WOODLANDS COUNTY – Michelle Jones, Community Futures Yellowhead East Executive Director presented the annual review to the Woodland County Council on April 23.
“I think it's very important to stress we need all of our partners to be able to work with us in terms of trying to create the economic development efforts,” said Jones.
Jones spoke first about the election and the possibility of new councillors at the table.
She appreciated Reeve Kusch being on the Board of Community Futures Yellowhead East.
She said it's a big learning curve when you sit on the board with community futures.
It's something that we really rely on our board to provide the leadership to bring those skill sets that we look at in terms of governing and managing the organization.
Jones went on to say the board are very instrumental in providing the strategic direction that she and staff relied on to do in the day-to-day operations.
She said the board has a huge responsibility and the longer they can have specific board members, the more successful the organization can be.
Jones began her review of Community Futures Yellowhead East having been able to achieve milestones as well as face challenges.
They were successful in assisting, creating and maintaining the expansion of 41 small businesses within the region.
There were 557 individuals with business training sessions and small business advisory services.
In the last year they saw fewer entrepreneurs and small business owners that were able to meet the limited criteria needed to be successful in their loans.
Community Futures Yellowhead East were successful in distributing five new business financing loans from startup and expansion.
This included eight new jobs and invested $250,000 into the region’s local businesses this last year according to Jones.
Three of the loans were used by adults 34 and under.
Community Futures Yellowhead East has a unique youth loan program that's different than any of the other offices.
Two female entrepreneurs were provided loans and services.
Both areas of support are pillars that Community Futures Yellowhead East are required to try to meet in terms of the federal government.
Jones said with the new fiscal year only being approximately 20 days in they currently have four new loans that are being put forward for consideration.
Those four applications include an Indigenous small business, a new Canadian small business, a youth small business and one business that will be expanding into another community.
The total regional investment of an additional $650,000 supports people who were able to meet the forgivable portion of their loans if they were paid up and/ or had to go to refinancing.
They saw a mix of small businesses being able to meet their loan obligations and small businesses who at the deadline had to continue to be able to meet their payments as per Jones.
Currently there is $420,570 invested in the region through regular loans and the triple RF program.
Community Futures Yellowhead East has approximately $2,112,140 available in loan funds to invest in economic development and growth of business communities.
There is approximately $1 million in stakeholder investment funds aside from the lending pool.
Jones talked about not being able to do it alone because they have five staff.
They find it is very difficult to continue to create that awareness and get the message out there as to what they can do and what's available.
Jones asked the Woodlands County Council to be conduits out there in the community, talking to residents and small business owners, supporting and making recommendations and referrals.
There are opportunities in projects and programs that Community Futures does not get in front of the small business owners or the residents.
Jones said, “We all take the responsibility.”
Some applicants are not hearing about Community Futures program until it is too late.
One of Jone’s predecessors was responsible for a program that started in 2008 and ended in 2015 where they worked with the provincial government to train unemployed people to upskill them.
As a result of it when the program was done the government provided funding and the assets stayed with the office.
Legally they were allowed to keep it as a nonprofit organization, understanding that the money could not go back to anyone in the municipality.
It had to be able to remain and be utilized in the fashion that Community Futures is designed for based on the mandate to work with community economic development.
Jones said she received several inquiries on what she was doing with this money.
The board tasked her to collection ideas within the region on challenges and gaps.
Her idea is to hire a Regional Marketing Strategist to lead a three-year investment marketing strategy for the region.
The position is currently posted.
Woodlands County has committed to $5000 for the Community Futures Yellowhead East program.
