CBDC of Central P.E.I. reflects on $4.5 million provided to local businesses the past year
SUMMERSIDE, P.E.I. - More than $4.5 million was given directly to small and medium businesses by the CBDC of Central P.E.I. to combat COVID-19 shutdowns in 2020.
In a June 30 release issued after its June 17 annual general meeting, the CBDC reflected on their new investments this year which helped keep businesses afloat.
"This fiscal year has been a year unlike any other in history,” said CBDC president and business owner Jamie Caseley.
“Our family business suffered through cancellations and a complete collapse of our tourism season. Like others, we had to search for other areas of revenue wherever possible.”
During this time, CBDC introduced three new lending streams to help relieve the stress on companies from a lack of business.
“We delivered the Regional Relief and Recovery Fund (RRRF) for rural businesses, Urban Main Street Loan Fund Initiative (UMSLI) for urban SMEs, and the Provincial Emergency Working Capital Fund (P.E.I. EWC), unique to Prince Edward Island,” said executive director Tina Dickieson.
Alongside these new lending initiatives, CBDC Central P.E.I. continued with usual business lending through general business loans and the Impact program for urban borrowers in the Greater Charlottetown Area.
“I would like to thank all our staff,” said Caseley. “Their workload increased exponentially and they worked diligently to ensure they were always there for our clients. I am honoured to lead such a strong and committed organization.”
To see the full 2020⁄21 annual report got to https:// www.cbdc.ca/en/2021-annual-reportcbdc-central-pei.