October 1, 2008

Community Futures (CF) and the Southern Interior Development Initiative Trust (SIDIT) partner in community business development.

SIDIT and 13 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, Luby Pow. “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.”

The need for these types of loans is clearly evident. Even while the program was being launched August 2008 two loans opportunities were identified. Those loans have now been advanced with funds reserved for three more proposals.

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.