Business Loan Portfolio has invested over $10 million into local economy

The corporation holds a $5.3 million Business Loan Portfolio
consisting of funding received from:

• Human Resources Development Canada

• Western Economic Diversification Canada

• Forest Renewal BC

• Columbia Basin Trust

plus interest reinvestments over a 13 year operating period.

Since 1988, $10.5 million has been loaned to 421 business loan applicants creating or maintaining 1,100 jobs.

The past year $665,850 was loaned to 26 businesses creating or maintaining 34 jobs.

Current value of loans is $3.2 million, leaving over $2 million available for lending to small business.

Interest reinvested into the fund is approximately $250,000 annually.

1,583 Client contacts were made during the year.

The fund is directed by a volunteer committee of seven community members.

CFDC Operations

The corporation receives an annual operations grant of $170,000 from Western Diversification Canada and $75,000 from Human Resources Development Canada to deliver the Self Employment Program. In addition to these annual funding allocations, special project monies are received from a variety of sources to deliver community economic development initiatives.

Special Project Highlights

• Revelstoke Community Foundation endowment fund reaches $500,000

• Enterprise Facilitation proves to be a successful addition to our business support services

• Scholarship fund set up for a RSS graduate to attend post secondary institution.

• Fibre Optic network planning underway and project named as RevNet