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2019 Annual Report

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2019 Annual Report 2019 Annual Report 1 2019 Annual Report CONTENTS About Superior North CFDC 2 Message from the Board Chair 3 Board and Members 4 Staff 5 Contributors 5 12 Communities, 1 Region 6 Business Services 7 Investment Fund 8 Economic Development 9 Tourism 10 Partners 11 Youth Entrepreneurship Initiatives 12 Official Languages 13 Communications 14 Special Events 15 Superior North Spotlight 16 Appendix 1 17 Consolidated Statement of Financial Position Consolidated Statement of Changes in Fund Balance Consolidated Statement of Operations Superior North Community Futures Development Corporation (CFDC) supports community economic development by assisting communities located within its catchment area to strengthen and diversify their economies. 2 2019 Annual Report About Superior North CFDC Superior North Community Futures Development Corporation (CFDC) is a not-for-profit corporation, governed by volunteer members and staffed by professionals. Community Futures (CF) is a national program that supports grassroots community economic development (CED) by allowing local citizens to make decisions for the benefit of their rural communities. In Northwestern Ontario the CF program is funded through the Federal Economic Development Initiative for Northern Ontario (FedNor). Services are provided in both official languages. The program is overseen by Innovation, Science and Economic Development Canada. The organization was incorporated as two separate entities in January 1988, the Business Development Centre and the Schreiber-Terrace Bay Community Futures Organization. In 1994 the original corporations were amalgamated to become Superior North Community Development Corporation, and in 2003 the word “Futures” was added to the corporation as part of a national CFDC common-identifier project. Superior North CFDC actively supports and stimulates economic growth and diversification by: • creating and implementing strategies for community economic development and diversification • assisting small business and community organizations by providing advisory services, technical support, loans, equity, and access to capital • helping to sustain a viable regional employment base for present and future generations. • we have had a total of 131 amazing volunteers involved in the organization to date. 3 2019 Annual Report MESSAGE FROM THE BOARD CHAIR Working with the Staff & Board on both the Investment Committee & Board of Directors has been a very rewarding experience over the last five years. With all the loans and support that Superior North CFDC has provided to the residents in our region, it has helped with the growth of our economy. The whole district has flourished with the participation of the organization through their involvement with the Chambers of Commerce, Municipalities, Economic Development Organizations and North Shore Network. The partnerships that have been established will assist the prosperity of Norther Ontario. It has been a pleasure to be a part of it. Unfortunately, we lost two very important members over the last year. One of them was the departure of Ashley Davis. She was the Bilingual Business & CED Officer for Superior North CFDC. She was replaced by Erinn Nesbitt who left her position as Head Start in Business Coordinator to join the SNCFDC team as the Business Development Officer (Bilingual). Erinn has worked for SNCFDC in the past as the Self Employment Benefits Assistant & Coordinator. While Ashley will be missed, I’m sure Erinn will do a great job as her replacement. The other was the passing of long time Superior North CFDC member and Chairman of the Board, Larry Woods. He joined the organization in February 2011 as a member of the Development Committee. Larry joined the Board of Directors in June 2013. He passed away November 19, 2019. We will miss his sense of humor and dedication to everything he worked for. The staff and Board participated in a very enlightening Workshop on Cyber Security presented by Thunder Bay Information Technology Solutions. 2019 was an unusual year for lending at Superior North CFDC. The demand for loans was substantially down from previous years. Numerous inquiries were answered with little commitment to borrow. The local economy in 2019 had an abundance for employment opportunities resulting in fewer entrepreneurs needing to create their own jobs. Business counselling sessions exceeded our target but again 2019 was a slow year for new business starts and/or expansions. We were very pleased that the Federal government believes in Superior North CFDC by announcing our five year funding continuation. A FedNor investment of $1.7 million in the Superior North Community Futures Development Corporation (SNCFDC) will ensure that entrepreneurs looking to start a business or take their existing business to the next level find the assistance they need. Specifically, the funding is supporting the organization’s ongoing operations for the next five years. As a result, the organization will provide small businesses and community organizations with advisory services, technical support and access to capital throughout its designated service area, which stretches from Dorion to Manitouwadge. I look forward to another exciting year with Superior North CFDC. Hopefully we will see growth of tourism & entrepreneurs while sustaining the existing businesses. Sincerely, Louise Dupuis Chairperson of the Board of Directors 4 2019 Annual Report BOARD AND MEMBERS Superior North CFDC is a not-for-profit corporation governed by volunteer members and a Board of Directors. IN MEMORY OF The Board of Directors (as of December 31, 2019) Larry Woods Chairperson: Louise Dupuis - Nipigon Vice-Chair: Brad McMillan - Rossport Secretary/Treasurer: James Robinson – Terrace Bay Directors: Patricia Behun - Dorion Mona Dakin – Terrace Bay Norma Fawcett – Red Rock Indian Band Karen Robinson – Manitouwadge Tracy Paulsen – Terrace Bay Members (as of December 31, 2019) Stephen Behun - Dorion David Crawford - Nipigon • Larry celebrated 8 years as Janis Dulpins – Terrace Bay a member of SNCFDC in Heidi Falzetta – Terrace Bay 2019. He was Board Chair Lucie Lehoux - Marathon for 1.5 years, vice chair for 4 Phil McGuire – Red Rock years and a committee Karen Robinson – Manitouwadge member for 3 years • He was also very active in his community, he was on Red 2019 LONG STANDING Rock Town Council, Northern MEMBER APPRECIATION Credit Union, St. Mary’s Church, Crime Stoppers & Red Rock Legion 226. Louise Dupuis – 5 Years • Larry will be greatly missed by our members, staff and the many community organizations he served. 5 2019 Annual Report Ron Shelley Christine Erinn Salo Norris Rajala Nesbitt General Financial Lending Business Manager Coordinator Coordinator Development Officer [email protected] [email protected] [email protected] [email protected] In May, Ron Salo celebrated his 10th anniversary with SNCFDC. He started as a Busin ess Development Officer in May of 2009 & was promoted to GM in Sept 2014. He is dedicated to the organization, having travelled over 200km/day, equivalent to over 420,000km in 10 years! Superior North CFDC gratefully acknowledges the federal financial contribution of FedNor through Innovation, Science and Economic Development Canada. Without support from this federal regional development organization, Superior North CFDC would not be able to exist. The organization would also like to thank the FedNor Initiatives Officer, Kaarina Osala -Schaaf who assisted us in 2019. Our funding agency provides the resources that make our services and programs possible and accessible to everyone. The members and staff of Superior North CFDC collaborate to maximize these resources for the benefit of the communities of the North of Superior region. 6 2019 Annual Report 12 COMMUNITIES, 1 REGION Superior North CFDC is proud to serve 12 communities which are spread over one large region on the North Shore of Lake Superior. We deliver a full suite of business advisory services; offer strategic community planning and socio-economic development; provide access to capital and support community projects and special initiatives. The Board of Directors remains committed to providing community outreach services. This is the heart of our success as we continue to spend staff time in each community. In 2019, staff fulfilled this commitment by delivering 94 day-long community visits with an average of 8 per month. Superior North CFDC feels that the best way to serve the region is to provide easy access to our services. Superior North CFDC extends our most sincere thanks to each of the municipalities and First Nations in our region for providing our organization with office space while in their communities. The office space that is provided is extremely valuable as it allows us to assist your residents, businesses, community organizations and economic development organizations. Thank you for being our “Partner in Success”. 7 2019 Annual Report BUSINESS SERVICES Our advisory services assist entrepreneurs to: clarify their business concept and explore feasibility learn how to start-up their business register their business name or not-for-profit corporation provide access to provincial and federal forms for various registrations and information develop a business plan, an operational plan and develop their marketing strategy learn bookkeeping basics and smart financial management obtain activity-sector information obtain information on how not-for-profit, co-operatives and franchises operate In 2019, we assisted businesses and clients by conducting 150 general
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