CBDC Westmorland Albert - Annual Report 2022-23

Message from the Chairperson

Since 1992, we’ve delivered $22 1 million to 1,466 new businesses through the SelfEmployment Benefit program.

From 1997 to 2011, over $3 5 million has been disbursed to 528 young entrepreneurs and new startups through the SEED Capital program.

From 2001 to 2009, we provided approximately $2 8 million in loans to 307 new startups through the Entrepreneur program.

Special Project: disbursed $500,000 to 17 farmers through the Agriculture Fixed Link Fund (Federal).

Special Project: disbursed $2,000,000 through the HRDC Fixed Link Fund (Federal)

As Chairperson of the Board of Directors, I am pleased to provide you, the members of the CBDC Westmorland Albert, and the public in general, with a summary of the Corporation’s accomplishments during the last 12 months and its contribution to the economic development of this region The essential message of this report is that CBDC Westmorland Albert continues to make an important contribution to the region’s business community and entrepreneurial climate, investing both time and money through its financial services and programs.

Some important highlights of our efforts during the past year include:

Our corporation disbursed and facilitated the delivery of a total of $2,708,000 to 78 small and medium-sized businesses, with the breakdown of financial assistance as follows:

Historical total of 3,511 businesses funded for $72.9 million, assisting in the creation or preservation of over 7,384 full and parttime jobs in our region

The Atlantic Canada Opportunities Agency (ACOA) is an important partner in the work the CBDC provides in our rural areas. We are grateful for ACOA’s support and vision. The Government of Canada, through ACOA, is clearly committed to helping rural communities become strong and vibrant. Over the past year, ACOA has demonstrated ongoing confidence in the CBDCs through its support of activities through the Community Futures of Tomorrow, the Consultant Advisory Service, and the Entrepreneurial Training Fund We have been pleased to administer many important initiatives on the Agency’s behalf.

I also would like to recognize and thank the Government of New Brunswick, through WorkingNB, Southeast Region, for their continued support and commitment to CBDC Westmorland Albert

As a result of these services being provided to potential or existing businesses during the past 12 months, 175 full and part-time jobs were created or maintained in the Westmorland and Albert Counties.

Our financial situation is very strong and stable with assets of approximately $11.1 million. Historically, our programs have remained steady as the following data confirms:

After 36 years, since 1987, CBDC Westmorland Albert has provided Small Business loans in the amount of $38 million to 1,050 businesses.

Even with the support of such key partners, CBDC Westmorland Albert would not have the impact it has had on rural business communities without the vision and commitment of staff. On behalf of the Board, I congratulate them on their successes and thank them for the superb professional work they provide each and every day

Last, but by no means least, I express my great appreciation to the Board members for their voluntary contribution of time and talent that they make throughout the year to the CBDC

Janice Laturnus, Chairperson of the CBDC Westmorland Albert

Janice Laturnus, Chairperson

Message from the Executive Director

with Consultant Advisory Services This unique program goes beyond business counselling and training, while it allows to access technical and financial assistance by engaging a consultant to assist businesses in various topics.

These successes would never be possible if not for the dedication, hard work, and loyalty demonstrated by the amazing CBDC Westmorland Albert staff who often go above and beyond the normal requirements of their role to ensure all entrepreneurs receive the assistance they deserve.

CBDC Westmorland Albert is federally funded under the Community Futures Program and has been successfully delivering business loans and other crucial services to small and medium-sized businesses in Southeastern New Brunswick for over thirty-six years.

Committed to our mission of fostering the success of local entrepreneurs, the CBDC exemplifies the organization’s values of Community, Relationships, Commitment and Success on a daily basis.

Since its inception in April 1987, our CBDC has disbursed over $43 million in loans including $5.2 million of Covid-19 relief funding during that trying time.

I’m pleased to say that 2022-2023 has been another busy yet productive year for our CBDC staff. As of March 31st, 2023, we have disbursed 30 loans totalling $2,068,700 which resulted in the creation or maintenance of 111 jobs. We also responded to over 600 inquiries about our services and completed 430 monitoring activities for local individuals

We are firm believers that in order to help our clients triumph, business skills training must be accessible and offered on a consistent basis, not only to first-time business owners but those who need to obtain new skill sets to help further enhance their company’s operation This year our CBDC has invested $97,489 in training to support 152 individuals on their entrepreneurial journey in the following manner:

46 clients were provided training funded by the Self-Employment Benefit program

88 participants attended our Business Development Seminar

18 received training through our Entrepreneurial Training Fund

Moreover, 9 projects were approved for a total of $64,448 to provide entrepreneurs

I’d like to issue a heartfelt thank you to our team consisting of Bernice Clements, Michel Gallant, Marc-André Thériault, Myriam Sonier, Jocelyne Brown, Rick Nicholson, and Melissa Watters for their dedication

Throughout our thirty-six years of existence, we have been privileged to work with amazing people who have served on our Board of Directors. A sincere thank you to each and every one of you for your time and commitment to entrepreneurs in our region, especially during these past few years which have required many additional hours away from your own businesses and lives.

I would also like to extend a special thank you to our Chairperson, Janice Laturnus, for her wise and patient advice, as well as the other members of our Executive Committee, Chris Patterson, Ruth Bradford, and Janice Doiron A sincere note of thanks for the confidence they’ve shown in us throughout the past fiscal year It has been greatly appreciated

Last but not least, we want to say thank you to the entrepreneurs in our region for your continued confidence and trust in our organization We look forward to continuing to provide exemplary services for years to come.

Nathalie Gallant, Executive Director of the CBDC Westmorland Albert

Nathalie Gallant, Executive Director

The Impact of the CBDC Westmorland Albert: Five Facts to Share

CBDC Westmorland Albert builds local expertise to develop more wealth in the community and create a better distribution of resources. CBDC Westmorland Albert'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 Westmorland Albert helped create and maintain 111 jobs in the community Supporting small businesses stimulates the local economy and helps reduce communities' dependence on large businesses.

Maintenance of Rural Populations: The CBDC Westmorland Albert is seeing an increase in newcomers with more requests for business start-ups from this clientele. In addition, the migratory balance finally seems to be reversing in favour of the community with, among others, a population originating from Ontario; this population is often interested in purchasing existing businesses.

Leveraging Local Resources: A new trend is emerging with new opportunities for the construction sector. Despite inflation, this enthusiasm does not fade.

The CBDC Westmorland Albert is a unique local resource for local entrepreneurs who must face these new challenges.

Cooperation and Pulling Together: The Consultant Advisory Services program is an essential resource for non-profit organizations wishing to improve their operations Among others, during the last fiscal year, the CBDC Westmorland Albert offered this service to the Albert County Tourism Association, the Shediac Lobster Festival and the Atlantic Wildlife Institute.

Increasing Living Standards: The CBDC Westmorland Albert is proud to participate in the Southeast Labour Market Partnership. Forging close ties with the various local organizations and municipal authorities always promotes an economy adapted to the needs of the communities by considering all the local services necessary for the development of small businesses

Business sector highlights in the CBDC Westmorland Albert region for fiscal year 2022-2023

Tourism: Accommodations such as geodesic domes, cottages, B&Bs, campgrounds, etc. seem to be common as the chartered banks are often hesitant to supporting them.

Construction: Construction continues to be strong in the area with no end in sight. Many new contractors are seeking operating lines of credit as they are undercapitalized and often do not qualify.

Exporting: The wait time is long since the demand is surpassing supply, and the prices for goods are high.

Young Entrepreneurs: A steady stream of youth loan needs. Young people seem to be wanting to stay in our area to work and start businesses and have large financial needs.

Succession: People often have limited knowledge of how to sell/buy a business, so interested buyers cannot borrow the money to do so and sellers are unsure as to how to prepare to sell. Often, there are no financials, purchase agreements, listings, or other missing items a lender would ask for.

Investment in the region for the year 2022-2023

Building

strong entrepreneurial leverage in the Westmorland Albert region

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

Number of applications received and approved for each CBDC loan product

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

Although the number of loans disbursed did not change significantly compared to the year 2019-2020 (pre-pandemic), the average loan size increased by 5%.

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

Jobs created and maintained in the community over the past 5 years

While the impact on jobs maintained was significant for the year 2021-2022, the last fiscal year shows a 103% increase in jobs created compared to the previous year

A 30% increase in the number of loans disbursed in the 2022-2023 fiscal year 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

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.