Haliburton County Development Corporation is celebrating a significant milestone this year, becoming the first community investment enterprise in Ontario, and second in Canada, to surpass $100 million in support for local businesses.
Since its inception in 1985, the organization has assisted 2,324 businesses across the Highlands, to the tune of $102 million.
“We’ve always bragged that we’re (one of) the biggest CFDC’s (community futures development corporation) in Canada, and this proves it,” said Pat Kennedy, board chair, at HCDC’s annual general meeting, Oct. 4.
“This is huge news for our community… and we will continue to support local economic development initiatives, the growth of new and existing businesses, and the creation of sustainable jobs in Haliburton County.
“I’ve always stated that we deal with our businesses with our heart, as well as looking at the profit and loss statements. I think that’s worked well for us over the years,” Kennedy added.
Through its loan offerings, HCDC provides financing options up to $300,000 for business start-ups, upgrades, and expansion. Staff also provide advice and counselling to local entrepreneurs at no cost.
During the previous fiscal year, between April 1, 2022 and March 31, 2023, HCDC received 68 loan applications – approving 49, for a total annual investment of just over $5 million.
“We had some growth in 2023, approving 15 more loans than in the previous year,” said Sara Joanu, HCDC loans officer. “With the 49 loan applications that were approved, 533 jobs were either created or maintained within our community.”
Of the businesses to receive support last year, 49 per cent were in the service sector, including restaurants, landscaping companies, hair salons, accounting firms, and auto repair shops. Around 14 per cent were in the tourism field, 9.8 per cent in construction, 9.6 per cent in manufacturing, 9.2 per cent in retail, 5.2 per cent in forestry operations, and 2.9 per cent non-profits.
“Of the applications presented throughout the year, 36.4 per cent were looking to start a business, 21 per cent wanted to expand their business, and 42 per cent was for maintenance, which could be anything along the lines of working capital, accounts payable, or equipment upgrades,” Joanu said.
Year ending, HCDC had 144 loans outstanding totalling just over $13.8 million, Joanu added, with around $6.5 million cash in the bank. The organization’s total investment portfolio is valued at almost $22 million.
Over the past 39 years, HCDC has earned over $19.8 million in interest, with the average loan size to businesses approximately $44,000.
Under its community economic development umbrella, HCDC leveraged $410,000 supporting 19 community partners and initiatives, including Wetlands and Waterways EcoWatch, the Haliburton School of Art + Design with its student residence project, the Haliburton Highlands Sports Hall of Fame, operations at Glebe Park, SIRCH Community Services through its strategic planning process, Skyline Dance Arts, Project SHE, and the Haliburton Highlands Art Centre Foundation.
The organization also supported Algonquin Highlands with its cultural plan update, and Dysart et al through the renaming of Sam Slick Park, which is yet to be announced.
Through its local initiatives program, $241,000 was dished out supporting endeavours like The DropZone pop-up kids’ arcade in West Guilford, and Woodlands Wildlife Sanctuary.
Executive director, Patti Tallman, said it had been a good year for HCDC.
“The achievements are a testament to the dedication of the staff and board of directors. Having provided over $75,000 in CED funding to not-for-profits, and over $5 million in loans to businesses, we feel that’s instrumental to achieving our goals in community economic development and creating a community where people want to live.”
