Community Futures Entrepreneur Fund exists to spark business opportunities that lead to community stability, growth, and job creation.
We are a group of people who believe that local small businesses are paramount in community development, and we promise to treat local businesses better by operating with the values of simplicity, compassion, and humility.
Our board of directors use policy governance to ensure the organization achieves its vision, mission, and primary functions of:
1.
Approving strategic goals and direction
2.
Establishing a framework for performance oversight
3.
Overseeing financial condition and resources
4.
Overseeing organizational risk management
5.
Managing the board’s own governance
We make business possible for marginalized entrepreneurs.
We provide accessible financing to start, grow, or purchase a small business.
Pacific Economic Development Agency of Canada (PacifiCan) (previously Western Diversification) provides core financial support and advice to allow our organization to function at its best.
The mandate of PacifiCan is to improve the economic growth of British Columbia and they value the contribution of small business in non-metropolitan BC. They support the diversification small business brings to community, the jobs that are created and retained, and of course the extra tax dollars the government receives. They have been a partner since 1986 and we trust the commitment to small business will continue indefinitely.
Governance Links
Progress & Appeal
To obtain a loan with Community Futures Entrepreneur Fund the applicant must fit the lending criteria.
Community Futures Entrepreneur Fund declines applicants that lack reasonable earning potential, questionable management, have poor credit history, poor collateral, and other factors. If the applicant believes they were declined due to an error, they can appeal for reconsideration.
1.
Applicant is asked to gather relevant documentation to offset the reason for the decline
2.
Applicant meets with loan officer to discuss new information and to outline why they believe Community Futures Entrepreneur Fund should reconsider their decision.
3.
New information is reviewed and Community Futures Entrepreneur Fund responds with new decision.
4.
If information is strong enough Community Futures Entrepreneur Fund will reverse its decision, if not, no further appeals are accepted.
Community Futures Entrepreneur Fund acts honestly and with integrity and treats all borrowers fairly and reasonably. We base our lending decisions on a careful and prudent assessment of a borrower’s financial position and capacity to repay a loan.
Our responsible approach to lending is based on (but not limited to) two key aspects of assessment to ensure credit is being provided responsibly. These are:
• assessing the suitability of a credit product for an individual.
• assessing a person’s capacity to repay the proposed credit debt.
All loans and credit products must be based on a genuine assessment of the borrower’s needs, the suitability of the product to meet those needs, and demonstrated capacity to meet the repayments.
If an applicant feels they have been wronged or mistreated, the following redress mechanism takes place:
1.
Client informally complains to the Executive Director
2.
Executive Director meets with client to discuss concerns
3.
If a resolution is not obtained, the client formally complains in writing and states:
a) Basis of complaint
b) Name of persons involved
c) Outcome sought
4.
Executive Director meets with staff person named in the complaint
5.
Executive Director responds to client in the appropriate manner to resolve the issue
6.
The first point of contact is the Executive Director.
If the client complaint is against the Executive Director, the client is then directed to the Board Chairperson.