September 4, 2008
Community Futures (CF) and the Southern Interior Development Initiative Trust (SIDIT) partner in community business development.
SIDIT and 12 CFs operating in the Southern Interior of British Columbia have signed an agreement to provide small business loans that will help strengthen the economy in the Southern Interior of British Columbia. Loan amounts will range up to $ 1 million.
“This is an exciting development” says SIDIT CEO, Ron Baker. “Strategic partnerships are a key element in meeting SIDIT’s objective of directing the majority of its funding to economic development initiatives as opposed to seeing it eroded through administration costs. We are pleased to be able to participate in a meaningful way with local CFs which are well established in serving the financial needs of small business.”
“CFs have always believed that strengthening business and working with resources within rural B.C. builds stronger communities. SIDIT’s commitment to small business through this Southern Interior Business Development Loan Partnership shows a confidence in rural B.C.” says Jaymie Atkinson, Chairman CF Okanagan Similkameen.
The need for these types of loans is clearly evident. Even while the program was being launched two loans opportunities were identified. Palmer Bar Holdings (PBH) of Cranbrook is scheduled to receive a $154,000 loan. PHB produces round wood forest products including agricultural fence posts, fence rails, grape stakes, dowels and hop poles. The purpose of the loan is to secure inventory, which is purchased from a local company. The waste created by post peelings, is sold back to that company for hog fuel. Local trucking firms are employed to transport the product both domestically and to the U.S.
“This is a typical CF loan” says Mary Ellen Heidt, Manager of CF Okanagan Similkameen. “An industry that is in transition; a long time business providing employment; and a market opportunity.” “The partnership with SIDIT allows us to increase our loan limits and reach out to a larger segment of our business community.”
Loan applications under the program are made directly to the local CF office. SIDIT will provide up to 50% of the loan proceeds. CFs will do the due diligence and administration of the loan. A web link to the participating CF offices will be accessible from SIDIT’s web site at http://www.sidit-bc.ca/CFDC.html.
SIDIT was created by an Act of the British Columbia legislature with a one-time $50 million allocation to support economic development in the Southern Interior. In its recently ended first year of operations SIDIT committed $9.6 million to various initiatives. “Our target is to invest $7.5 million annually or $30 million in total over our first 4 years of operations “says SIDIT Chair Jim Thompson. “We’ve made an initial commitment of up to $2 million in this program and based on its success anticipate that additional funding will be made available.
For more information contact SIDIT at 250-545-6829 or your local CF office.
Participating Community Futures are:
CF Revelstoke – Darryl Willoughby 250-837-5345
CF East Kootenay - Rob Gay 250-489-4356
CF Central Kootenay - Paul Wiest 250-352-1933
CF Greater Trail - Craig Adams 250-364-2595
CF Boundary Area - Wendy McCulloch 250-442-2722
CF Shuswap - Dave Andrews 250-803-0156
CF North Okanagan – Jane Lister 250-545-2215
CF Okanagan Similkameen – Mary Ellen Heidt 250-493-2566
CF Thompson Country – Phil Lindsay 250-828-8722
CF Central Interior First Nations – Geri Collins 250-828-9833
CF Nicola Valley – Patrick Lindsay 250-378-3923
CF Sun Country – Debbie Arnott 250-453-9165
