A true example of supporting local
Micro Lending Fund to assist Lunenburg County businesses
New and existing businesses in Lunenburg County will be able to receive an infusion of needed funding through business loans.
The initiative will begin this year in what is being described as a new and innovative locally driven effort to foster entrepreneurship within the county.
The Lunenburg County Micro Lending Fund (LCMLF), in partnership with the Lunenburg County Community Fund (LCCF), will provide financial resources for small business entrepreneurs within the county, focusing on small loans of less than $10,000. It will allow business owners or people thinking about starting a new business to make investments in their new or growing enterprises, according to a recent press release.
“It’s about local people supporting local people. The LCCF relies on donors who support those wanting to start a business in the county,” Elspeth Mclean-wile, chair of the Lunenburg County Community Fund, said in the release.
“I think this initiative speaks to Lunenburg County’s willingness to experiment with new approaches to community development, job creation and employment solutions for many. It also speaks to a strong belief in taking ownership of the future direction of our area and finding innovative ways to support for our future prosperity. Governments are unable to effectively create jobs - they need to create the right environment through infrastructure. The private sector needs to be in the job creation business,” Mclean-wile said.
According to the release, the founding donor and fund visionary is Fulcher Foundation.
Wayne Fulcher, founder of Fulcher Foundation and a Lunenburg County resident, said he knows first-hand what it feels like to have a dream and not be able to connect with resources to drive it forward.
“As a young man, I didn’t have the financial resources myself or family and friends with the money to help me get started,” Fulcher said.
“I have had the good fortune to have had, on three occasions, the personal support from others that gave me a great gift – that of validating my own self-confidence.”
Early in his career, Fulcher said he received help from someone familiar to his family to realize a business opportunity. It changed his life.
“… it was the first time in my young life where someone other than my family thought that I might be able to achieve something that was in my vision ...,” Fulcher said.
“There are so many individuals who have ideas, who see opportunities. And if they are as I was, without financial resources to realize it, they don’t get to the start gate. I think that is unfortunate because a lot of potential is lost.”
The LCMLF said in the release it would make impact borrowing simple by limiting paperwork and lending criteria that can be challenging at other institutions. It will focus on support systems and coaching provided by the micro-lending fund team.
“The difference here is that with the loans comes support from the staff people to encourage and support the development of an idea you may have for starting a business. There is that coaching and that support that often doesn’t exist from other agencies,” Mclean-wile said in an interview.
Michael Graves is a former business owner in Lunenburg County. Now he is the United Way Lunenburg County coordinator and a community volunteer.
Graves said in an email the support and encouragement will be helpful to business
Elspeth Mclean-wile owners. “What I like about the Now Lunenburg County Micro Lending Fund is the team behind the approved idea and eventual loan. Starting a business can be isolating at times,” Graves said.
“The Micro Fund also has an advisory committee made up of a variety of people with diverse talents and points of view. This committee supports the executive director and the client. Their insights and advice could be a real game changer for any new entrepreneur.”
Mclean-wile said she hopes young people will see this as a way to create a job and develop a life for themselves in Lunenburg County.
“This is local money from local people supporting local enterprise.
“I think the future for many rural communities will be that local people see the need to really step up and get involved in ensuring that their communities are sustainable for the future,” Mclean-wile said.
“We hope that others in our community will be attracted to put funds to increase the size of the capital pool so that we will have more money to lend in the future.”
Mclean-wile said the fund plans to start giving loans out this year after completing a search for an executive director.
For more information about the Lunenburg Community Fund, call 902-543-6495, email Lunenburgccfund@gmail.com or visit http://www.lunenburgcountycommunityfund.ca/.