The Haliburton County Development Corporation (HCDC) processed 53 loans for Highlands businesses in 2024, totalling just over $6.5 million – helping to save or create 443 local jobs.
Speaking at the organization’s 39th annual general meeting Oct. 3, loans officer Sara Joanu said it has been another successful fiscal year for HCDC.
“We did see a significant growth in the value of dollars dispersed,” Joanu said, up about $1.5 million from last year. “The money was distributed to 49 local businesses within the community. At year end, we’ve got 147 active loans in our portfolio, totalling $16.7 million.”
Through its loan offerings, HCDC provides financing options up to $300,000 for business start-up, upgrades, and expansion. Staff also provide advice and counselling to local entrepreneurs at no cost.
Since its inception in 1985, HCDC has assisted 2,373 businesses in the County to the tune of about $109 million, Joanu said. That’s the most of any community development corporation in Ontario, confirmed HCDC board chair Pat Kennedy.
“Basically, we’re the go-to for businesses here since there’s no commercial bank in Haliburton County,” Kennedy said. “We’re for the last-minute things. If someone has an opportunity to close a deal and they need the money quickly, we’re able to do that.
“Our doors are always open. If an application is good, or you’re already an existing client, we can get money out in 24 hours. Basically, as fast as you can get a proposal together, we flip it to the board and get things rolling. I think that’s helped – word of mouth. Knowing that we’re easy to work with helps bring people through the door,” Kennedy added.
Of the businesses to receive support last year, Joanu said 49.4 per cent were in the service sector, 13.1 per cent in tourism, 12.6 per cent in construction, 8.4 per cent in manufacturing, 8.1 per cent in retail, 5.8 per cent in forestry, and 2.6 per cent in nonprofits.
The average interest rate for loans approved between April 1, 2023 and March 31, 2024 was 8.2 per cent. Over the past 39 years, HCDC has earned over $21.2 million in interest, Joanu said. The average loan size is $49,965.
Joanu noted the regional relief and recovery fund, launched in the wake of the COVID-19 pandemic to support struggling businesses, matured in January. HCDC supported 12 businesses through the initiative, loaning just over $1.75 million. Of that, approximately $1.3 million has been paid back, Joanu said.
County warden Liz Danielsen was impressed by those numbers.
“When I think about the challenges we’ve all seen over the past few years with COVID, with price increases and inflation, what you’ve done to help our entrepreneurs, to keep the economy going is something to be applauded,” Danielsen said.
Through its community economic development umbrella, HCDC invested $233,000 supporting 13 local projects for organizations like Wetlands and Waterways Eco Watch, Fleming College, Glebe Park, Skyline Dance Studio, Brooksong Retreat and Cancer Support Centre, Harvest Haliburton, Rails End Gallery, the Haliburton Highlands Arts Centre Foundation, and Algonquin Highlands township.
HCDC also invested $174,973 supporting 25 projects through its local initiatives program, with highlights being the construction of a new playground at Walkabout Farm Therapeutic Riding Association in Minden, and supporting the Friends of Ecological and Environmental Learning’s (FEEL) Children’s Water Festival.
