CBDC Kent - Annual Report 2022-23

The Impact of CBDC Kent: Five Facts to Share

CBDC Kent builds local expertise to develop more wealth in the community and to ensure better resource allocation. Its major decisions are facilitated by the volunteer work of its Board of Directors, whose members are business and community leaders.

Creating Local Jobs: Under its regular lending programs alone, 318 jobs were created or maintained in the Kent region in the past fiscal year. Reducing the dependency on large corporations is a key factor in providing high-quality jobs. For example, we extend our congratulations to Bruno Lagacé, owner of Sparta, for his design project involving recyclable materials and a sorting device that could be export-ready.

Maintaining Rural Populations: CBDC Kent helps to create local jobs and services that tie in with residents’ needs A new trend is emerging: entrepreneurs are better informed and their ideas are well thought out, which makes project approval even easier.

Leveraging Local Resources: CBDC Kent encourages the use of home-grown resources and the production of goods and services in line with local needs. This year, a total of $7.2million was approved for 72 projects, with a 5% increase in the average size of loan disbursement, compared to the previous year. The high cost of materials and the shortage of workers are both issues of current concern To maximize project profitability, leveraging local resources will be a pivotal factor in the coming years.

Fostering Cooperation and Solidarity: Kent community members are ready to help each other and improve their living standards. CDBC Kent is very pleased to do business with non-profit organizations and incorporated community centres. Other than CBDC Kent, what financial institution would ever take the time to listen to organizations exclusively run by volunteers? Although they may not rank among CBDC Kent’s main clienteles, providing financial support to these organizations helps to boost the level of social cohesion required for small businesses to flourish in the region

Improving Living Standards: CBDC Kent aims to foster inclusivity and is attuned to the realities facing First Nations groups such as Indian Island, Elsipogtog and Buctouche, among others. CBDC Kent continues to forge trust-based relationships and facilitates a financing strategy, which has been adapted to support fishing and forestry industry projects.

For fiscal year 2022-2023, three lines of business took the attention for CBDC Kent Agriculture Social Enterprise Loan $605,000 loans approved $745 000 approved to five projects

$1.1 million loans approved Fisheries

Investment in the region for the year 2022-2023

3 $32,199

Building strong entrepreneurial leverage in the Kent region

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

Number of applications approved for each CBDC loan product

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

While more projects have been supported in 2022-2023 (18.4% increase), the average size loan is also growing with 5% increase compared to the previous year.

The number of businesses who received financial assistance over the past five years

This slight decrease in the number of companies that have received financial assistance over 5 years clearly illustrates a trend for loan applications with larger amounts

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

The impact of the regular loan programs on employment in the Kent region is significant with a 137% increase in jobs created or maintained compared to 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 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 mesium 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.

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 Entreprise Loan

Tailored financing designed to assist social enterprises.

Self-Employment Benefit (SEB) Program*

Provides financial and coaching support to new entrepreneurs during the planning and start-up phase of their new business

Business Counselling

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

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

*Please note: Programs and services delivered by CBDCs may vary by region.

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