An organization that loans money to small businesses locally has received a vote of confidence from the Conference Board of Canada.
A research project by the board found the Sarnia-Lambton Business Development Board and others administering Community Futures Programs are boosting the Ontario economy and creating jobs.
“We find that the program, which is meant to ease credit conditions for small and medium-sized businesses in rural communities, has significant economic clout,” the board wrote.
By loaning out $11.8 million between 2009 and 2014 the local SLBDC helped add an estimated $53.1 million to the economy. “The key to this program has always been its grassroots focus,” said Barry Vosburg, Chair of the SLBDC.
Since its inception, the local board has authorized loans totaling $32.7 million and maintained and created 8,353 jobs.