What will the KLBCDC do?
The policies and structure of the Corporation allows the community to play a direct and active role in employment and business development within the region. Based on solid plans, detailed strategic assessment and well thought out implementation, we will work collaboratively in growing our economic strengths, gaining even more through partnerships, and ultimately creating an effective and efficient model which provides for more opportunity. The KLBCDC will:
On the financial side, the support component of these goals can be further defined by proposing that the capital being requested may not be available elsewhere or at terms that also may not be available from other lending sources. There can be a higher degree of risk associated with these types of financial assistance but this is not inconsistent with what has been our history as a commercial lender. In assuming a degree of additional risk, it can also bring a rare failure. However, from what we have experienced, the successes far outweigh the losses. The KLBCDC will look to provide supports in a few different ways:
For our existing CFDC clients, we may be able to offer greater access to capital that extends beyond what our Federally-funded Community Futures Program can provide; it being $250,000.
For ventures involving a high degree of risk, the KLBCDC may be able to provide the needed support. We will always perform a risk assessment in these situations and it will help establish both a position for the Directors within determining our potential level of support to these ventures as well as to outline the terms and conditions under which we will lend.
For larger business ideas, the KLBCDC may also serve well as a partner or perhaps an entry-level lender while more significant plans can be put into place. This would not be adverse to some of our other corporation’s activity, where we occasionally partner with other lending institutions.
It is important to know that this new corporation will not, in any way, undermine or look to affect the activities and the impacts of, in particular, the work of the KLCFDC. All Directors understand and appreciate what has been achieved in Kawartha Lakes in operating as a Community Futures corporation over the years. What we hope to do now is ideally enhance this work by offering more options for local business. It is possible that your first point of contact should be the KLCFDC, so we have installed our existing staff to now provide service to both organizations. This will add ease to the information requirements we have as well as the speed under which a request for support can be attended to.
The organizations and individuals responsible for the Kawartha Lakes Business and Community Development Corporation recognize the proud heritage and history that has led to this new entity being created. They are most appreciative of the solid reputation and strong record for supporting community which has been established and maintained for nearly three decades. While creating the KLBCDC with a clear view to the future, the activities of the past and the success factors involved will be present in all that we do.