2021 Annual General Meeting – Community Futures Peterborough showcases success in the community
June 24, 2021 – PETERBOROUGH, ON
The resiliency of Peterborough’s entrepreneurial community continues to shine and was a focus at this year’s Community Futures AGM, held virtually this morning.
“It is hard to believe that one year later, we are still battling many challenges with COVID-19, and we are making progress. It is incredible to see how optimistic Peterborough entrepreneurs are and their commitment to their community. I believe the rebound has begun.”” says Grant Seabrooke the Chair of the Community Futures Peterborough Board of Directors.
Over the past year, Community Futures Peterborough (CFP) was quick to respond and immediately deferred all payments for their clients. They too had to pivot and adapt to a changing environment. With the introduction of the Federal Government’s Rural Relief and Recovery Funding (RRRF) more than 3.5 million dollars was delivered to local business, and as the available funding increased, CFP was able to top up initial funding requests. Seventy three business received funding through the RRRF loan funding.
“Recognizing that money does not solve all problems, we adapted our programs to match the needs of our clients”, said Gail Moorhouse, the Executive Director at CFP. We created a new program through the RRRF Business Services funding. Keeping it local, Advance Advisory Services matched business with professionals in our region to deliver expert advice. “One CFP client was considering close their doors, the engagement with an expert helped develop a strategic customer attraction plan and within 2 months they had their best month ever. For the vendor they had a new revenue stream and hired one employee. The program was extremely successful, helping 69 clients and vendors and $275,000 stayed in our local economy.”
“Three months ago, CFP gave us a loan and now our business has been growing over 100% each monthly, says Alex Chak, owner of Keto Pi Factory. We now have 3 new employees. I feel CFP has given me the opportunity to fulfill my dreams.” Wanting to give back, Alex has donated over $10,000 in food to community and front line workers.
The AGM also recognized outgoing board members who have completed multiple terms. Bill Parrington and David Konrad. Sandra Taylor is taking a one year leave and returning next September. The chair, Grant Seabrooke welcomed Rod Wallace to the board, as Rod brings a wealth of experience from working with other CFDC in loan management roles. Charlina Westbye, the daughter of the late Judy Heffernan will assume the position of Vice Chair. “I look forward to working closely with our team, community, government partners and our clients to find innovative solutions as we enter a year of recovery” says Seabrooke.
Regional Relief and Recovery Fund, offered loans of up to $60,000 with no interest and no principal payments until December 31st, 2022. If the loan is paid by that date, then up to $20,000 of the loan is forgivable. More information about the RRRF and other ways CFP is helping to support business can be found on the CFP website at communityfuturespeterborough.ca
With support from the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), Community Futures Peterborough’s mission is to generate and assist in creating and maintaining sustainable employment opportunities in the City and County of Peterborough by supporting small businesses through flexible financing and business services. CFP has invested $30 million in 1000 small businesses since 1985, leading to the creation or maintenance of more than 4000 jobs in the City and County.
Executive Director, Community Futures Peterborough