Peterborough County has launched an economic development program called The Local Advantage. It’s an outreach program designed to support local economic development officer efforts to support local businesses by providing practical, accessible, comprehensive support to businesses throughout the county. Local Advantage sessions in Cavan Monaghan are scheduled for the second Wednesday of every month, when experts in tourism and economic development will be on hand at the Cavan Monaghan Community Centre to answer questions, provide advice, offer networking suggestions for potential business partners and even source local funding opportunities.
Rosalea Terry, Manager of the Business Advisory Centre (BAC) attended last week’s drop-in session. This organization offers complimentary services to support budding entrepreneurs as well as experienced business owners gain access to local resources, fine-tune some of their skills or put together a comprehensive business plan through one of their comprehensive programs such as the Starter Company Plus and Summer Company. These programs help entrepreneurs develop business plans under the mentorship of experienced local business mentors and coaches. The organization also offers workshops addressing specific issues including cash flow forecasting, corporate tax preparation and more recently one designed to help local businesses deal with potential US tariffs. All BAC programs are free and the organization is funded by the provincial Ministry of Economic Development.
Devon Girard, Executive Director of Community Futures Peterborough, was also on hand to offer support. One of the biggest challenges facing new and existing business is finding flexible financing. Traditional lenders require historical sales information and minimum credit scores that are not available for businesses that are at an early stage of development. Community Futures Peterborough is a not-for-profit organization that has been providing flexible financing to local businesses for more than 40 years and have a different approach to risk assessment for its loan approval process. All Community Futures loans are open and repayable at any time without penalty. The organization is funded by the Government of Canada through the Federal Economic Development Agency for Southern Ontario.
Together these organizations aim to nurture sustainable employment and promote business growth in the region.
So how did the first session go? Cavan resident Jill Staples dropped in to see what was on offer in this program. Past experience with the former Peterborough and Kawartha Economic Development organization which was disbanded last year was very positive. She was pleased that some of the staff have joined the County program so their expertise will still be available to local businesses. Given her family business Staples Maple Syrup, has been producing syrup for more than 200 years, she could hardly be described as a budding entrepreneur. She walked away from the meeting encouraged by the new initiative and with a few new ideas and possible connections.
Future sessions will feature specific topics or guest speakers offering advice on how to help business thrive. Topic suggestions are welcome! For more information, contact Brigid Ayotte, Economic Development and Communications Officer at bayotte@cavanmonaghan.net. KG