An impressive milestone
For 35 years, CBDC has provided $25.6 million in loans to 813 businesses
AMHERST — Opening a small business can be a perilous journey. It doesn’t have to be.
CBDCs, such as the one in Cumberland County, play a big role in helping entrepreneurs create small businesses as well as assisting in the expansion and retention of existing businesses.
This is the 35th anniversary of CBDC Cumberland.
“Our role is to support small and medium-size businesses at any point in the lifecycle of the business, from creation to existing to succession,” executive director Carys Wood said. “Whether it’s supporting through financing, advising or support and training. A lot of people think we just do financing, but it’s a lot more than that.”
CBDC is a not-for-profit organization run by volunteers from the local business community who firmly believe in improving the economic viability of the region.
The objective is to help build stronger communities by stimulating private sector employment in rural areas.
CBDC has five lending programs including the youth loan program, first time entrepreneur loan program, general business loan program, innovation loan program and the social enterprise loan program.
There is also the provincial self-employment benefit program. Wood said CBDC is also willing to work with entrepreneurs to leverage funds whether it be from lending institutions and other organizations.
It also offers skills training in special areas such as market development, bookkeeping, feasibility studies and business analysis.
There are also consultant advisory services to help small and medium-size businesses with various issues.
Since 1985, the Cumberland CBDC has dispersed 813 loans, valued at $25.6 million. The average loan size is $31,600.
Training funds disbursed since 2011, when the training program was first developed, includes $105,841 through skills training and $91,593 through the Consultant Advisory Services.
“We’re a good point of contact to point people in the right direction,” project analyst Shawn Mitton said. “There are a lot of people who come to us who don’t know how to get started. They may seek advice from us and get financing elsewhere.”
Through retention programs, Wood said there are opportunities available for those entrepreneurs looking to pivot or shift their business focus — something that happens through the passage of time or because of a major event, like the ongoing COVID-19 pandemic.
“Some companies may decide to change their business model after so many years or because of the economic environment. They may also be looking to succession out and are looking to value their business to sell or transition to someone else,” Wood said.
With many challenges faced by businesses across Cumberland, Wood sees a continued role for CBDC. The organization has also been changing to meet the needs of a changing environment.
For example, during the pandemic’s lockdown, when face-to-face meetings were impossible, CBDC staff continued to hold meetings remotely using technology.
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“We’re a good point of contact to point people in the right direction … There are a lot of people who come to us who don’t know how to get started. They may seek advice from us and get nancing elsewhere.”
Shawn Mitton, CBDC