The solution to these challenges lies in something called Community Economic Development, which is a way of working together to make both social and economic goals happen. It’s a framework that’s shaped by the people who live, work, run businesses, and provide services in the community.
Here at Community Futures Entrepreneur Fund, we follow the principles of Community Economic Development by focusing on two main things. First, we help people in our community start and grow their own businesses. Second, we provide businesses with easy access to the money they need to succeed.
Community Development consists of Economic Functions and Social Functions working together. One organization cannot meet all the needs of these two functions on its own. Community Futures Entrepreneur Fund’s role is to focus on Accessible Credit and Local Ownership as part of the community development process.
As well, because the owners live and work in the community, they have a strong interest in the social functions of Community Economic Development and take part in finding community solutions.
The Community Futures Program began through a federal government initiative that was designed in 1986 to lessen the economic disadvantages in rural Canada. The program has evolved through government ministry changes and in 2022, responsibility for the program in British Columbia belongs to Pacific Economic Development Agency of Canada (PacifiCan). PacifiCan focuses on evolving the economy of BC and supports Community Futures Entrepreneur Fund with financial and advisory support to help PacifiCan with its aims.
As you can see, the results of the program are remarkable. Businesses that receive Community Futures support show longer survivability, greater sales growth, and greater payroll growth. This is great for the community and great for increasing tax revenue to the government. Tax revenue that offsets the cost of the Community Futures Program.
So how do we obtain these results? Simply by supplying access to flexible loans for individuals and business that do not qualify at a bank or credit union. And, in many cases, these businesses are owned by underrepresented groups such as youth, Indigenous, people with disabilities, and female.
Our support is such a small part to your success, but, we recognize capital is the lifeblood of small business. Without adequate financing a business cannot start or grow. Yet access to capital for small business is scarce. We want to bridge that gap to help businesses with the financing they need.
Our goal for the future is to build a healthy community and we believe investing in local small business brings the goal within reach. The community is better when we have successful local businesses and that is why we treat business better. If you agree, we ask that you support local small business when you can. They are a key part of Community Economic Development and deserve respect for the risk, time, and energy they take to build our communities.