CBDC Victoria Madawaska-South - Annual Report 2022-23

Message from the President

financial support and commitment to the CBDC Victoria Madawaska-South

outh is an epreneurs t-up or an expansion of their business. This is made possible through the programs and services we offer to our clients Through our quality programs and services, 2022-2023 has allowed us to contribute to the economic growth of our region. The CBDC Victoria Madawaska-South has a multi-level impact in our small rural areas

The CBDC Victoria Madawaska-South continues to provide financial assistance and counseling services to small and medium-sized businesses as a communitybased 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.

This past year has been very unsettled for the CBDC Victoria Madawaska-South. Executive Director retired, interviews for her replacement, new staff and new job descriptions just to name a few I would like to express my sincere appreciation to the board members for their contribution of time and talent throughout the year. Their knowledge, experience and dedication to this organization and entrepreneurs are essential to our success

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

The government of Canada, through ACOA, is clearly committed to helping rural communities become strong and vibrant. Their continued support is a clear sign of their willingness to nurture the business community through their vision and financial support. I would like to thank ACOA’s team of professionals for their understanding, their support, their guidance, and their assistance We are very grateful. I would be remiss if I did not thank the mayors and their councils for their support of the CBDC Victoria MadawaskaSouth We hope that this collaboration will continue with the new Grand Falls Regional Municipality. Last but not least our accountants, Nadeau Picard et Associés… thank you Lucie and your team

I would like to express our sincere thanks to our past Executive Director, Denise Lagacé Rioux, and to Ricky Bourgoin, our new Executive Director, for working with the Provincial and Atlantic Associations to improve and promote the CBDC programs. Ricky is always looking out for the best interest of the CBDC and its members.

Finally, on behalf of the Board of Directors, I would like to thank our dedicated staff: Ricky, Gina, Eric, Julie and Gaëtane. Your professionalism and dedication are key elements that contribute to our success

Thank You.

Gaitan Michaud, President

Gaïtan Michaud, President

Message from the Executive Director

Mr Michaud has demonstrated GREAT leadership throughout his mandate with the board. This being his last year as President of the board, I would like to say that I have very much appreciated working along side him His calm demeanor and wise advice have made my integration pleasant and very fulfilling. Gaitan, my sincere thank you for your dedication and for all your support you have given me in the past 5 months I wish you only the best in your future endeavors

r the CBDC excited to 2022-2023

e business community by spending both time and money in financial assistance and training programs.

Since our beginnings in September 1989, we have disbursed over $48 million in loans, and $2.4 million of COVID-relief loans. As operations return to a new normal after the pandemic, a total of 38 requests for assistance was received in 2022-2023 Therefore, we were able to uphold our vision.

At the end of March 2023, a total of 30 loans were approved, adding up to $957,639, creating 14 new jobs and maintaining 87 jobs. The CBDC has been able to provide to its clients 14 Consultant Advisory Services (CAS) worth $135,258 This would certainly not have been possible without the support and devotion of our multiple key partners. I am incredibly proud of this achievement considering the post pandemic challenges we have seen

I would like to thank the Board of Directors for their commitment, thoughtful input, and precious time. Their experience, knowledge and skills are instrumental to our success They are the backbone of this organisation The CBDC and the business community is in good hands because of the hard work they do.

A special thanks to our Chairman, Mr Gaitan Michaud, who has given so much of his time and knowledge to this organization.

I also want to extend my thanks to our past Executive Director, Mrs. Denise LagacéRioux for all the years she as given to this great organisation She has accomplished too many things to mention and leaves me with very big shoes to fill. Denise’s contribution was invaluable, and she will certainly be missed by everyone This being said, I am very happy for you Denise and wish you a healthy and happy retirement. You certainly deserve it.

Last but not least To my staff This past year has not been without turmoil and challenges. Changes in management is always stressful and disorienting. You have all made me feel welcomed and part of the team from day one Your support, your patience and your dedication have not gone unnoticed. My sincere gratitude to Gina, Eric, Gaëtane and Julie. I am confident that our team will continue to remain resilient, resourceful, and supportive to each other In everything we do, we need your involvement. I thank you in advance for your passion and participation in our business. Together we can achieve amazing things.

In closing, I would like to share my goal Going forward my goal is to support/coach the team in growing our region’s business community and support local entrepreneurs by staying committed to the CBDC’s values, vision and mission Increasing visibility, providing training and accessing excellent programs to help grow our business community’s imprint are some of the elements I will focus on I will continue to work collaboratively with our partners in order to achieve positive outcomes. I know that I will strive to provide exceptional value for the clients of our great community My door will always be open for discussion and invite everyone to be innovative thinkers.

Ricky Bourgoin, Executive Director

Ricky Bourgoin, Executive Director

VICTORIA MADAWASKA-SOUTH

The Impact of CBDC Victoria Madawaska-South: Five Facts to Share

Creating Local Jobs: Under its regular lending programs alone, CBDC VMS helped to create and maintain 101 jobs in the Greater Grand Falls region. The CBDC stimulates the regional economy by reducing local dependence on large corporations.

Maintaining Rural Populations: Amid the decades-long rural-to-urban exodus, the migratory balance finally seems to be shifting back. CBDC VMS’s challenge in the coming years will be to foster an economic model tailored to the needs of a new population To take just one example, the company Trésors et Délices is showing that a sustainable business model can be developed in the region.

Leveraging Local Resources: Greater use of local resources is among the trends observed by CBDC VMS. Acquisitions of existing companies, in particular by investors from Ontario, are a prime example. On Grand Falls’ famous Broadway alone, there are three new business owners from other Canadian provinces. Although these investors often have the necessary capital to start up their business, CBDC’s expertise is being called on more than ever before as more information requests are being submitted

Fostering Cooperation and Solidarity: Mutual aid is instrumental when it comes to creating projects, sharing resources and improving living standards; this is an important consideration for CBDC VMS. For example, in the past fiscal year, an advisory services project was approved to assist with the cycle path and bikeway rehabilitation in Grand Falls. Activities undertaken with the Valley Chamber of Commerce are other examples of CBDCsupported initiatives.

Improving Living Standards: Ideally, CBDC VMS’s impact is meant to be noticed in better local living standards, with services tailored to the needs of often under-represented groups. The CBDC recognizes the Tobique First Nation (Neqotkuk) and would like to forge stronger ties each time a business opportunity arises.

ANNUAL REPORT 2022-23

For fiscal year 2022-2023, three lines of business took the attention in the CBDC Victoria Madawaska-South region

Construction: A sharp increase in construction projects requires an improvement in working capital, as well as the creation of new businesses in the field.

Retail: A growing demand for used cars and recreational vehicles requires improved 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.

Investment

Request processed

Applications received

Applications approved

Amount invested

Number of sessions

Amount granted

New start-up

Existing businesses

Impact on businesses Impact

Total Jobs created Jobs maintained

Total

Number of business counselling sessions

Number of clients

Applications approved

Training sessions 17 $26,308 41 11 $201,219 13 $79,259 CBDC VICTORIA MADAWASKA-SOUTH

Self-Employment Benefit ANNUAL REPORT 2022-23 4

Advisory

Building strong entrepreneurial leverage in the

Victoria-Madawaska South region

Total value of

from the

and financial leverage over the past five years

With the smallest population-base amongst CBDC offices in New Brunswick, the CBDC Victoria Madawaska-South stands out for its supports to young entrepreneurs in the region.

assistance

CBDC

Number of applications approved for each CBDC loan product

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

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

The quality of the projects approved by the Board of Directors of the CBDC Victoria Madawaska-South contributes to the creation of sustainable jobs based on the needs of the community.

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 Enterprise 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.