In rural Atlantic Canada, small businesses play a crucial role in sustaining local economies, providing employment, and supporting essential community services, particularly during the holiday season. Many of these businesses operate in regions with limited access to banks and major employers, meaning that the closure of even a single enterprise can have widespread effects on the surrounding community.
To support rural entrepreneurship, the Honourable Sean Fraser, Minister of Justice and Attorney General of Canada and Minister responsible for the Atlantic Canada Opportunities Agency (ACOA), announced a federal investment of $12.6 million in the region’s network of Community Business Development Corporations (CBDCs). This funding provides entrepreneurs with access to financing, training, and hands-on guidance, enabling them to expand operations, create jobs, and strengthen local economies.
CBDCs across Atlantic Canada help entrepreneurs turn business ideas into reality through capital, expertise, and local support. Examples of CBDC impact include Avon Valley Floral in Nova Scotia, which rebuilt its greenhouse operations after ice storm damage and doubled its revenue; Marc Subs in New Brunswick, which expanded its locations and services; Ellsworth Enterprises in Prince Edward Island, which strengthened production as a lobster trap manufacturer; and CakeyHand Dessert Factory in Newfoundland and Labrador, which grew from a farmers’ market stall to a multi-location bakery.
The $12.6 million investment ensures that CBDCs can continue providing the essential resources entrepreneurs rely on, supporting sectors such as fisheries, agriculture, trades, and local retail. Minister Fraser highlighted that many rural business owners cannot access traditional bank financing, making federal support crucial for sustaining and growing these enterprises. Wayne Power, President of the Atlantic Association of CBDCs, emphasized the 30-year collaboration between ACOA and CBDCs in fostering entrepreneurship and local economic development across Atlantic Canada.
CBDCs are non-profit, community-based organizations that have, over the past 40 years, supported economic growth and job creation through the Government of Canada’s Community Futures Program. The Atlantic CBDC network includes 41 CBDCs, three provincial associations, and the Atlantic Association of CBDCs. Since 1995, ACOA has invested over $395 million in CBDCs, alongside $11.9 million through the Business Development Program, creating over 34,000 jobs, maintaining more than 65,000 positions, and supporting over 41,000 entrepreneurs. Over this period, CBDCs have disbursed more than 43,000 loans totaling $1.8 billion, demonstrating their lasting impact on rural economic development.
