Anne Prichard and Frontenac Business Services
Frontenac County was the last jurisdiction in Ontario to have a Community Futures Development Corporation (CFDC) established. CFDCs are federally funded institutions that provide loans for small businesses who cannot obtain funding otherwise, as well as business incubators. They offer advice on business plans, accounting, marketing, the use of technology, and more.
Not only was the Frontenac CFDC late in starting up, it has a structural disadvantage as compared to CFDCs in more populated and prosperous places. As well as limited operating money from the federal government, CFDCs are provided with seed capital so they can begin lending money out, on the expectation that, as that money is paid back with interest, that seed money will continue to grow. As the loan portfolio gets bigger, the CFDC can lend more, and the interest that accumulated can be used to increase institutional capacity as well as the amount of loans that are available to the public.
Not only did Frontenac start late, but being small and relatively poor in economic terms, it is slower to build up its portfolio than others.
Anne Prichard has been the Executive Director of the Frontenac CFDC (FCFDC), which has been rebranded as Frontenac Business Services, since its inception in 2004. She is about to retire from her role. She is currently working two days a week, and once a replacement is hired, she will help train the new person and will then step back.
In an interview last week, she said that one of the things that she did early on to address this, was to establish relations with other CFDCs in Eastern Ontario to work together on projects that FBS did not have the capacity to undertake. FBS also went to neighbours in the first few years, for access to capital to loan out, because the FBS pool of money was smaller.
In her role as Executive Director (ED) she has been at the forefront of fostering and developing the capacity of businesses in Frontenac County so they can thrive and survive, and in many cases, help others do the same.
One thing that she noticed early on in her tenure, was that most of the tourist based businesses, lodges and camps in the region, shut down immediately at the end of summer, on Labour Day.
“I felt this was too short, and it made it harder to develop a tourism base into the fall, to take advantage of the colours, Thanksgiving weekend, and the hunting season. And that is one thing that has changed, many more of the businesses are remaining open into the fall, and this helps them survive the long winter.
In the first few years of operation, FBS also played a role as a granting agency, delivering and monitoring federal grant programs for local business through the Eastern Ontario Development Fund that was provided by Industry Canada.
This gave the agency an opportunity to become better known by business people, who answered calls for grant applications.
“Processing a grant or loan application is a good way to begin engaging with businesses, and we have also been able, with permission from both sides, to connect businesses with each other, maybe to work together on projects and marketing, or be available for mentorship between established and new businesses,” she said.
“We do, however, point our clients in the direction of any granting programs we learn about, and our relationship with the Kingston Economic Development Corporation (KEDCO) has been good for that,” she said.
Frontenac Business Services developed a Food and Beverage Program with two sister Community Futures Development Corporations, and has carried on with it, after the others backed off from the program.
Finding suitable commercial buildings or land, has been a challenge over the years that FBS has worked on. Even establishing their own long-term office was a challenge.
“That remains a challenge in Frontenac County,” she said, “businesses who want to re-locate here are hindered by that reality.”
Anne has also worked closely with the Frontenac County Economic Development Department when possible, holding joint workshops and other programs, over the years. Since Emma Stucke was hired earlier this year to give Frontenac County more capacity for outreach with local business, the county and FBS have been visiting businesses together.
COVID had a big impact on the local business community, and as a federal agency, FBS did its own pivoting, and ended up delivering over $2.3 million through the COVID Relief and Recovery Fund.
“COVID also forced some of the resorts who were dependent on US visitors, to change their market very quickly, and we helped with that where we could.”
The FBS is a lean operation. Anne has been the face of it throughout its existence and it will be hard to replace her for that reason alone, in addition to the organisation building she has done. There is also a business development/loan officer and an office administrator on staff, and a strong board.
“We have been very fortunate for the strong board members, and board chairs, that have rotated through over the last 23 years,” she said. “They have volunteered their time and energy to help us play a role in supporting local business, both start ups and established businesses, looking for capital or business advice,” she said.
In the last couple of years, FBS has been engaged in something they are now undergoing themselves, helping local businesses with succession planning, by offering workshops and consultation services.
Anne said that she is confident that a new person will be able to succeed her and keep FBS in business and supporting business in years to come.
That person will need to bring a lot of energy, business and people skills to replace her, however
