CFDC: Ten years on, looking back to the future

Jeff Green | Jun 19, 2014

Sometimes even an organization dedicated to the future finds itself looking into the rear view mirror.

The Frontenac Community Futures Development Corporation (FCFDC) celebrated its 10th anniversary at its Annual General Meeting last week.

The breakfast event, which was held at the Verona Free Methodist Church on June 12, was attended by a number of original board members, including Matthew Robinson (soon to be CEO of the Robinson Group), John Inglis from Lothlorien Woodworking, and Ryan Seeds from Seeds and Associates.

Anne Prichard has been the executive director of the FCFDC from the organization’s start, aided by Executive Assistant Sue Theriault, who has also been there for 10 years. “Our goal from the start has been to help local business initiatives, be they start-ups or established businesses looking to expand,” said Prichard.

Although the FCFDC is federally funded, it is a registered not-for-profit corporation, and decisions on loans and grants are made by a volunteer board comprised of business and community volunteers from Frontenac County.

Current Chair of the Board, Ron Higgins, outlined the results of some of the accumulated efforts of the organization.

The three major functions of the FCFDC include: providing loans, business support services and advice, and providing grants from the Eastern Ontario Development Fund.

In 10 years over $5.5 million has been loaned out by the FCFDC to 191 customers. The corporation holds $3 million in its loan portfolio currently, including over $1 million lent out in 2013 to 21 businesses.

“We estimate that for every dollar loaned another 98 cents is invested from other sources, be it a bank or the business itself, putting $2 million into the local economy from our loans this past year,” said Ron Higgins.

About 25% of the loans have gone to tourism-related ventures; another 25% to retail; 14% to the service industry; 10% to value added food; and 6% to farming.

In terms of grants, under the Eastern Ontario Development Program, in 2013 alone, $878,000 was granted to 96 different projects. A further $318,000 in grants, matched dollar for dollar by the businesses themselves went to 65 projects that created 18 jobs and supported another 318 existing jobs

In terms of business consulting, the FCFDC has conducted 414 in-depth consultations over the years, and has run 24 workshops on various topics.

Working with Community Futures Development Corporations (CFDC) from other counties, as well as agencies such as KEDCO in Kingston, a number of regional projects have been undertaken, such as the FAB (Food and Beverage) initiative in Frontenac, L&A, Hastings and Prince Edward Counties.

Executive Director Anne Prichard has been pro-active ever since the start, approaching businesses, township and county councils, and providing ideas for initiatives throughout the county and the region. Ron Higgins paid tribute to her efforts.

“On behalf of the current and past board members, I would like to let Anne know how much we appreciate how much effort she has put in and continues to put in to bring this agency to life,” he said.

For her part, Prichard says it has been and continues to be a continuing effort to get the FCFDC known to all businesses in Frontenac County.

As well, all of the CFDCs have been facing cuts to their core funding, and in the case of Frontenac County this has meant a decrease in staffing by one person in recent months. The Eastern Ontario Development Program, which has been renewed, has seen changes that will require attention by recipients and her staff as well.

However at the AGM last week, it was more a time to celebrate accomplishments than to strategise for the next phase of effort, and the packed house for the breakfast meeting, which was attended by representatives from all municipalities, Frontenac County, and the business and banking communities, made it clear that from its inception as a fledgling institution, the Frontenac Community Futures Development Corporation has indeed become an integral force in the economy of Frontenac County.