2017 Impact Report (Impact Loan)

2017 Impact Report.

Executive Summary Impact Loan (IL), a program coordinated by Goodwill Industries, (Ontario Great Lakes) assists entrepreneurs who are unable to attain traditional business lending from Canadian financial institutions.

Impact Loan provides business loans of $1,000 to $5,000 to entrepreneurs, with a maximum of $10,000 in total. Additionally, the Impact Loan team provides business (plan) development, comprehensive coaching and mentorship to Impact Loan entrepreneurs. This is a Goodwill Industries’ program, which relies on a partnership model between Libro Credit Union, Advisor Connect, The City of London and the Rotary Club of London South.

The Impact Loan Fund Since program inception, in 2012, the fund has provided start-up capital to thirty-three London entrepreneurs, with a total of $108,000 of capital released in the market.

In total, $34,000 has been paid back by entrepreneurs - this is equivalent to 31.5% of the total monies released by the loan fund, since inception.

Currently, $55,341.38 remains in the Impact Loan fund, with the capacity to provide approximately ten more business loans.

Impact Impact Loan successfully transitioned sixteen individuals off social assistance, to date - this yields an estimated $325,544 savings to the provincial government.1 Additionally, Impact Loan entrepreneurs provided employment 2 to 26 individuals, with an estimated total of 90 months, 24,240 hours and a total of $290,880 paid in wages. Two entrepreneurs employ(ed) ‘low income individuals’, which yields an additional estimated social assistance savings of $137,193.

In total, Impact Loan provided a savings on social-assistance payments/cost of $462,747 and transitioned 16 individuals off social assistance.

1 Deloitte & Social Capital Partners, The Community Employment Loan Program, September 2014 - http:// socialcapitalpartners.ca/pdf/SCP_Feasibility_StudyReport_5Nov2014.pdf 2 Full & Part-time equivalent

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Loan Fund Metrics, as of June, 2017 Catagory

Metric

Additional Metric

Total Loans

41

Total Entrepreneurs Funded

33

Total Active Businesses

19

This metric is based on the # of participants in the annual evaluation/ not all loan clients could be reached

Total Loans Written Off

7

$34,880

Total Loans Paid Off

11

$34,000

Charge-Off Rate

32.2%

Pay-Back Rate

31.5%

Average Repayment Period Avg. Per. Business Failure

17.6 Months 20 Months

Impact Loan Program Metrics, May 2016 - June 2017 Catagory

Metric

Inquiries

40

Referrals

14

Intake + Assessments

24

Applications

15

Impact Advisors

12

Advisor Connect Mentors

19

As of October, 2017 Impact loan has supported 33 entrepreneurs with the program’s micro lending exceeding $108,000. The program created 58 jobs and transitioned 16 individuals off social assistance. A conservative calculation puts the Social Return on Investment over $462,747 in total.

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Impact Stories Carmina de Young Design Local Designer, Carmina Young believes hard work and a willingness to accept help and advice from others are two important keys to getting a business off the ground.

“Since launching Carmina de Young Fashion in 2015, I have put my heart and soul into my business. You have to work super hard to launch a business but you also have to be open to letting others help you.”

London, Ontario has many resources for new entrepreneurs who want to start a business.

Along the way, I was lucky to get support from many people and organizations.

Goodwill Industries provided me with a loan through the Impact Loan program and I have been fortunate to have received lots of advice from mentors and experts in the field of fashion and business management.”

“In the end, I know that my business can only succeed if I am fully committed to it. At the same time, I recognize how important the help I have received has been. I am really happy to know that I am surrounded by so many people who are helping me achieve my goal.”

The CarminadeYoung.com website features this season’s high quality collection of ladies fashion ranging from business casual dressing such as: leggings and loose fitting tunic tops to fitted pencil skirts and long duster coats.

Quick Facts about Carmina:

- Born in Puebla Mexico, immigrated to Canada in 2000;

- A Graduate of the Fashion Design Program at Fanshawe College;

- Mother of two children, Gabby and Michael;

- Has managed several pop-up events,

which led to a 12 week pop-store in White Oaks Mall; - Employs 3 full-time staff and x 4 staff part-time with the assistance of Goodwill Industries; - Sold over $65,000+ of products in 2016.

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Impact Stories Continued Vision Tattoo Studios Since the age of 15, Nicolas Bennett envisioned one dream; to become a tattoo artist. A dream that would turn scribbling, drawing and painting into a life-long career.

Nicolas, age 35, is the owner and operator of Vision Tattoo Studio, located at 753 Richmond St. in London, Ontario.

Years ago, Nic started his career as a counter staff at Perfect Image, a tattoo studio in London, with locations across South-Western Ontario. His goal was simple; becoming a tattoo artist. In a few short years, Nic worked his way up to Store Manager, effectively managing three stores and over 30 staff.

And, he was tattooing part-time.

Nic came to the Impact Loan program in March, 2016 looking for a $5,000 investment to start-up his own tattoo studio. The loan funded a lease agreement, equipment, materials and initial marketing campaign. In 2016, over a period of 9 months, Nic brought in over $50,000 in revenue.

Quick Facts about Nicolas: - Born and raised in London; - Managed 3 tattoo stores, and over 30 staff; - Father to his 9 year-old son, Corinthian; - Has employed 3 full-time staff for period of 2 -6 months.

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Next Steps For the remainder of 2017, the Impact Loan program will focus on the following: 1. Maintaining the loan fund, by aiming at funding one entrepreneur a month, and supporting active Impact Loan entrepreneurs through: - On-going coaching; - Quarterly reporting; - Advisor Connect Evaluations + on-going development of advisor panel; 2. Providing new business knowledge and skill to active Impact Loan entrepreneurs by hosting: - A series of workshops and seminars; - Connecting with entrepreneurs on a weekly and monthly basis; 3. Creating a more robust online profile, through story telling in collaboration with Goodwill Industries and Libro Credit Union;

4. Provide additional promotional avenues through partnerships with media outlets, such as newspaper and radio; 5. Explore how current relationships may be deepened with program partners, such as Libro Credit Union or the Rotary Club of London South; 6. Create a pre-feasibility study to see if expanding Impact Loan into other communities in (Southwestern) Ontario is viable and whom to approach as potential partners; 7. Additionally, the Impact Loan team will start a funding procurement campaign to increase the team’s capacity to expand the program across Southwestern Ontario.

The Impact Loan fund operates on an annual budget of $45,000, through funding by the City of London, the Lawson Foundation and Goodwill Industries. $45,000 supports a Program Coordinator, Business Developer, Administrative Assistant and additional program costs.

Impact loan wants to expand current services to entrepreneurs in the loan fund’s active portfolio and conduct a pre-feasibility study that could determine the viability of expanding Impact Loan into other (Southwestern) Ontario communities.

Currently, the Impact Loan team aims to raise $100,000 for 2018/2019 to increase staff capacity and execute a pre-feasibility study aimed at program expansion across Southwestern Ontario.

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Table of Contents 1. Impact Loan

8

2. Impact Loan

11

3. Activities and Milestones

11

4. Statistical Evaluation

12

5. Program Evaluation

15

6. Libro Credit Union

17

7. Future of the Program

18

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1. Impact Loan Impact Loan, a Goodwill Industries program assists entrepreneurs who cannot attain traditional business financing. Impact Loan provides small business loans of $1,000 to $5,000, up to a maximum of $10,000. The Impact Loan team provides business (plan) development, comprehensive coaching and mentorship post-funding to entrepreneurs.

Currently, this program relies on a partnership model between Goodwill Industries, Libro Credit Union, the City of London and the Rotary Club of London South.

Typically, (potential) entrepreneurs are referred to the program by the Small Business Centre, Rise Asset Management, marketing avenues utilizes by Impact Loan (Kijiji advertisements) or other stakeholders involved in the entrepreneurial eco-system in London.

Small Business Centre Clients are referred to Impact Loan through the Small Business Centre. Impact Loan entrepreneurs typically work with the Small Business Centre to create a detailed business plan, which outlines financial data, a definition of product/service, partners, stakeholders and more.

Libro Credit Union Libro Credit Union, a local financial institution in London administers the Impact Loans and assists with credit checks, (no-fee) banking, client and debt management.

Libro’s infrastructure provides invaluable administrative support and allows relationship building between new business owners and a financial institution. In addition, Libro Credit Union is committed to a risk-sharing agreement of 80 / 20 for each Impact Loan. In case of a write-off, Goodwill Industries provides 80% of the capital, whereas Libro provides 20%.

The Impact Loan program offers more than capital investment to people with barriers. It offers hope, stability and a chance for success, through hard work and determination. Impact Loan marks its success by providing entrepreneurs with tools to achieve personal, professional goals and financial sustainability.

Impact Loan Review Panel After completion of the business plan, an Impact Loan review panel is scheduled. The entrepreneur presents their business, model and plan to the review panel; a group of volunteer advisors, who decide if the applicant is ready to launch or expand their business.

“Impact Loan believed in me, during a period [where] I felt pretty bad about myself” (Impact Loan Entrepreneur)

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1.1 Program Process Summary 1. Prospective entrepreneurs schedule an intake / assessment meeting with the IL Business Developer to assess business idea, client’s capacity to run a business and determine if the entrepreneur meets the program’s eligibility criteria; 2. A formal application is submitted with the business idea, which indicates a trajectory to lending decision/start of the business; 3. A credit check is performed by Libro Credit Union, on behalf of the client (to understand current debt load); 4. In collaboration with Impact Loan’s Business Developer and other entities (SBC), entrepreneurs complete their business plan; 5. A loan panel is scheduled for the entrepreneur to present their business plan and financial projections - the Impact Loan panel members review the business plan, presentation and deliberate for a decision on the loan.

(Decisions are ‘approval, approval with a condition or not-approved’); 6. Funding decision is made and a mentor is assigned to the entrepreneur through Advisor Connect; 7. A Libro Credit Union liaison for the Impact Loan program schedules a meeting with the entrepreneur to sign a loan-agreement. And, is provided with a (no fee) bank account, which holds the released loan amount.

2. Demonstrated need for the program (proof of income): the government of Canada provides a Low Income Cut Off (LICO), which the Impact Loan team utilizes to decide if entrepreneurs are likely to be eligible for the program.

Applicants may be accepted, if they meet the following criteria: - Applicant is a single individual, with before-tax income below $23,000 annually; - Applicant is part of a two-person household with family before-tax income under $30,000 or less, annually; - Applicant is part of a household greater than two people with a family before-tax income of $40,000 or less, annually; 3. Business Plan: applicants must be committed to prepare a business plan, in order to support the viability and execution of their business. Impact Loan encourages entrepreneurs to apply prior to completing a business plan. However, loan applications will not be presented for approval until the business plan is finalized.

1.2 Eligibility Criteria 1. No access to traditional financing: if a line of credit or bank loan is available to the entrepreneur at a reasonable rate, the Impact Loan program will not be a good fit.

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1.3 Team Members Impact Loan is located at Innovation Works (201 King Street in London, Ontario).

Impact Loan Team Members

- Nickolaas van der Velde | Impact Loan Coordinator - Julie Forrester | Business Developer - Lina Bowden | Program Mentor Goodwill In-kind Contribution & Supports:

- Sharon Hetherington | Administrative Assistant, Employee Development and Senior Leadership Team

Libro Credit Union Liaisons:

- Justin Jaggernauth | Commercial Account Manager - Ashleigh Memazadeh | Commercial and Agriculture Assistant & Coach

Impact Loan Panel Members*

- Cathy Egerton | Previous: Small Business Banking, CIBC - Chris Healy | CEO, Strategic Analysis Corporation - Frank Snyders CPA/CA, HBA (retired) | Previous: CFO, McCormick (Club House)

- Marya Shabbir, CPA, CMA | Assistant Controller, YMCA of -

Western Ontario Max Trglavcnik | Senior Account Manager, Business Development Bank of Canada Ian Rickard | Senior Account Manager Commercial Banking, RBC Royal Bank Louise Mauffette-Leenders, MBA | Leenders and Associates Dr. Trevor Hunter | Associate Professor of Management, King's University College

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2. Impact Loan: Brief History; 2011-2014 Pilot The Impact Loan Program began in 2011 under the name of Micro Loan, as part of a three year pilot project initiated by United Way of London and Middlesex. The program was created to offer opportunity for self-employment and business development to entrepreneurs who face barriers to traditional financing. The ultimate aim of the pilot was to create economic stability and self-sufficiency for individuals and their families.

In March 2012, the program issued its first loan. Over the course of the pilot, which was completed in April 2014, 12 loans were

issued. Following an evaluation of the pilot, a proposal was accepted to continue the program. The lending capital previously provided by United Way, Sisters of St Joseph and the Child and Youth Network was committed to the program permanently.

In June 2014, the program was rebranded as Impact Loan. It continued as a partnership between Goodwill Industries, Libro Credit Union and the Small Business Centre. Under the leadership of Lina Bowden, the program was refined to execute on the recommendations from the pilot evaluation report and other new ideas generated by the leadership team and community input.

3. Activities and Milestones (May 2016 - May 2017) 3.1 Funding procurement In 2016/2017, the Impact Loan team received additional grant monies through the City of London, which totalled $105,000 for program cost over three years and a donation from a foundation, totalling $30,000 for program cost, over three years.

3.2 New Partnership Model: Rotary Club of London South Many loan funds of this nature face challenges in financial sustainability.

Typically, micro-loan programs experience a lengthy repayment process, if any, depending on the demographic the fund serves.

In the summer of 2016, Impact Loan was approach by Denis Crane, member of the Rotary Club of London South (RCLS) to

establish a loan fund in support to entrepreneurs who face barriers to traditional lending.

After a presentation in December 2016, Impact Loan and RCLS created the “Rotary Impact Loan”, a loan fund, which provides up to $5,000 in small business lending.

Since November 2016, $10,000 has been committed and two Rotary Impact Loan were released in April and September 2017. Currently, members of the RCLS provide mentorship, an extended network of business contacts and on-going support for entrepreneurs.

3.3 Advisor Connect On May 18, 2017, the Impact Loan team, in collaboration with Pillar Nonprofit Network developed a community application, called ‘Advisor Connect”. This service connects 11

volunteer advisors from a wide range of backgrounds with Impact Loan entrepreneurs. Experienced entrepreneurs, experts and community leaders work 1-1 with program participants for business support and skill development. Advisor Connect currently captures 19 advisors.

3.4.1 Innovation Works The Impact Loan program is located at Innovation Works, a space designed for entrepreneurship, embedded right in the heart of the London community. Thus far, the space has been incremental in supporting the Impact Loan program, as it allows for connecting to additional community resources and connections.

3.4 Staffing and Resources City of London funding provided financial capacity to bring on a (client-facing) Business Developer. In August 2016, Impact Loan hired Julie Forrester to engage program entrepreneurs for 14 hours weekly.

4. Statistical Evaluation The 2017 program evaluation, which interviewed eighteen of the fund’s entrepreneurs was conducted to gain a better understanding of Impact Loan’s ‘Return On Investment’ (ROI) and ‘Social Return On Investment’ (SROI). Since program inception, in 2011, the fund has provided capital to thirty-three London entrepreneurs, with a total of $108,000 released.

In total, $34,000 has been paid back by entrepreneurs - this is equivalent to 31.5% of the total monies release by the loan fund, since inception.

The average repayment period for a loan is 17.6 months. And, typically, some program entrepreneurs experience business failure at an average of 20 months. The Impact Loan fund has a portfolio that contains 19 active businesses. The other entrepreneurs are currently 1) employed full or part-time, 2) engaged in a form of education, or 3) on a form of social assistance (Ontario Works, Ontario Disability Support Program).

Total Loans

41

Total Loans Written Off Total Loans Paid Off Average Repayment Period in Months Average period for Business Failure in Months Loan Pool Remainder

Table: Program Metrics & Industries

7

Total Entrepreneurs FundedENEEE Amount

33 $34,880

11

Amount

$34,000

17.6

Total Deployed

$108,000

20

Total Paid back

$75,525

$55,341.38 12

Program Metrics & Industries, Continued

Impact Advisors

12

Advisor Connect Participants

19

Program Statistics

Technology

Manufacturing

Professional Services

PCB Design

Chellos / Violins

Accounting

Web Design

Jewelry Design

Delivery

Battery Rebuild

Fashion Design

Signage

Web Hosting

Employee Wellness

Online Platform for Voice Talent

Home Care

Aerial Photography

Real Estate Signs

Inquiries

40

Referrals

14

Intake/Assessments

24

Applications

15

Photography

Cleaning - Residential and Commercial

Funded (including Stepup loans)

8

Search Engine for unsecured credit

Newspaper

Existing Entrepreneur Follow up

15

Computer Services/ Repair

International Student Placement (Educational)

IMPACT: As of October 2017, Impact loan supported 33 entrepreneurs with the program’s micro lending exceeding $108,000.

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4.1 Social Return on Investment Metrics Statistics for the Impact Loan fund associate high-risk with the loan monies deployed to program clients. However, there is another side to explore for program evaluation, defined as “Social Return on Investment”, which provides a social lens to the impact this fund has. Oftentimes, SROI analysis is grounded in factual numbers & arguments, but several SROI metrics are not tangible, as other program metrics might be.

A 2014 case study performed by Deloitte, and Social Capital Partners3 attested that the Ontario government spends $987.00 monthly

to support one individual on social assistance.

Impact Loan successfully transitioned sixteen individuals off Ontario Works, Ontario Disability Support Program or Employment Insurance.

Additionally, Impact Loan entrepreneurs provided (full/part-time) employment to 26 individuals, with an estimated total of 90 months, 24,240 hours and a total of $290,880 paid in wages. The 2017 program evaluation concluded that two entrepreneurs employ(ed) ‘low income individuals’, which yields an additional social assistance savings of $137,193.

Findings - The social return on investment of Impact Loan, since 2012 is estimated to $462,747 in total.

Social Return on Investment Metrics Social Assistance Savings (Impact Loan Entrepreneurs)

$325,554

Social Assistance Savings (Employees of Impact Loan businesses)

$137,193

Total

$462,747

Total Staff employed by Impact Loan entrepreneurs

26

Total hours of employment provided by Impact Loan entrepreneurs

24,240

Total amount of staff wages out by our entrepreneurs

$290,880

3 Deloitte & Social Capital Partners, The Community Employment Loan Program, September 2014 - http:// socialcapitalpartners.ca/pdf/SCP_Feasibility_StudyReport_5Nov2014.pdf

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5. Program Evaluation

What was your primary income source when you received your Impact Loan?

2 respondents said “Employment Insurance”, 9 respondents said “Ontario Works”.

On an annual basis, the Impact Loan team is committed to review its programming to understand how lending participants are impacted by Impact Loan and Goodwill Industries. The Impact Loan team wants to engage with Impact Loan entrepreneurs to ensure that personal and business goals are met.

What is your primary income source now?

11 clients responded with “self-employment income”, 4 responded with “employment income”, 3 said “Ontario Works”, 3 said “Ontario Disability Support Plan”.

The 2017 program evaluation was conducted in the beginning of June 2017.

Unfortunately, not all Impact Loan entrepreneurs were capture in this evaluation. Eighteen entrepreneurs responded to the program evaluation please find highlights of the evaluation questions and findings below. The evaluation engaged program entrepreneurs in the following questions:

Do you identify with a barrier?

26.3% identified with having a disability; 15.8% identified as an individual with mental health or addiction challenges; 15.8% identified as a newcomer, refugees or immigrant, and over 57.9% identified as a low income individual.

Has Impact Loan provided value in your entrepreneurial journey?

94.7% of respondents answered “yes”.

How helpful was the Impact Loan process? (business plan development / support) Response to Survey Question 8 6 4 2 0 1

2

3

4

5

6

7

8

9

Not Helpful

10

Very Helpful

How helpful was the Impact Loan panel to gain more insight into your business?

Response to Survey Question 5 2.5 0

Not Helpful

1

2

3

4

5

6

7

8

9

10

Very Helpful

15

How helpful has Libro Credit Union been to you [in the program’s process]?

Response to Survey Question 12 9 6 3 0

1

2

3

4

5

6

7

Not Helpful

Libro Credit Union received an average score of 8.6 from 18 respondents when asked “How helpful Libro Credit Union has been in the Impact Loan process?” Several respondents said: - “I love Libro”; - “Working with the Libro staff has been amazing” - “Libro has been really helpful to me and my business” What are the main reasons your business isn’t performing well?

- Entrepreneurs indicated a need for assistance connecting to customers; - Entrepreneurs indicated a need for assistance with marketing development.

Entrepreneurs identified that Impact Loan provides value in three areas: - Impact Loan provided funds to start their business; - Provided business development support to get their business to success; - Provided a connection to a mentor or advisor.

In addition, Impact Loan provided: - Additional investors to several Impact Loan businesses;

8

9

10

Very Helpful

- Platforms to other funding bodies in the London community, e.g. Verge Capital;

- Step-up loans to grow Impact Loan businesses.

Entrepreneurs indicated that Impact Loan could add more value, by: - Contacting places/customers on the entrepreneurs behalf; - More workshops that offer information on running a business, or segments of a business; - The capacity to provide more diverse lending, such as lines of credit; - Provide access to work space, which should be in a central location and needs to be accessible; - Additional promotion for Impact Loan businesses in local media.

The survey asked program entrepreneurs; “If you had the power to change anything about impact loan, what would you change?” Respondents answered: - “Provide additional lending capacity, in the form of a line of credit or additional loan monies”; - “Less requirements / paper work for a step-up loan.”

- “I wouldn’t change anything at all.”

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6. Partner Highlight - Libro Credit Union Libro Credit Union serves families, farms, and enterprises in Southwestern Ontario. As a local financial institution, Libro takes the lead on community development by partnering with local initiatives to increase and create prosperity for community members.

Impact Loan & Libro Credit Union Since program inception in 2012, Libro Credit Union has been the financial institution partner to Impact Loan and Goodwill Industries, Ontario Great Lakes.

As a partner, Libro Credit Union provides the following to Impact Loan:

- Libro liaisons are committed to join each loan panel review, and asses program applicants, case by case; - Provide assistance to the program with free credit checks, (no-fee) banking, account and debt management;

- In addition, Libro Credit Union is committed

to a risk-sharing agreement of 80 / 20, between Goodwill Industries and the Impact Loan program (80%).

Libro’s partnership provides invaluable administrative support for the program and allows new business owners to gain valuable experience, as they develop a relationship with a financial institution.

To conclude - the Impact Loan program offers more than capital to people with barriers. It offers hope, stability and a chance for success, through hard work and determination. With the tools and supports provided by Goodwill Industries, the Small Business Centre, Libro Credit Union, volunteers and community partners, Impact Loan marks its success by providing entrepreneurs with an opportunity to grow, endeavour and accomplish (business) success.

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7. Future of the Program Impact loan is at the intersection of its next chapter; expansion.

The 2017 program evaluation survey demonstrated a majority of (past) clients with a need for 1) increased financing, 2) additional knowledge on business segments (marketing, accounting) or 3) a need to get connected with the London community/potential customers.

How should the program expand? Should it focus on providing skill and knowledge to program entrepreneurs? And, provide additional promotional avenues through partnerships with media outlets? Is ‘going deep’ the answer, as the program expands current relationships with other London initiatives/partners, such as Libro Credit Union or the Rotary Club of London South?

Or, does the fund expand outwards? And, tries to establish additional loan streams in other communities in (Southwestern) Ontario, in cities as: Sarnia, Windsor, Guelph, Kitchener/Waterloo and Hamilton? Research shows that these communities have alternative avenues to funding for entrepreneurs. Examples include: Futurepreneur Canada, Rise Asset Management, local Business Development Corporations or local Small Business Centres. However, many communities have an underserved market, with entrepreneurs who cannot access traditional business lending.

For the remainder of 2017, the Impact Loan program will focus on the following:

1. Maintaining the loan fund, and aim at funding one entrepreneur a month, and supporting active Impact Loan entrepreneurs through: - On-going coaching; - Quarterly reporting; - Advisor Connect Evaluations + on-going development of advisor panel; 2. Providing new business knowledge and skill to active Impact Loan entrepreneurs by hosting: - Series of workshops and seminars; - Connecting with entrepreneurs on a weekly and monthly basis; 3. Creating a more robust online profile, through story telling in collaboration with Goodwill Industries and Libro Credit Union; 4. Provide additional promotional avenues through partnerships with media outlets, such as newspaper and radio; 5. Explore how existing relationships may be deepened with our partners, such as Libro Credit Union or the Rotary Club of London South; 6. Create a pre-feasibility study to see if expanding Impact Loan into other communities in (Southwestern) Ontario is viable and whom to approach as potential partners; 7. Additionally, the Impact Loan team will start a funding procurement campaign to increase the team’s capacity to expand the program across Southwestern Ontario

Currently, the Impact Loan team aims to raise $100,000 for 2018/2019 to increase staff capacity and 18 execute a pre-feasibility study aimed at program expansion.

Our Generous Partners.

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