their activities.

As we garner growing recognition within the local community, CBDC Victoria Madawaska-South is striving to contribute to the growth of our beautiful region. A number of entrepreneur-driven community development projects saw the light of day in 2023-2024.

You will have an opportunity to consult the annual report for news on these and other projects currently under development.

I would also like to thank our partners: the province of New Brunswick, especially the Department or Post-Secondary Education, Training and Labour and the Regional Development Corporation for their ongoing financial support and commitment to the CBDC Victoria Madawaska-South.

In closing, all of this fine work is made possible thanks to the enthusiasm and determination of our amazing team of professionals, led by Ricky Bourgoin, who are dedicated to meeting our community’s needs. Thanks to their maturity and concerted efforts, we are able to offer financial and advisory support to existing and prospective entrepreneurs while contributing to the flourishing of our beautiful region. In addition, I cannot fail to mention the members of our Board, whose dedication, hard work and ongoing support are driving the development of our community.

Thank you.

Jean-Maurice Gagnon, président

Message of the Executive Director

RickyBourgoin,ExecutiveDirector

business community and support local entrepreneurship by investing time and resources in financial services and programs. The CBDC also encourages everyone to shop locally and to keep in mind that small businesses are the backbone of our community.

Since its inception in 1989, the CBDC has disbursed over $47M in loans and over $2M in COVID-19 loans. Over the past year, the Investment Committee reviewed 29 new requests for assistance, of which 25 were approved for a total investment of $1,197,917. As a result, five new jobs were created while 45 were maintained in the region.

But merely providing financial assistance to new entrepreneurs is not enough. To ensure long-term success, we also need to meet their training needs. Thanks to ACOA funding via both associations and to the Department of Post-Secondary Education, Training and Labour, 18 clients and non-clients received training and consulting services, for a total regional training investment of $120,413.

I would like to take this opportunity to thank our loyal clients for their continued support. To our financial partners and our accounting and legal advisors, thank you for your excellent work in developing and delivering our programs and assistance tools. Working with you is a great pleasure.

The staff also joins me in offering a special thanks to our Board members, both past and present. They have always been the cornerstone of our organization and they continue to be a catalyst for its sustained growth. Thank you for your devotion, countless hours spent at meetings and invaluable words of wisdom.

For most of the staff members, including myself, this past year was one of learning and growth. Nevertheless, the team’s creativity, hard work and remarkable accomplishments exceeded our expectations. As Executive Director, I would like to express my sincere gratitude to Julie, Gina and Eric.

Going forward, my goal is to support our region’s business community by staying true to the CBDC’s values, vision and mission. Efforts to boost visibility, provide training and ensure access to excellent programs will help to grow our beautiful region. Working hand in hand with our partners to achieve positive outcomes, we will focus on delivering exceptional service and value for our clients throughout our great community.

Thank you!

Ricky Bourgouin, Executive Director

CBDCVictoriaMadawaska-South:playingan importantroleinfivekeyareas

CBDC Victoria Madawaska-South seeks to strengthen local expertise with a view to creating wealth and distributing resources more effectively across the Grand Falls region and Victoria County. Our major decisions are facilitated by the volunteer efforts of our Board members, all of whom are local business and community leaders.

Creating local jobs: Over the past year, CBDC Victoria Madawaska-South helped to create and maintain jobs within the community. Support for small businesses stimulates local development and diversifiestheeconomy.

Leveraging local resources: Community strength really comes to the fore when local entrepreneurs help one another. A prime example of this collaboration can be seen in the cranberry industry. CBDC Kent congratulates each and every stakeholderstrivingtofindlocalsolutions.

Fostering cooperation and solidarity:

CBDC Victoria Madawaska-South believes in the importance of investing in community-level projects. The Potato Festival, Acanthus Art Gallery, the golf club, the Junior A hockey team, the Network of Women (NOW) and the highschool cafeteria (Polyvalente ThomasAlbert) are all examples of local initiatives that we support. We also promote entrepreneurship as a career choice and organize in-school events to answer students’questions.

To stimulate the regional economy, we also work closely with the Valley Chamber of Commerce to promote local entrepreneurs.

Maintaining rural populations: In the past20years,theregionalpopulationrose for the first time. CBDC Victoria Madawaska-South is proud to be making an active contribution to this turnaround by focusing on entrepreneurship and investinginhomegrownprojects.

Improving quality of life: Over the past year, CBDC Victoria Madawaska-South offeredstudentstwomonthsofmentoring aimednotonlyatgivingthemprofessional experience and constructive feedback, but alsoatstrengtheningmutualtrustwiththe team. We also support Projet Rouge as part of efforts to assist the Foundation of Escale MadaVic, a non-profit organization that assists family members who have experienced abuse. All in all, our investments and wide-ranging activities alongside small businesses are having a far-reaching impact across the Greater GrandFallsregion.

For fiscal year 2023-2024, three lines of business took the attention in the CBDC Victoria Madawaska-Southregion

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.

Investmentintheregion

Requests processed

Applicationsreceived

Applicationsapproved

Amountinvested

of business

Numberofclients Newstart-up Existingbusinesses Total

Jobscreated

Jobsmaintained Total

Building strong entrepreneurial leverage in the Victoria Madawaska-South region

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

Thelowimpactof leverageshowsthe reluctanceofother investorsorlenders tosupportsmall businesses,while CBDCVictoria Madawaska-South reportsa20% increasein disbursements comparedwiththe previousyear.

Infiscal2023-2024,disbursementsforGeneralBusinessLoansaccountfor alargershare,withanincreaseof204%comparedwiththepreviousyear.

The

of businesses who received financial assistance over the past five years

Overthepastthreeyears,theCBDCVictoriaMadawaska-Southhassupported99new andexistingbusinesses,contributingtoaneconomydesignedbylocalentrepreneurs.

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

Althoughtheimpact ofloanprogramson employabilityhas beendecliningover thepasttwoyears, CBDCVictoria Madawaska-Sud remainsakeyplayer inmaintainingand creatingsustainable jobsinthe community.

CBDC Programs and Services

Who We Are

CBDCsarenot-for-profitorganizationsrunby volunteersfromthelocalbusinesscommunity whofirmlybelieveinimprovingtheeconomic viabilityoftheirregion.Thereare41CBDC officesinAtlanticCanadadedicatedtothe developmentofsmallbusinessesandassisting entrepreneursinaccessingfinancingand otherbusinesstrainingandresources.

What We Do

Ourobjectiveistohelpbuildstronger communitiesinAtlanticCanadabystimulating privatesectoremploymentinourruralareas. CBDCsworkthroughoutruralAtlanticCandain thecreation,expansionandmodernizationof smallandmediumsizedbusinesses.

What We Offer Entrepreneurs

Tailoredsolutionsforyoungentrepreneurs agedfrom18to34thatareinterestedin starting,expandingormodernizingtheir business. Youth Loan

First-Time Entrepreneur Loan

Targetedfinancingforthefirst-time entrepreneursstartingorpurchasingtheir firstbusiness.

Designedtoassistentrepreneurswhen traditionalavenuesoffinancingarenot available,foreithercreating,purchasingor successionplanning. General Business Loan

Assistinthedevelopmentoftheknowledgebasedeconomy,theadaptationand commercializationoftechnology. Innovation Loan

Social Enterprise Loan

Tailoredfinancingdesignedtoassistsocial enterprises.

Providesfinancialandcoachingsupporttonew entrepreneursduringtheplanningandstartupphaseoftheirnewbusiness. Self-Employment Benefit (SEB) Program*

Business Counselling

Businesscounsellingintheformofadviceto newandestablishedentrepreneurs.

Consultant Advisory Services

Availabletosmallandmedium-sizedbusiness, aswellasnon-for-profitorganization,toaccess technicalandfinancialassistancebyengaging consultantstoassisttheminvarioustopics.

Tailoredtrainingsinspecializedareassuchas marketingdevelopment,bookkeeping, feasibilitystudiesandbusinessanalysis. Skills Training

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