A report completed recently by the Conference Board of Canada found that the impact of lending by Community Futures programs has a significant impact on their communities, and that that impact is growing.
Jim Niesen, the business and loans manager for the Huron Business Development Corporation in Seaforth, says a previous study showed that every dollar Community Futures programs like the HBDC lent out generated $4.22 of growth in local GDP.
The new study shows that figure has grown to $4.50.
Niesen says Community Futures programs operate primarily in northern and rural communities and the Huron Business Development Corporation is having one of its busiest years this year. He adds that by the end of this fiscal year, the HBDC will have lent out a little over $2-million, which would be a new record.
As well as its lending service, the HBDC provides a business counselling service and economic development assistant, Niesen says. The combination of those three activities has helped over 2,600 businesses, which represents about 40% of Huron County's business and farm community. those businesses have employed over 9,400 people, which is 30% of Huron County's labour force.
Community Futures is a national program with more than 260 Community Development Corporations Canada-wide and about 60 in Ontario.