A newly energized Business Advisory Centre (BAC) has risen from the scheduled dismantling of Peterborough and the Kawarthas Economic Development (PKED) at the end of this year.
On Monday (September 9) at Venture North in downtown Peterborough, the revamped BAC — a historically leading resource for local entrepreneurs starting a new business — was opened under the auspices of Community Futures Peterborough (CFP).
CFP announced this past June that it was undertaking the operation of the BAC, thanks in no small way to provincial funding provided through the Ministry of Economic Development, Job Creation and Trade.
The event on Monday, attended by several local business leaders and politicians, served to introduce Rosalea Terry and Lindsay Irwin as the centre’s manager and business advisor respectfully, prior to the official opening of the centre.
“With almost 40 years of experience working directly with entrepreneurs and business owners in both Peterborough city and county by providing loans and advisory services, it really felt like a natural fit for our organization,” said CFP executive director Devon Girard of the rationale behind the CFP board decision to provide a new home for the centre.
“Over the past two decades, Community Futures and PKED have worked together seamlessly to ensure advisory services for entrepreneurs and small businesses make sense for the clients that we collectively serve. We would refer entrepreneurs to the Business Advisory Centre for its assistance in developing and refining business plans, and then the PKED team would refer those clients to us when they were ready to apply for a loan application.”
“With Community Futures now delivering the program, what it means for entrepreneurs is they’ll be able to receive the same expert advisory services they were used to receiving, but now they’ll be going through one door.”
To understand how this new lease on life for the BAC came about, look no further than the City of Peterborough’s council-ratified decision to no longer fund PKED activities, instead taking on economic development in-house. That effectively spelled the dissolution of PKED services, including the BAC, on December 31st of this year.
But in June, at CFP’s annual general meeting, Peterborough-Kawartha MPP Dave Smith announced a “historic” arrangement for the provincially funded BAC, which would see the Ontario government provide funding for CFP to operate the BAC moving forwarded — the first partnership between the province and a Community Futures organization.
Until then, it was unclear if and how BAC services, offered as part of the province’s Small Business Enterprise Centre (SEBC) program, would be provided.
Now it’s official: the BAC is open for business and, in Terry and Irwin, has the leadership in place to not only continue offering popular programs such as Starter Company Plus and access to start-up grant money, but also roll out new initiatives as needed moving forward.
“When Devon (Girard) told me about her plans for the Business Advisory Centre, I could not contain my excitement,” said Terry, a Fleming College business and marketing professor and entrepreneur who was recently named the 2024 Businesswoman of the Year by the Peterborough and Kawarthas Chamber of Commerce.
“I’m very excited that I’m going to be able to support the startup ecosystem here, and work with community members who have given so much to me throughout my journey working here and as a business owner.”
“A huge part of what we are working towards is creating programs that are going to support entrepreneurs and businesses in the new business landscape that they are experiencing today. That’s something we are working on right now. I’m confident that, with our fresh new programming, we are going to make a huge impact in the city.”
For her part, Irwin, a marketing consultant who also teaches business at both Fleming College and Trent University, “couldn’t be more excited” to get at it.
“I’ve managed entrepreneurship centres and I have consulted people one on one. I’ve worked in a tech incubator. This is my opportunity to work with every entrepreneur who needs support and offer something from my experience. And I’ve had a myriad of experiences, from being a part of the entrepreneurial ecosystem as a coach and mentor but also as a business owner (Old Jar Candle Co.).”
“What I can offer is sort of the whole picture. I can feel what other entrepreneurs are feeling as well as offer the best advice I can. It’s going to be such a good opportunity for me. This is right in my pocket. I love to help new entrepreneurs; I love to help experienced entrepreneurs. I want to help anybody who’s looking to a fresh approach or a creative opportunity to help them solve their problems and reach success.”
Among those present for the announcement was Madeleine Hurrell who, for eight years, managed the BAC for PKED. Now an account manager with BDC, she’s thrilled that the centre will remain open for the foreseeable future.
“The team that they put in place will be phenomenal,” she said, referring to CFP’s hiring of Terry and Irwin. “These women, they’re entrepreneurs themselves. They know what it’s like to be in the trenches, so to speak. And it sounds like they have some really great innovative ideas to lead us forward into the fall.”
Asked if she fretted that the BAC would go by the wayside with the dissolution of PKED at year’s end, Hurrell offered no comment but did acknowledge “I’m sure that was the fear at one time.”
Irwin, too, is relieved the BAC has a new lease on life.
“We (her and Terry) have been a part of this world for almost a decade,” she said, adding “We know the legacy. We understand the value.”
“I’m tired of someone saying ‘Is this a bad idea?’ I want to hear every idea. I think every idea deserves a conversation with a mentor. I want to be that for the community.”
Among the other speakers at Monday’s event were Peterborough-Kawartha MP Michelle Ferreri, Peterborough County Warden Bonnie Clark, and Peterborough city councillor Don Vassiliadis representing Mayor Jeff Leal. Each spoke to work of the BAC in kickstarting clients on their entrepreneurial journey.
Along with the official opening of the BAC, Monday’s event also served to announce that applications are open for the latest intake of the Starter Company Plus Program, which offers entrepreneurs support and mentorship to start a new business or grow an existing one along with the opportunity to receive a grant of up to $5,000.
Applications for the program are open until October 4 at 4 p.m. To apply online, visit communityfuturespeterborough.ca/programs/startercompanyplus/.
For more information about the Business Advisory Centre at Community Futures Peterborough, visit communityfuturespeterborough.ca/advisory/.
