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Community Futures: The place to go for help when there's no one else
Mac Olsen
South Peace News
Potential entrepreneurs who have difficulty getting capital and community groups who need assistance for ventures such as festivals can seek help from their nearest Community Futures office.
David Vanderwell is the chairperson of Community Futures for the Lesser Slave Lake Region, which covers from Wabasca to Red Earth and from High Prairie to Slave Lake.
“We look after community development and financial education for businesses. We’re also a financial alternative to the banks, we take on riskier items that the banks won’t touch,” says Vanderwell.
The board of directors has representatives from municipal districts and towns, including the M.D. of Big Lakes and the Town of High Prairie, as well as members at large. Vanderwell become the chairperson in August 2009.
The federal government’s Western Diversification Fund provides money to Community Futures to operate. However, their contract is subject to renewal and they have received only part of their money for 2010.
“Until the budget is announced, we won’t know for sure what our financing is. Normally it’s for a five-year term and we’re taking a wait-and-see attitude.”
Community Futures is planning for contingencies in the event their funding is reduced, he adds.
Small businesses are its focus, with loan portfolios up to $150,000. The business plan does not have to be fully developed initially, as Community Futures can assist with some of the details. But the applicant must have a good idea for their business and the application must be fully completed for consideration.
Community Futures also supports new and existing business development which leads directly to job creation in the region.
“The federal government gets its ‘biggest bang for the buck’ from the efficient effectiveness and results in new business start ups and job creation directly to the immediate region, through the Community Futures organization,” says Randy Renauer, the executive director in Slave Lake.
“This year alone, it looks like $1 million will be lent to 15 new businesses in the Community Futures for the Lesser Slave Lake Region, with an average of two positions per business, equalling approximately 30 new jobs created. This is accomplished basically on approximately $300,000 of operational funds provided to Community Futures to carry the loan program forward.”
Community Futures is also involved with the communities and support several projects and initiatives which are community and regionally developed ideas. Community Futures is active in making the region aware of federal funding programs which become available to municipalities and others in the region.
Renauer also says Community Futures is trying to attract new industry to the region for trade and new industry development. Several companies are interested in the region’s resources to develop their business, but without any contact or information from the region they would not be aware of what is available here.
“Now they are receiving information and are being made aware of the potential in this region and they are interested because of the Community Futures Investment Attraction Initiative. The Bio-Mile in Drayton Valley would be a good example of the results from such an initiative. Community Futures is working to develop a similar initiative for this region,” says Renauer.
Community Futures also helps community groups with festivals when possible, but there are strict conditions to provide support.
“If there’s something that the community wants, there are some limited funds to help community groups, that are non-traditional business items,” says Vanderwell.
Renauer says they can support such events if they promote them as marketing items, making it important to get the Community Futures name out at any event they market with.
“Direct support for a community event is more difficult for us to get approved,” says Renauer.
For more information about Community Futures, please call toll free 1-800-622-7128, or go to their website at www.cflsl.com.
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David Vanderwell
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