Roseanne Leonard says the federal investment is ‘thrilled’ about the investment in rural NL. CBDCArticle contentRural NL businesses are receiving a major boost from the federal government in the form of $3.7 million in funding, with the intention of facilitating entrepreneurship, providing jobs, keeping money local, and supporting necessary services.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY.Subscribe now to access this story and more:Unlimited access to the website and appExclusive access to premium content, newsletters and podcastsFull access to the e-Edition app, an electronic replica of the print edition that you can share, download and comment onEnjoy insights and behind-the-scenes analysis from our award-winning journalistsSupport local journalists and the next generation of journalistsSUBSCRIBE TO UNLOCK MORE ARTICLES.Subscribe or sign in to your account to continue your reading experience.Unlimited access to the website and appExclusive access to premium content, newsletters and podcastsFull access to the e-Edition app, an electronic replica of the print edition that you can share, download and comment onEnjoy insights and behind-the-scenes analysis from our award-winning journalistsSupport local journalists and the next generation of journalistsRegister to unlock more articles.Create an account or sign in to continue your reading experience.Access additional stories every monthShare your thoughts and join the conversation in our commenting communityGet email updates from your favourite authorsSign In or Create an AccountorArticle contentDessert business Cakey Hand’s three locations across St. John’s and Paradise sprouted from a farmers market table thanks to CBDC investments, and the federal government is expecting more such stories with its investment.Article contentArticle contentArticle content“Many rural entrepreneurs cannot get the financing or support they need from a bank, especially as the holiday season puts extra pressure on small businesses,” said Sean Fraser, Minister of Justice and Attorney General of Canada and Minister responsible for the Atlantic Canada Opportunities Agency.Article content“This $12.6 million in federal support helps local business owners get the loans and hands-on help they rely on to stay open and hire workers. It supports fishers, farmers, trade, and local restaurants and shops that keep communities thriving across Atlantic Canada.’’Article content CBDC Trinity Conception helped Red Ochre Cafe go from idea to construction to getting creative during the pandemic. PHOTO CREDIT: Mikaela Oates PhotographyArticle contentIt’s about more than just fundingArticle contentRoseanne Leonard, Managing Director at NL Association of CBDCs echoed the sentiment, while expressing the organization’s excitement.Article content“The $3.7 million allocated to our province will empower the 15 CBDCs across Newfoundland and Labrador to continue investing in entrepreneurs and small businesses throughout our rural communities,” she told The Telegram.Article contentArticle content“Small business is a driving force that make our communities vibrant places to live, work, and play, and we are thrilled about this important investment in our rural economy.”Article contentCBDC support extends beyond finances, Leonard says, also including expertise and local guidance to help entrepreneurs and their rural economies thrive.Article contentThe financial support is being directed from the Atlantic Canada Opportunities Agency through non-profit Community Business Development Corporations (CBDCs), which have 16 locations spread across the island, including Paradise, Happy Valley-Goose Bay, and Corner Brook.Article contentCBDC has even more locations across Atlantic Canada, which combined, is receiving $12.6 million in funding, supporting the region’s network of CBDC’s through the 2025-2026 fiscal year.Article contentFar from a new venture, the Canadian government has invested more than $395 million into CBDCs since 1995, as well as $11.9 million from its Business Development Program, creating 34,000 jobs, maintaining over 65,000 jobs, and supporting over 41,000 businesses across the region. It has also disbursed $1.8 billion in loans since that time.Article contentSean Ridgeley is a Local Journalism Initiative reporter.Article contentArticle content
Rural NL businesses receiving $3.7 million cash injection in federal support
