Entrepreneurs in rural and remote communities will have an opportunity to kickstart their business.
Community Futures and the Business Development Bank of Canada (BDC) announced a $100 million initiative to go towards entrepreneurs in the form of a loan to help start or get closer to their goal.
Chair of Community Futures Fraser Fort George Troy Dungate talked about the scale of rural and remote businesses.
“Across Canada, the Community Futures organization will do on average about $400 million in loans a year to small businesses, and approximately 5,500 different loans.”
“Here in Prince George, what we’ll deploy is anywhere between $1.5 million to $2 million to about 20 different clients, but that’s actively every year, so it adds up.”
Businesses would be able to receive up to $500,000 for their business, which he says can range from a laptop to start a graphic design business, to a logging truck.
Dungate added that a dollar in loans contributed by Community Futures usually has an economic blast of $1.75, equating the $100 million initiative to roughly $350 million.
More information about the initiative can be found here.
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