Community Business Development Corporations (CBDCs) supporting development of small businesses through tailored financing, mentorship, and training programs
January 31, 2025 · Porters Lake, Nova Scotia · Atlantic Canada Opportunities Agency (ACOA)
The Government of Canada is proud to support the growth and development of small-and medium-sized enterprises (SMEs) in rural, coastal, and remote areas of Nova Scotia.
Today, Darrell Samson, Parliamentary Secretary to the Minister of Rural
Economic Development and Minister responsible for ACOA, and Member of Parliament for Sackville – Preston – Chezzetcook, announced investments totaling $3,551,945 for 2024-25 through the Community Futures Program for 13 CBDCs in Nova Scotia and the Nova Scotia Association of CBDCs. This announcement was made on behalf of the Honourable Gudie Hutchings, Minister of Rural Economic Development and Minister responsible for ACOA.This funding will enable the CBDCs to offer essential financial assistance, specialized training, expert guidance, and customized local initiatives to the rural businesses, organizations, and communities they support.
For a full list of CBDCs receiving this funding, please refer to the backgrounder.
This investment is part of the $12.6 million allocated by the Government of Canada, through ACOA, to support the 41 CBDCs in Atlantic Canada under the Community Futures Program. With this contribution, the CBDCs in Nova Scotia will continue to provide essential support to local businesses, including financing, training, and services tailored to the needs of local entrepreneurs.
Quotes
“Small businesses keep our rural communities strong. ACOA supports all the CBDCs in Nova Scotia that are helping our local entrepreneurs to hire folks and invest in their communities. Because that’s a win for everyone.”
- The Honourable Gudie Hutchings, Minister of Rural Economic Development and Minister responsible for ACOA
“CBDCs play a critical role in empowering small businesses and creating jobs. By investing in them, we help ensure that entrepreneurs in rural areas have access to the resources, guidance and funding they need to succeed, building a more vibrant and inclusive economy for all Nova Scotians.”
- Darrell Samson, Parliamentary Secretary to the Minister of Rural Economic Development and Minister responsible for ACOA and Member of Parliament for Sackville – Preston – Chezzetcook
“We extend our heartfelt thanks to ACOA for their continued financial support of the CBDCs. This partnership has been instrumental in driving economic growth and fostering entrepreneurship across our rural communities. In 2023-24, the CBDCs assisted over 540 businesses, disbursing $35.5 million and impacting over 1,900 jobs. Together, we’re building a brighter future for businesses and entrepreneurs in rural Nova Scotia.”
- Jim Addicott, President of the Nova Scotia Association of CBDCs
Quick facts
Funding for South Shore Opportunities CBDC was previously announced in August of 2024 but is included in this announcement to give a full picture of 2024-25 ACOA allocation for Nova Scotia CBDCs.
For 39 years, the Government of Canada’s Community Futures Program has supported economic development in mainly rural regions of Canada through a network of 267 Community Futures Development Corporations (CFDCs). In Atlantic Canada, CFDCs are known as Community Business Development Corporations (CBDCs).
CBDCs are non-profit organizations that offer a wide range of programs and services to support community economic development and the growth of small businesses in Atlantic Canada. They employ local staff and are each led by a volunteer board of directors, representing the community.
Since 1995, the Government of Canada, through ACOA, has invested over $265 million in CBDCs via the Community Futures Program. This funding has contributed to the creation of over 30,108 jobs, the maintenance of over 60,300 jobs, and support for 40,936 entrepreneurs in Atlantic Canada.
Between 1995 and March 2024, CBDCs disbursed 41,105 loans valued at nearly $1.7 billion.
To find your local CBDC or for more information on the services and support they offer, visit the CBDC website.
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