November 28, 2011

Peterborough Community Futures Development Corporation, Peterborough

In the early morning of July 15, 2004, a total of 190 mm of rain fell on Peterborough, devastating some 267 businesses in Peterborough County, 61 in the downtown core alone.  The CFDC immediately phoned FedNor, asking for changes to the lending criteria.  The resounding response was, “Do whatever needs to be done to assist those affected by this devastation.”

Flooding destroyed documents, inventory, equipment and office furnishings, putting business income in jeopardy.  Sewage was seeping into basements with mold appearing.

While many of these businesses had flood insurance, many more did not:  31 applicants received over $578,000.  Funding was repayable over 10 years with deferred interest.

The CFDC worked with municipalities who guaranteed the loans; the Business Improvement Area; Skills Canada; Chambers of Commerce; and the Ontario Disaster Relief Assistance Program.  The CFDC redefined their loan application from nine pages down to two, board members reviewed and approved the loans, and cheques were delivered to business owners within 24 hours.