Peterborough-based consulting and engineering company Cambium has won the inaugural ignite100 entrepreneurial competition.
Economic development organization Community Futures Peterborough (CFP), which organized the competition, made the announcement at its annual general meeting on Thursday (June 27) at the Peterborough Rugby Club.
“We are overjoyed to learn of our success in the ignite100 competition,” says Cambium president and CEO John Desbiens. “Thank you to Community Futures Peterborough for the encouragement and belief in the concept.”
The ignite100 program allowed local businesses to compete for a $100,000 loan, interest-free for the first three years with no payments for the first year.
Cambium’s business model includes the development of a system to broker the transfer of excess soil from one construction site to another.
“The positive impact of this made-in-Peterborough initiative will be far reaching, further enhanced by guidance from our regional public and private development partners,” adds Desbiens.
While Cambium was awarded the grand prize, the other two finalists — Cottage Toys and Goodwin Metals Products — will also benefit from their participation in the competition. They will be working with CFP to obtain flexible financing options for their new business ventures.
“The ignite100 program was launched by our board of directors earlier this year to propel a local business idea that was innovative and able to create local, sustainable jobs in the region,” say CFP board chair Peter Gaffney. “We are thrilled to support Cambium on their business venture and congratulate all participants.”