If you’re a Peterborough-area entrepreneur who needs quick financial help for your small business, Community Futures Peterborough has got you covered.
Unlike for-profit lenders such as banks or credit unions, Community Futures Peterborough as a non-profit organization offers accelerated, hassle-free micro loans up to $20,000 for new and established small businesses — with pre-approval for entrepreneurs who are also clients of partner economic development organizations and business students of partner educational institutions.
“The goal of these loans is to get money into clients’ hands quickly,” says Community Futures executive director Devon Girard. “With our process being simple, easy, and — most importantly — quick, some business owners can leverage this loan to have cash in hand in as little as 24 hours.”
The application process is straightforward. Entrepreneurs discuss their financial needs with Community Futures loans manager Braden Clark, who assists with the application by looking at sevearl aspects of the business including the business plan and a cash flow forecast. Applications then go directly to Girard for approval, without requiring a review from Community Futures board of directors as is required with applications for larger loans.
“It’s an opportunity for an entrepreneur who needs a smaller amount of funding, whether it’s a start-up who needs money to get their business going or an existing business who needs quick funding to buy a piece of equipment or inventory,” says Clark, noting that repayment plans can be tailored to the client’s needs. “As a local non-profit lender, we have the flexibility on how we structure those repayment plans.”
For entrepreneurs who are clients of partner economic development organizations or business students with partner educational institutions, Community Futures Peterborough offers pre-approved micro loans, recognizing these entrepreneurs have already received professional support and guidance to hone their business plans, develop their cash flow forecasts, and better prepare themselves for the entrepreneurial landscape.
This includes clients of the Innovation Cluster Peterborough and Kawarthas and business owners who participate in the provincially funded Starter Company Plus and Summer Company programs, both offered through Peterborough & the Kawarthas Economic Development’s Business Advisory Centre.
“We know our partners have put their expertise behind an entreprenuer’s business plan,” Clark says. “They’ve had their eyes on it, they’ve provided feedback, and they’ve critiqued it.”
“It is becoming critical for many new entrepreneurs to surround themselves with expert advisors to support the growth of their business,” adds Girard.
With Community Futures Peterborough, the Innovation Cluster, and the Business Advisory Centre all located in the VentureNorth building at 270 George Street North in downtown Peterborough, entrepreneurs have easy access to those expert advisors in a single location.
“When an entrepreneur has gone through a program like Starter Company Plus, they know exactly what assets they need to purchase for their start-up,” explains Madeleine Hurrell, manager of the Peterborough & the Kawarthas Business Advisory Centre. “So it’s very convenient for them to take that next step with Community Futures.”
Tavlyn Evans and Crystal Walker are two such entrepreneurs. They participated in the spring 2023 intake of Starter Company Plus to prepare for the launch of their new Peterborough business, Sage Beauty.
Not only did the pair receive a $5,000 Starter Company Plus micro grant, but with a pre-approved micro loan from Community Futures Peterborough, they had the additional financial resources to help with the costs of expansion, taking courses, and offering more services — allowing them to quickly get their business off the ground.
“It was really nice timing for them to take advantage of both opportunities in the ecosystem to open that beautiful space when the opportunity came,” says Hurrell. “The ease of those funds allowed them to open so quickly.”
Andrew and Sean Fitzpatrick, owners of Take Cover Books in Peterborough’s East City, are another pair of entrepreneurs who participated in the spring 2023 intake of Starter Company Plus.
The brothers received a $5,000 micro grant from Starter Company Plus as well as a loan from Community Futures Peterborough, both of which helped them transform their online bookstore into a bricks-and-mortar location in Peterborough’s East City and also offer a gathering space for book-related events.
“They were able to bring in local authors and travelling authors and have a space where we can come and connect, which is more than just a bookstore,” says Hurrell.
Jena Trimble of Zen Home and Cottage Cleaning Services in Havelock has also benefited from the partnership between Peterborough & the Kawarthas Economic Development and Community Futures Peterborough.
Not only did she participate in the fall 2022 intake of Starter Company Plus and receive a $5,000 micro grant, but she also obtained a micro loan from Community Futures Peterborough and, the following year, participated in Community Futures Peterborough’s ScaleUP training program designed to help local businesses grow.
“For small businesses, especially if it’s something the entrepreneur has never done, it’s really great to have this resource in the community for funding,” Hurrell says.
Community Futures Peterborough’s pre-approved micro loans are also available to students in the New Venture Planning and Design class at Trent University and students in the Global Business Management program at Fleming College. In these classes, students are taught the skills and concepts needed to excel in their business, including conducting market research and developing business plans.
According to Raymond Yip Choy, business professor at Fleming College and adjunct at Trent University and a Community Futures board member, the micro loans are especially important for young people who are planning to launch a new business and may not qualify for financing from traditional lenders.
“Most young entrepreneurs assume their initial funding will have to come from investors or the banks, and they spend a lot of time and energy getting plans and pitches right with very little probability of actually securing the funding,” Yip Choy explains. “These loans are specifically designed to fill that gap. This takes a huge burden off their shoulders, and they can focus on developing the business for success.”
Yip Choy notes that Community Futures also “makes the effort” to go into the community and attend events to seek out and connect with budding entrepreneurs, giving them the encouragement to plant the foundation of their business here in the region.
“The financial support and advice Community Futures provides could make the difference between a student giving up and moving on, or sticking with their dream and building our community,” he says. “With the support of a community lender, graduates gain confidence and it keeps international and out-of-town students in our community. By introducing them to the business ecosystem in Peterborough, we show them all the collective business supports they have in our region.”
For her part, Girard points out that the partnerships between local economic development organizations make the region exceptional in its support of small business and economic growth.
“Peterborough-area entrepreneurs and those wanting to become entrepreneurs are so lucky to have an incredibly diverse ecosystem to support them, both in the advisory and funding fields,” she notes, adding that the mission of Community Futures Peterborough is to help create a thriving and sustainable business community.
“Sometimes entrepreneurs need someone who is willing to assume more risk and take a chance on them,” Girard explains. “We are proud to support entrepreneurs bring their business ideas to life and feel the support of our entire community in their entrepreneurial journey.”
Community Futures Peterborough is funded by the Government of Canada through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). For more information on the organization’s micro loans and other financing options, visit communityfuturespeterborough.ca/loans.
This branded editorial was created in partnership with Community Futures Peterborough. If your business or organization is interested in a branded editorial, contact us.
