CBDC Madawaska - Annual Report 2022-23

The Impact of CBDC Five Realities to Share

CBDC Madawaska builds local expertise to develop more wealth in the community and create a better distribution of resources. The CBDC Madawaska major decisions are facilitated by the volunteer work of its Board of Directors, who are leaders from both the business and community sectors.

Local Job Creation: Through its regular lending programs alone, CBDC Madawaska has created and maintained 78 jobs in the community over the past year. The CBDC has been able to support innovative projects in sectors as diverse as agriculture and beauty care, among others. Small businesses stimulate the local economy with quality jobs by reducing dependency on large corporations.

Maintaining rural populations: The CBDC Madawaska contributes to a positive net migration for the region. For example, tourism has recently emerged as a regional development engine that is skyrocketing. Young people are standing out with new projects and an amazing capacity for preparation and openness to understanding the workings of a good business plan.

Local economic recovery: A strong trend is observed in the area of business succession with an increasing number of acquisition

requests. A surprising fact is that it is often young entrepreneurs who explore this avenue by capitalizing on the resources already existing in the Madawaska region.

Development of cooperation and solidarity: Through the consulting advisory services program, the CBDC Madawaska promotes access to a consultant for nonprofit organizations. Projects often assist in the creation of a strategic plan or the strengthening of the organization's governance structure.

Improving Living Conditions: The CBDC Madawaska is proud to support the “Partenariat local en immigration du Haut Saint-Jean” and to support international students who wish to enroll in training programs that will facilitate their entry into the labour market.

Top: Tania Gagnon, Executive Director. Bottom (left to right): Chantal Albert Pelletier, Administrative Assistant, Roland Plourde, Financial Analyst, Julie Pelletier, Business Development Advisor, Ginette Emond, Accounting Clerk, and Daisy Collin, Administrative Clerk.

Message from the President

As President of the CBDC Madawaska, I am pleased to present you with the results for the year 2022-2023.

This year we are presenting the results of our 30th Annual General Meeting Celebrations marking the 30 years of existence of the CBDC Madawaska will take place later this year

It is with pride that the CBDC Madawaska assists promoters of economic development projects in the start-up, acquisition, expansion, transfer or consolidation of their business. The CBDC does not limit itself to the financial sector. It provides ongoing support through a range of business services.

As of March 31, 2023, our commercial loan portfolio had assets of $10,424,982, an increase of $42,747 over last year. We believe that despite the current economic conditions, with the large increases in the prime rate, we are able to confirm that we have maintained our investments in the business community. The entrepreneurs are showing that they are not afraid to invest in economic development despite the obstacles that stand in their way.

Madawaska entrepreneurs will continue to meet the challenges of economic trends and the CBDC Madawaska will continue to mentor them and promote the support programs available to them This year's results are a clear demonstration of the community's efforts in regional recovery.

All of this is based on the quality and importance of a good leader in managing an excellent work team. Our CBDC has made every effort to support Madawaska’s businesses I would like to personally thank all the members of the team for their perseverance, their professionalism, and their dedication. I would also like to thank the members of my board of directors for their involvement and trust; your contribution was indispensable!

Brian Cormier, President

Message from the Executive Director

At the end of each fiscal year, we formally propose to the general meeting a report on our actions and activities in relation to our mission.

The year 2022-2023 represents a “return to normal” year and demonstrates an economic recovery for the businesses of the region. We have seen several business transfers in the past year, which is very reassuring Madawaska businesspeople are seizing opportunities that contribute to the maintenance and creation of jobs on the territory in addition to reviving and improving the operations of various businesses.

Our investments, through our regular loan products, have achieved their mandate by approving $3,115,970 in the form of 42 loans to businesses in the region. Among these are 33 commercial loans, 4 new entrepreneur loans, 4 young entrepreneur loans and 1 social enterprise loan.

In addition, training and consulting support through various programs also paid off for the region's entrepreneurs. A total investment of $234,808 in professional fees in the form of 21 consulting mandates, 13 turnaround mandates and 22 accounting training mandates were invested in the region's entrepreneurs. These entrepreneurs are now equipped with better management tools to ensure the profitability and longevity of their operations.

I would like to take this opportunity to thank the team of professionals at the CBDC Madawaska as well as the members of the Board of Directors. The results presented here are the result of hard work, collaboration, exchange and mutual support! You have worked tirelessly and with determination to meet the demands of our business community “Together, we contribute to the development of our community!”

We are starting the year 2023-2024 strong! We are experiencing a great demand for the SelfEmployment Benefit (SEB) program, we are offering a new working capital loan program and we are working tirelessly to meet the needs of today's entrepreneurs.

The CBDC Madawaska is much more than a source of financing, it is dedicated to consulting services, training activities, and various partnerships. Its priority is to help entrepreneurs and offer financial and advisory support So, if you're thinking business, think CBDC Madawaska!

Tania Gagnon, Executive Director

Building strong entrepreneurial leverage in the

Madawaska region

Total value of

from the CBDC and financial leverage over the past five years

Although the number of loans disbursed is comparable to the previous year, the last fiscal year shows a considerable increase of 62.5% for general business loans.

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

While the number of loans disbursed shows a slight decrease over the past three years, community investments have become comparable to, or even better than, the 2019-2020 fiscal year, with a 13 6% increase in average loan size

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

Maintaining quality jobs by relying on entrepreneurs from Madawaska region is a sustainable way to ensure the economic health of our communities

For the 2022-2023 fiscal year, three lines of business received larger amounts in terms of dollars invested for projects in the CBDC Madawaska region Retail - $298,900

Miscellaneous services: aesthetics, tattooing, funeral home, mechanics – $336,000

CBDC MADAWASKA

ANNUAL REPORT 2022-23

Young Entrepreneurs Development Initiative (YEDI) 2022-2023

Entrepreneurship Initiative Component

Elementary school level

3 workshops were offered to 30 grade 5 students on branding, raw materials, forecasting and profit margin.

9 presentations were given to 305 students in grades 6 to 8 on life/career paths with the option of a career as an entrepreneur.

High school level

2 presentations at Polyvalente Cité des Jeunes A -M - Sormany to 31 students, in the entrepreneurship course, participated in a business start-up presentation

Post-secondary level

2 workshops on business start-up and business planning were offered to 11 forestry students and 9 business administration students.

Madawaska 2022 Young Entrepreneur Award

The CBDC Madawaska recognized a young entrepreneur at the SME Gala on October 29, 2022. The recipient of the award was Dominique Babineau, owner of DB Solutions Marketing. This company specializes in marketing strategy

Thanks to generous sponsors, the winner received a gift basket valued at $4,130, including a bursary from UNI.

2022-2023 Projects Report

Continuity - COVID-19 Recovery Plan

This program is 100% funded by Working NB and is free to participating businesses This program offers 3 types of consultations at $3,000 each, delivered by professionals in the region. Consultations related to financial problems, problems of decreased sales and communication and marketing. The company can benefit from the 3 consultations if necessary and as needed. 13 consulting mandates have been completed to help 12 businesses in the region.

Consultant Advisory Service Program

The Consulting Advisory Service Program allows Community Business Development Corporations (CBDCs) to offer consulting services to small and medium-sized businesses and non-profit organizations in the Atlantic region. Entrepreneurs in our region can benefit from the financial and technical support of consultants who can help them address issues, opportunities and challenges. The business has the opportunity to receive a non-refundable grant of 75% of the consulting fee.

Eligible consultations are:

Diagnostic Assessment: provide an assessment of current performance, key issues and opportunities.

Business Management Skills Development: provide an objective assessment of the current situation and suggest opportunities to improve operations/management performance.

Access to capital: Seek alternative options for accessing capital

Operational/Marketing Readiness: Determine export readiness and identify areas that need improvement prior to accessing export markets.

Mentoring for specific business plan/studies: Development or initial implementation of a business plan or study.

Follow-up and Mentoring: Provide mentoring or assistance and advice.

The Madawaska CBDC has supervised over 21 mandates in consulting services for entrepreneurs in our region.

Training program “Lancement d’une entreprise”

CBDC Madawaska has re-launched the program for two additional cohorts, the first of which started in February 2022. A reminder that the training program offers the possibility for people with a business project to make it happen, by developing their business plan with 60 hours of training and 20 hours of private coaching. All of this is done with a view to encouraging business start-ups that meet the demand and needs of the regions.

First cohort: 14 participants - 11 participants completed the course in July 2023 and 7 participants are in operation.

Second cohort: 8 participants - all completed the course in February 2023 and already 3 in operation

Small Business Gala 2022

The CBDC Madawaska has joined as a partner in the 2022 Small Business Gala event for a 3rd consecutive year. Organized by the Edmundston Region Chamber of Commerce and its partners, as part of Small Business Week. The involvement of the CBDC Madawaska was a great support for the marketing and communications strategy as well as the development of this event. Entrepreneurs, business partners, parents and friends of the recipients were present for the celebrations.

In addition, in the form of a contest between the elementary schools of the region, they could participate in creating a centerpiece for the Gala evening. Among the prototypes received from 3 participating schools, École Saint-Jacques was the winner.

Comité organisateur

CBDC Madawaska Advertising Campaign

12 businesses participated in an advertising campaign on the CBDC Madawaska social networks, Facebook and Instagram. Thank you to the 12 clients who shared their experience as services and advice received from the CBDC Madawaska team.

Hygiène Dentaire Mobile Aniso

Quisibis Domes

Remorquage Edmundston Towing

Nadeau Landscaping

Studio Main Street Dancers

Pickel Kutterz

M-A Finition

Beauté Esthétique Karine

Goodies Café Inc

Albert Rembourrage

Brûlerie du Vieux Poste

Le Légumier du Madawaska

Projects under development for 2023-2024

Relaunching training program

The CBDC Madawaska plans to relaunch the program in winter 2024.

A reminder that the training program offers people with a business project the opportunity to bring it to fruition through 60 hours of training and 20 hours of private coaching. The aim is to encourage business start-ups that meet regional demand and needs.

Relaunch entrepreneurial summer camps

To introduce 10 to 12-year-olds to entrepreneurship, they will have the chance to develop a mini-business plan to produce and market the products they make. During the week, the young participants will visit a company, meet with a financial advisor and apply for financing for a micro loan repayable at the end of the week The young participants will advertise the sale of their products on the radio and social networks.

“Lancement d’une entreprise”

Competence in Action in partnership with CBDC Restigouche

A project that offers online training tools in both official languages to prepare Canadian adults living in rural areas for the realities of an evolving job market. CBDC Madawaska's role is to recruit local businesses (SMEs) to participate in Skills in Action online training.

Continuation of the Entrepreneur Advisory Services Program

In keeping with the goal of offering consulting services to small and medium-sized businesses and not-for-profit organizations in the Atlantic region, this program provides financial and technical support from expert advisors who can help them solve problems, take advantage of opportunities and overcome challenges. The company can receive a non-refundable grant of 75% of the consulting fees.

Thank you to our funding partners!

Atlantic Canada Opportunities Agency (ACOA)

Thank you to our partners:

DSFNO

Upper Madawaska Chamber of Commerce

Edmundston Region Chamber of Commerce

Réseau échange femmes en affaires du Madawaska (REFAM)

UNI Coopération financière Business Development Bank of Canada (BDC)

Société du développement du Centre des affaires d'Edmundston inc.

Working NB

NB and Atlantic Association of CBDCs

CCNB, camps d'Edmundston et U de M, campus d'Edmundston

Opportunity New Brunswick (ONB)

City of Edmundston

Partenariat local en immigration du Haut-Saint-Jean (PLI-HSJ)

Sponsors of the Madawaska

2022 Young Entrepreneur Award

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

Youth Loan

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

Self-Employment Benefit (SEB) Program

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 knowledge-based economy, the adaptation and commercialization of technology.

Social Enterprise Loan

Tailored financing designed to assist social enterprises

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.

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