FOR IMMEDIATE RELEASE JUNE 24, 2020
COMMUNITY FUTURES PETERBOROUGH SHOWCASES SUCCESS IN THE COMMUNITY
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. Despite the ongoing COVID-19 pandemic and challenges facing our businesses, Peterborough entrepreneurs remain optimistic and committed to their community and how it will rebound.
“ We have seen time and time again from business owners in our region that they are committed to being creative, pivoting where they needed too and embracing a new way of doing business,’ says Gail Moorhouse, Executive Director of Community Futures Peterborough. “I couldn’t be prouder to work with such a resilient group of entrepreneurs.”
Several clients of Community Futures leveraged programs offered to develop e-commerce, found virtual offerings to deliver their services online or developed a new product. One of those clients was TreeWell Ltd, who transitioned into making hand sanitizer that can now be bought in stores throughout the community, including Canadian Tire.
COVID-19 allowed CFP to adapt their funding model to accommodate for the need of businesses to receive immediate relief. First, a COVID relief loan offered businesses a loan of up to $20,000, with no interest or payments for the first 90 days followed by an interest rate of 2.45% for the remainder of the term. Second, CFP also administers the Regional Relief and Recovery Fund, which offers loans of up to $40,000 with no interest and no principal payments until December 31st, 2022, with the chance to have 25% of the loan, up to $10,000, forgiven if 75% of the loan is paid by that date.
“It was a year of challenging times for all of us,” said outgoing Chair Peter Gaffney. “I commend the work done by all of the staff at Community Futures to find innovative solutions for our clients during this time.”
The AGM also recognized outgoing Chair Peter Gaffney for his tenure leading the Board of Directors for the previous two and half years. Grant Seabrooke was sworn in as incoming Chair with Devon Girard serving as Vice Chair. Newly appointed Chair Grant Seabrooke says he is looking forward to seeing the growth of the organization during the coming years. “CFP is marking its 35th year this year, and who would have thought it would come at a time where we face unprecedented economic challenges,” says Seabrooke. “I look forward to working closely with our team, our community and government partners, and our clients to find innovative solutions during the coming year.”
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 $28 million in 700+ small businesses since 1985, leading to the creation or maintenance of more than 3,300 jobs in the City and County.
The organization’s Financial Statements for the period ending March 31, 2020 can be found here.
Executive Director, Community Futures Peterborough