CBDC Northumberland - Annual Report 2022-23

The Impact of the CBDC Northumberland: Five Facts to Share

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

Local Job Creation: Over the past fiscal year, CBDC Northumberland helped create and maintain 160 jobs in Northumberland County. Investing in local entrepreneurs stimulates our economy and reinforces one of our primary objectives – to expand the workforce within our region. Our assistance helps to create opportunities not only for business owners, but the community as a whole.

Maintenance of Rural Populations: An increase in newcomers is observed in the Greater Miramichi area. Over the past two to three years, CBDC Northumberland has witnessed an increase in people originating from outside our community seeking advice from our team of professionals. We are expecting to see a large increase in the number of newcomers within our business community in the coming years.

Leveraging Local Resources: A trend is emerging with past clients returning to CBDC Northumberland, even though they may be able to obtain financing from other financial institutions CBDC is a local resource that is growing in popularity for entrepreneurs in Greater Miramichi. Our clients appreciate the one-on-one counselling and personal support they receive from our team.

Cooperation and Pulling Together: CBDC Northumberland is working to ensure that the entire business community is aware of the

assistance and resources available to them through our organization, thus strengthening cooperation within the communities. The SelfEmployment Benefit program supports unemployed people wishing to start their own business venture. In addition, CBDC Northumberland wishes to further extend its support to more sectors of activity within our community such as fisheries and tourism.

Increasing Living Standards: CBDC Northumberland would like to acknowledge that the City of Miramichi is situated in Mi’kma’ki, the ancestral and unceded territory of the Mi’kmaq People. This territory is covered by the ‘Treaties of Peace and Friendship’ first signed with the British Crown in 1726. The treaties did not deal with surrender of lands and resources but in fact recognized an ongoing relationship between nations. We recognize the First Nations of Esgenoôpetitj (Burnt Church), Natoaganeg (Eel Ground) and Metepenagiag (Red Bank). The inclusiveness of CBDC services requires a clienttailored approach CBDC Northumberland works jointly with the Ulnooweg organization to strengthen its relationship with all the communities on its territory.

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For fiscal year 2022-2023, three lines of business took the attention in the Greater Miramichi

Accommodation and Food Service

$990,200 in loans approved

$390,000 in loans approved

$285,000 in loans approved

Investment in the region for the year 2022-2023

Building strong entrepreneurial leverage in the

Northumberland region

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

With its loan programs, the CBDC Northumberland has enabled investments of $3.2 million in the community through projects developed by entrepreneurs from the Greater Miramichi

Number

loan product

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

A 400% increase in loans disbursed is due to the relief loans activities that have almost disappeared during the last financial year.

of applications approved for each CBDC

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

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

A 50% increase in loans disbursed for the 2022-2023 fiscal year compared to the previous year. The recovery of entrepreneurs' confidence in the economy is well illustrated by this significant increase in CBDC Northumberland's impact on employment through its loan programs

Message from the President

As Chairman of the Board of Directors of CBDC Northumberland, I would like to welcome you to our 37th annual general meeting. I have been on the Board of Directors at CBDC Northumberland for eight years, and had the pleasure of taking on the role of President this past year. The 2022-2023 fiscal year was a challenging one for the Corporation with the lingering effects of the pandemic, internal changes to our Board, and the restructuring of staff after the retirement of our Executive Director of 33 years, Greg McNulty. Despite these challenges, CBDC Northumberland has had one of its most successful years to date. I would now like to present to you some of the highlights of the last year.

In 2022-2023, CBDC Northumberland provided financial assistance to the business community of Northumberland County. At year end, our loan portfolio stands at $7,114,720, with 118 loans managed. Below are the highlights of how this year’s funding was allocated:

23 loan applications were approved, totaling $2,375,200

As of March 31st, 2023, $1,457,075 of the above mentioned loans have been disbursed in to the community. Delinquencies are at an all-time low with only 5 delinquencies within our entire loan portfolio

12 clients were approved for the SelfEmployment Benefit Program.

$19,450 was invested in training programs for clients.

98 jobs were created and 62 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 in to their work on a daily basis and shows that they are truly passionate about the economic development of Northumberland County

Thérèse Savoie, President

Message from the Executive Director

It is with great pleasure that I welcome everyone to our 37th annual meeting. CBDC Northumberland has now completed 37 years of operation. Although the past year was filled with challenges with the continued aftermath of COVID-19, and the major in-house restructuring with the retirement of our previous Executive Director, Greg McNulty, after 33 years of service, we at CBDC Northumberland exceeded many expectations.

Our team’s focus has continued to be on supporting the entrepreneurs of Northumberland County. We exceeded our mandate by approving $2,375,200 in investments through our loan products in the past year, thus resulting in the creation/maintenance of 160 jobs As of March 31st, 2023 our loan portfolio amounted to $7,114,720.

The last fiscal year has been 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 the general public and private agencies 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

Celebrating our 37th Anniversary

Since 1985, CBDC Northumberland Inc. has helped potential and existing entrepreneurs in the region to access capital and other business resources. We are a not-for-profit organization run by a team of 8 volunteers from the local business community who firmly believe in improving the economic viability in the region by investing in small and medium-sized enterprises. Investment decisions are made by our Board of Directors sensitive to the needs of the Northumberland region These directors are volunteers from the business sector dedicated to making the community a better place in which to live and work. Beyond a doubt, the strength of CBDC Northumberland Inc. is in our volunteer board; they have an intimate knowledge of the local markets, the business environment, and the people in their communities.

Thérèse Savoie, Chairperson Wayne Bushey, Vice-Chairperson Alphonse Turbide, Treasurer Sharon Deroche, Secretary

Marcel Muise, Director Tara Ross-Robinson, Director Brett Gallant, Director Chief George Ginnish, Director

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.