Growing Your Business - November 2023

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N E W S L E T T E R

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What is Economic Development?

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Ambassadors Needed

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What is Your Value Proposition?

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Programs & Events

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Facts & Figures

What is Economic Development?

In the broadest terms, economic development is defined as a process where private businesses, the public sector, and non-government partners work collaboratively to create conditions to increase economic growth, employment, and improve the quality of life in a community.

The process involves developing policies, activities, and strategies that create a competitive advantage for rural or urban communities and their businesses to increase brand awareness and investment attraction. Typical activities and policies include establishing economic levers and confirming a value proposition.

Economic development is communities strategizing for business growth and resiliency. At its core, economic development is business retention, business expansion, and business attraction. Economic development organizations and the programs they implement are an investment in growing and sustaining local economies.

These organizations support businesses by connecting them with specific resources, developing and recommending business friendly policies, marketing the community, and assisting with site location.

The benefits of economic development include, but are not limited to, diversifying, maintaining, and increasing the municipal revenue base as well as identifying best and highest use for properties. It plays a key role in the support and recognition of local products and services.

All of these reasons are why economic development was identified in the Municipal District of Bonnyville’s strategic plan. Economic development allows us to focus on the future by building on what exists today.

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Ambassadors Needed!

What is Your Value Proposition?

An M.D. ambassador (a.k.a. “Champion”) program is a marketing and communications strategy that utilizes local business operators and residents to promote M.D. values, messages, and brand.

Your value proposition is a powerful tool to drive sales and build your customer base. A compelling value proposition can advance the effectiveness of your company’s marketing plan. It is often regarded as the most effective and wide-reaching marketing activity.

These programs recruit leaders from business, government, and community, as well as ex pats now living elsewhere, to promote the community via a set of tools, marketing materials, and events.

The concept of an ambassador program is simple – in a world of too much information, a message delivered by a trusted source is the most effective.

The best way to lend immediate credibility to a business investment location and make it stand out from others is with a recommendation or success story from a peer.

These local champions are prominent among their peers, actively involved in business and social networks, and are influencers informally and formally promoting your community’s image and potential for investment.

The mandate for each ambassador is to promote the community as a place in which to invest and live through a unified message, share success stories and personal experience, and to promote specific programs and incentives that are attractive to their industry networks.

Ambassadors bring a new level of credibility to our economic development efforts. They harness word-of-mouth potential to effectively bring our brand to potential investors and skilled workers.

With all the marketing messages out there, municipal economic development marketing must find its maximum impact. It’s found when it is being handed over by a trusted source.

Building a successful team doesn’t happen overnight. It takes time to nurture an ambassador relationship. The investment is significant, but the payoff is immense. Ambassadors can be a secret weapon that are being added to our economic development toolbox.

Would you consider becoming a M.D. ambassador? If so, contact Scott Kovatch, Economic Development Specialist at 780-826-3171 or via email skovatch@md.bonnyville.ab.ca

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A value proposition specifies what makes your company’s product or service attractive, why a customer should purchase it, and how the value of the product or service is differentiated from similar offerings.

The perfectly tailored value proposition can become a huge success factor for your organization. The creation of a powerful value proposition is a challenging and rewarding task. The task involves knowing your customer or target audience, understanding your product or service, the cost of the product or service to your audience (value), knowing your competition, being clear and concise in your communications, and ensuring your unique value or selling proposition is consistent and up front in all your marketing materials.

For example, the M.D.’s Value Proposition is: The M.D. of Bonnyville is an investment-oriented development enabler with favourable industrial and residential land costs.The region has a skilled labour force, with industry-receptive post-secondary training institutions offering microcredentials.The M.D. of Bonnyville has business friendly zoning with access to an industrial land inventory and a unique rural/urban lifestyle.

The M.D. of Bonnyville has created a value proposition that is very basic and straight-forward. The M.D. has also created a version of the value proposition that clearly defines expectations associated with the basic value proposition. These expectations include the following: Target Industries - Energy Sector, Protein and Agriculture Technology, Renewable Technologies, and Defense Procurement.

Services - business intelligence, development permits, zoning, support from concierge team.

Advantages - speed of processing, cost of permitting and zoning, clarity of expectations, information for business case development, competitive taxes, proximity to industry and their inputs specifically; the energy sector, proteins, and agriculture technology, and Canadian Armed Forces procurement.

Programs & Events Do you know what business events are scheduled in our region?

Do you know what business support programs and services are offered in our region?

Read on to find event listings, websites, programs, and services offered by our partners. This includes workshops, seminars, and events – both in person and online – which support local businesses.

DIGITAL ECONOMY PROGRAM Community Futures Lakeland

ALBERTA EXPORT EXPANSION PROGRAM Government of Alberta

FCC YOUNG ENTREPRENEUR LOAN Farm Credit Canada

The Digital Economy Program is designed to help small businesses in Alberta undergo digital transformation and adopt eCommerce practices. The program can help reach new customers online and streamline business processes.

The Alberta Export Expansion Program offers funding to help export-ready companies and non-profit organizations enhance access to international markets and attract global buyers. The Alberta Export Expansion Program provides funding to small, and medium, sized enterprises, municipalities, industry associations, Indigenous communities, and economic development organizations promoting Alberta exports through: • Outbound international business travel • Bringing international buyers to Alberta

Are you under 40? If you have a good business plan, you can start or expand your business with the Young Entrepreneur Loan. Purchase shares in, buy, or improve an agricultural or foodrelated business, and take your dream business to the next level.

This program can help you improve your ability to reach customers, increase sales, and elevate your business’s eCommerce presence. It will include training and advisory support towards digital strategy development, Google My Business assistance, social media posts, taking awesome pictures for your businesses, and more.

The Digital Service Squad is focused on providing one-on-one, free local assistance to small business in Alberta.

Your customers are waiting for you online.

Registration - Digital Main Street

For-profit or municipal applicants may be reimbursed up to 50% and non-profit applicants up to 75%, on eligible costs cost such as: • Accommodation • Airfare • Inter-city ground travel • Tradeshow and event registration • Marketing translation services • Conference room space Eligible sectors: • Manufacturing • Agriculture and nutrition • Energy and mining • Environment • Technology • Culture

Benefits: • Get capital for your business up to $1,500,000.

• Low interest rates so you can focus on building your business.

• Establish or expand your business and build your credit history with FCC. • AgExpert Bundle: Get AgExpert Accounting Premium and AgExpert Field Premium for one year (a $499 value).

Features: • Purchase agriculture or food-related assets.

• Take up to 18 months to make purchases.

• No loan processing fees.

• Preferential rates available.

Young Entrepreneur Loan

Alberta Export Expansion Program

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AFSC NEXT GENERATION LOAN Agriculture Financial Services Corporation

INCUBATOR, INNOVATION, & GROWTH FUNDS Travel Alberta

The Next Generation Loan provides new entrants and young agricultural producers with a consistent source of fixed-rate term loans to establish their own farming operation.

Travel Alberta offers several funding opportunities throughout the year.

The Product Development Investment Program supports new and emerging tourism businesses.

AFSC Next Generation Loan finances land and equipment, production quota, home and farm renovation and construction, succession planning, breeding and livestock inventory, working capital share purchase, and debt restructuring.

Incubator Fund - Early 2024

Features: • Various terms up to 20 years with maximum amortization of 35 years.

• No annual fees.

• Payment schedule to fit cash flow.

• Prepay options based on the interest term you select.

• Applicants must meet one of the following eligibility requirements: - Under the age of 40 at time of the application - In the case of a joint application, 50% of the members must be under the age of 40.

- In the case of a corporation application, 25% of the applicants must be under the age of 40.

Young Producer Incentive At the time of application, applicants who have successfully qualified for the Next Generation Loan and are under the age of 40 may be eligible for a one per cent rate reduction for a maximum period of five years on the first term of the loan.

Next Generation Loan

Priorities: • Business/community is of strategic importance to defined travel corridors and/or the project is in alignment with local/regional tourism master plans.

• Creates a new purchasable tourism experience within Alberta.

• Contributes to job creation and economic growth.

• Diversifies the seasonality of product offering for the operation/region.

• Support the Indigenous tourism sector.

• Support sustainability practices within the tourism operation.

Eligible applicants: • Private sector, Alberta-based tourism businesses in operation from six months to three years, with a business plan showcasing strong potential growth.

• Tourism offering must be available no less than 120 days per year.

Eligible expenses and projects: • Up to $5,000 in promotional expenses including ad buying and media FAM trips.

• Experience pilots.

• Interpretive programming development for enhancement or new tourism experiences.

• Business planning and marketing strategy development by qualified third party.

• Content development.

• Website development and online sales platforms.

Travel Alberta drives the growth of the province’s visitor economy, creating and promoting must-visit destinations throughout the province. They do this by helping businesses develop memorable products and experiences, marketing those products and experiences to the world, and ensuring visitors access.

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Tourism is often thought of as happening elsewhere, yet it starts and ends at home. As an industry of connection, it contributes to welcoming, inclusive, and vibrant communities. It contributes to quality of life in terms of entertainment, experiences, and amenities. And it contributes to the social fabric of our everyday lives from GDP contributions generated by visitor spending.

For further details, contact Chris Down at 780-700-2380 or chris.down@travelalberta.com.

Incubator Fund Innovation Fund Growth Fund

A DIFFERENT KIND OF BANK Business Development Bank of Canada

The Business Development Bank of Canada is devoted to Canadian entrepreneurs.

BDC has 100,000 clients, with $52 billion in loans, committed to small, and medium, size businesses with over 2,900 employees.

The BDC helps create and develop strong businesses through financing, advisory services, and capital. BDC supports entrepreneurs in all industries in all stages of development across Canada.

BDC offers business loans for projects and working capital to protect cashflow, wholesale financing with indirect and syndicated solutions through or alongside financial institutions and other private sector lenders. BDC also offers corporate financing for larger businesses with complex needs.

BDC offers advisory services providing practical and objective advice to help growing businesses successfully address a wide arrange of challenges and opportunities.

BDC Capital, a subsidiary of BDC, offers venture capital, growth and transition capital, and growth equity partners.

The Bank for Canadian Entrepreneurs

Have an event or program that belongs here?

Contact Scott Kovatch, Economic Development Specialist by phone at 780 826-3171 or via email skovatch@md.bonnyvile.ca.

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Events FCC WEBINARS

BUSINESS LINK

Learn when it’s convenient for you! Catch recorded versions of FCC Virtual events, webinars, and presentations anytime in their On-Demand library. Sessions include 2023 FCC Economic Outlook, Train and Develop (Succession, and FCC Farmland Values Report.

Business Link can help you explore business strategies to successfully run your business, learn about financing options, marketing and sales, HR, and more. Business Link can get you connected with the most relevant resources and supports in the business community. Business Link can assist in reviewing and updating your business plan and access specialized services for Indigenous and immigrant entrepreneurs.

On-Demand Virtual Events AFSC PODCAST

This podcast series provides Alberta producers with in-depth information to support decision making on their operation around risk management.

Business Link hosts webinars that give small business owners the opportunity to learn, network, and share ideas.

Small Business Webinars

The AFSC Podcast BONNYVILLE & DISTRICT CHAMBER OF COMMERCE

By supporting our business community, the chamber helps create jobs, meaningful partnerships and relationships, and brings the community together.

Facts & Figures

The Bonnyville & District Chamber of Commerce is the voice of business in the Lakeland. Providing value to the community and its membership through advocacy, support, and promotion.

Municipal District of Bonnyville Development Second Quarter Permits •

53 Building Permits issued

The Bonnyville & District Chamber of Commerce stimulates local economic growth for its members through advocacy, education, networking, and representation.

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2 Industrial

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45 Residential

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1 Commercial

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5 Recreational

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Average time to issue: 15 days

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Total Construction Value: $6,095,300

Upcoming events: Inclusive Leadership Workshop - November 15, 2023 Chamber Christmas Craft Show and Expo - Dec 2 and 3, 2023

Energizing Business

Housing Starts •

7 single family

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3 ready-to-move homes

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1 mobile home

GOA Dashboard

SCOTT KOVATCH ECONOMIC DEVELOPMENT SPECIALIST

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Email: skovatch@md.bonnyville.ab.ca Website: md.bonnyville.ab.ca Phone: 780-826-3171