May 6, 2009

A recent study confirms what many involved in the Community Futures Program have long believed: “The Program has significant economic bang for the buck” is the way the Conference Board of Canada (CBoC) sums it up.

Entitled “Assessing the Impact of the Community Futures Lending Program:  An Economic Impact Analysis of the Community Futures Lending Program on Ontario’s Economy”, the study was commissioned by the Ontario Association of Community Futures Development Corporations (OACFDC).  The research was conducted by Pedro Antunes, Director of the Board’s National and Provincial Forecast group, under the direction of Paul Darby, Deputy Chief Economist at the Conference Board.

Using hard data from 2005 to 2008 provided by the Ontario Association of Community Futures Development Corporations, the Conference Board applied its well-tested Ontario econometric model and found “a cumulative total of $735 million in real capital investment spending occurred in Ontario due to the Community Futures Lending Program.”  The model further indicates this investment boosted Ontario’s real GDP by $189 million in 2003 rising to $239 million in 2008, while creating some 15,477 person-years of employment in this same period.

The report goes on to point out “for each $1.00 of direct lending through the program, real GDP is lifted by nearly $4.20.”

OACFDC President Bill Spinney says his Association is pleased with the findings of the report.  “We’ve known for many years that our small business lending program has had a huge positive impact on our rural communities.  It’s very rewarding to see that an independent study completed by a nationally and internationally recognized organization like the Conference Board of Canada has substantiated that.  It also points out that in times of economic challenge the services of CFDCs will become even more vital, as together with our partners at Industry Canada, we work to return our rural communities to prosperity,” Spinney added.

There are 61 Community Futures Development Corporations (CFDCs) across rural and Northern Ontario.  They offer free business counselling, loans for start-up and expansion of small business, strategic planning on local projects, and community economic development.  Each CFDC is locally managed by a volunteer board of directors, but funded through Industry Canada’s Community Futures Program.

A copy of the full report is available at:  http://www.ontcfdc.com/NG/CBOC_Final_Report_May_2009.pdf

en francais:  http://www.ontcfc.com/NG/CBOC_Final_Report_May_2009_FR.pdf

For more information,contact:
Diana Jedig, Executive Director
Ontario Association of Community Futures Development Corporations Inc. (OACFDC) 
Email:  This email address is being protected from spambots. You need JavaScript enabled to view it.
Telephone:  519-633-2326 Ext. 123
Toll Free:  1-888-633-2326 Ext. 123