community futures development corporation · essex cfdc has been in operation since 1995 and covers...
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![Page 1: Community Futures Development Corporation · Essex CFDC has been in operation since 1995 and covers all of rural Essex County The Essex CFDC is one of 61 CFDCS in the province. CFDCs](https://reader033.vdocument.in/reader033/viewer/2022052004/60173c56b92f36193224a03a/html5/thumbnails/1.jpg)
Community Futures Development Corporation
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CFDCs are Not-For-Profit, locally-run organ-
izations that foster economic development in
rural communities across Ontario through a
range of services such as:
Strategic Planning and CED
Access to Capital/ Loans to SME’s
Business Counselling Services; and,
COMMUNITY FUTURES DEVELOPMENT
CORPORATIONS (CFDCs)
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FEDERAL PROGRAM
There are approx. 260 CFDCs
across Canada.
The CF Program was started about 27
years ago to enable local people to make
decisions that create improvements at
the community level.
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Essex CFDC has been in
operation since 1995 and covers
all of rural Essex County
The Essex CFDC is
one of 61 CFDCS in
the province
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CFDCs partner with other agencies,
ministries
and government departments to leverage
funds and strengthen services to the
community.
With the support of the
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Export Support;
Help with business plans; seminars and
workshops; access to business resources
and databases; online learning
BUSINESS DEVELOPMENT AND COUNSELLING SERVICES
Business
advice,
counselling,
and referrals;
And Networking opportunities Breakfast Express since 2005 (SBC and SES partnership)
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Export Support;
Co-location with
Small Business
Centre and WEtech
Alliance at CFDC
location in Essex
County
BUSINESS DEVELOPMENT AND COUNSELLING SERVICES
Enhanced
Services
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Essex CFDC LOANS
Micro Loans and
Up to $150,000
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OUR ROLE
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LOCAL
How are we different from a bank??
Usually secondary lender after bank
Flexible repayment
terms; patient capital
Access to other
counselling resources
Local decisions on
approvals and on
collections
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Local Business Needs
Local Services
Local Solutions
Local Successes
Governed by a local volunteer board
of community members
LOCAL
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OTHER FUNDING OPTIONS
In some areas,
CFDCs have formed
partnerships on a
regional basis to offer
initiatives eg. SOFII fund
– partnership of 20
CFDCs - loans $150k to
$500k including urban
A CFDC may also approach other lending agencies as a liaison in cases where a promising project needs further funding.
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PROJECT BUILDING FOR SUCCESSFUL
FUNDING APPLICATION Business Plans – key items and what is the CFDC/
Banker looking for
•Executive Summary – BRIEF
not by weight!
•Market Research & Competition – how do you know there
is a market for your product or service?; how many
competitors?; is there room for another?; who is your target
market (customers)?; how will you reach them?
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• do you need to take
some courses or get
some hands on
experience
• If you’re the hands on
worker who is looking
after…..
• Sales ?
• Financial info ?
Management TEAM
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More Key Items •Project Start up Costs
(including working capital) –
what do you need vs what
can you get
•Equity – what are you
putting in?
•Capacity – back up cash
flow
•Credit Report – be up front
so no red flags later
•Security – collateral
•Higher risk industries
require more support eg.
restaurants
•Business Plan including
Cash Flow Forecast
(monthly)
•Understand your plan if
someone does it for you – no
deer in the headlights look
when asked a question
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Cash Flow Forecast
• Sales Forecast – reasonable, ASSUMPTIONS for
numbers, seasonal? (Top Down, Bottom Up approach)
• Operating Expenses – have they been researched &
estimated realistically? Price things out.
• Do your revenues cover your expenses?
• Wages – owner draw – have you done a personal budget to
see what you need to live and if the business can support
that – if it cannot support you, then what??
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(cont’d)
Some Options:
•Full time job and start business on side
then
As business develops and sales are
consistently coming in then:
•Part time job and business on side
•THEN Full time business when can sustain
personal budget & expenses of business
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“Be My Own Boss – sit back and
let money roll in”
Reality Check:
• Work harder and longer hours for less
money- if not minimum wage why doing?
• More stress
• More debt
• Wear many hats
Need to know you are prepared for this
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THANK YOU & QUESTIONS
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For additional information:
Linda Scott
General Manager, Essex Community Futures
Development Corporation
(519) 776-4611
With the support of the