The impact of CBDC Westmorland Albert: Five Realities to Share
CBDC Westmorland Albert seeks to develop greater wealth and ensure better resource distribution in Westmorland and Albert counties by strengthening local expertise. The CBDC's major decisions are facilitated by the volunteer work of its Board members, all of whom are local business and community leaders.
Creating local jobs: Over the past year, CBDC Westmorland Albert helped to create and maintain 51 jobs in the community through its regular loan programs Supporting small businesses stimulates development and diversifies the local economy
Maintaining rural populations: The population is diversifying, with more newcomers applying for loan programs. Although inflation is affecting all of Canada, the Westmorland and Albert regions continue to offer better opportunities than elsewhere in the country, and citizens with an immigrant background have a strong appetite for entrepreneurship. What's more, in these uncertain economic times, young people are much more optimistic, but also more sensitive than before about their debt levels The CBDC has disbursed a significant number of loans among young people; the corporation is also keen to promote entrepreneurship in schools and supports the Place aux compétences (PAC) organization.
Leveraging local resources: The CBDC is a member of five chambers of commerce in the rural areas of Westmorland and Albert counties.
In addition, for the Moncton, Dieppe and Riverview areas, the CBDC has taken over the Impact Loan Program. This new program is another initiative that strengthens the CBDC's presence in urban areas
Fostering cooperation and solidarity: Although no loans have been disbursed to social enterprises, the CBDC nevertheless supports not-profit organizations. Funding to access a consultant has been offered to organizations as diverse as the Atlantic Wildlife Institute, or sectors such as health care, forestry, food banks, municipalities, and various cooperatives. The CBDC also supports projects such as galas that promote entrepreneurship. Finally, each year, the CBDC supports nearly a dozen projects and organizations through sponsorship support.
Improving quality of life: CBDC Westmorland Albert is proud to participate in the Southeast Labour Market Partnership. Weaving close ties with various local organizations and municipal authorities always favors an economy adapted to community needs by considering all the services required for small business development.
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CBDC WESTMORLAND ALBERT ANNUAL REPORT 2023-24
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
Requests processed
Applications received
Applications approved
Amount invested
Impact on businesses
New start-up
Existing businesses
Total
Impact on employment
Jobs created
Jobs maintained
Total
Number of business counselling sessions
Number of clients
Training sessions
Number of sessions
Amount granted
Applications approved Value of assistance Number of clients Amount granted
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Self-Employment Benefit Consultant Advisory Services 45 6 51 24 9 33 69 42 $1,241,750 256 280 $103,310 78 $1,492,500 24 $138,567
credit: André Audet CBDC WESTMORLAND ALBERT ANNUAL REPORT 2023-24
Photo
Loans approved Loans disbursed Jobs created or maintained Follow-ups and monitoring Impact Loan Program 33 29 39 115
Building strong entrepreneurial leverage in
the Westmorland Albert region
Total value of assistance from the CBDC and financial leverage over the past five years
With its regular loan programs, CBDC Westmorland Albert ended the 2023-2024 fiscal year with a portfolio of $11.5 million.
Number of applications approved for each CBDC loan product
Breakdown of amounts disbursed per loan product (in millions of dollars)
Loans for Youth
First-Time entrepreneurs account for 60% of loans disbursed in fiscal 2023-2024,
interest in entrepreneurship among
new generation.
and
suggesting an
a
Totalvalueofassistance FinancialLeverage 00$ 10$ 20$ 30$ 40$ 50$ 2019-20 2020-21 2021-22 2022-23 2023-24 $0.8 $0.5 $0.6 $1.5 $1.6 $2.9 $2.1 $1.2 $0.9 $0.3 4
$ $ $ $ $ $ General Business Loan First-Time Entrepreneur Loan Youth Loan Social Enterprise Loan Innovation Loan General Business Loan First-Time Entrepreneur Loan Youth Loan 426% $530,000 32% $396,750 254% $315,000 CBDC WESTMORLAND ALBERT ANNUAL REPORT 2023-24 0 5 10 15 20 17 6 19 0 0
In fiscal year 2023-2024, total disbursements remained stable, while the number of projects approved and disbursed increased by 10% compared with the previous year.
While total amounts disbursed have not increased, CBDC Westmorland Albert is seeing a 10% increase in the number of loans disbursed, which translates into an interest in smaller loan sizes in fiscal 2023-2024 compared to the previous year.
and maintained in the community over the last five years
While the overall impact of loan programs on employability has fluctuated, CBDC Westmorland Albert saw significant increases in job creation and maintenance in 2021-22 and 2022-23. This boost was largely due to loans provided to several larger companies, which substantially raised the job numbers.
JobsCreated JobsMaintained 0 50 100 150 200 250 2019-20 2020-21 2021-22 2022-23 2023-24
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number of businesses who received financial assistance over the
five years Job created 21 41 29 59 45 Jobs maintained 26 1 224 52 6 Total 47 42 253 111 51 CBDC WESTMORLAND ALBERT ANNUAL REPORT 2023-24 NewStart-Up ExistingBusinesses TotalBusinesses 0 5 10 15 20 25 30 35 2019-20 2020-21 2021-22 2022-23 2023-24 16 13 29 16 5 21 17 6 23 24 6 30 24 9 33
Jobs created
The
past
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 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
What We Offer Entrepreneurs
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.
General Business Loan
Designed to assist entrepreneurs when traditional avenues of financing are not available, for either creating, purchasing or succession planning.
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
Business Development Seminar*
Seminar to enhance your business skills such as marketing, finance, and operations.
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
Skills Training
Tailored trainings in specialized areas such as marketing development, bookkeeping, feasibility studies and business analysis.
Impact Loan Program
Low-interest loans up to $25,000 for Greater Moncton businesses (Moncton, Dieppe & Riverview).
*SEB and BDS are funded by the Government of Canada and the Province on New Brunswick through the Canada-New Brunswick Labour Market Agreements
337 Main Street, Shediac (NB) E4P 2B1 506 532 8312
www cbdcwestmorlandalbert ca CBDC Westmorland Albert cbdcnb nb-cbdc