CORNWALL, Ontario – A new report is touting the impact of the Community Futures Development Corporations’ lending program on the Ontario economy.
Researchers from the Conference Board of Canada determined the CFDC provided about $4.50 worth of economic bang for every buck it loaned to local businesses from 2009-2014.
“We find that the program, which is meant to ease credit conditions for small and medium-sized businesses in rural communities, has significant economic clout,” the report says.
Lesley Lang, executive director at Cornwall & The Counties CFDC, is hoping the report is an eye-opener for people who are unfamiliar with their services.
“The key to this program has always been its grassroots focus,” said Lang.
Each year, the Cornwall & The Counties CFDC typically hands out 25 loans of $60,000.
“When the volunteers and staff see, every day, the positive impact our loans have on our businesses, and when we hear that our neighbours are thriving, it drives us to push forward and confirms to us that the CFDC lending program remains significant and beneficial to Ontario’s economy,” added Lang.
The Cornwall & the Counties CFDC delivers financing, collaborative small and medium-sized enterprises (SMEs) support, strategic community planning and economic development solutions.
The local branch is one of the 15 CFDCs in eastern Ontario funded by EODP through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
For more information, visit www.mycommunityfutures.ca.
