ANNUAL REPORT 2017-2018
2017-2018 ANNUAL REPORT BUILDING OUR ECONOMY ONE SME AT A TIME 1
TABLE OF CONTENTS 2017-2018 ANNUAL REPORT 03 WORD FROM THE CHAIRPERSON 04 05 06 07 08 09 10 11 12 WORD FROM THE EXECUTIVE DIRECTOR WHO ARE WE OUR BOARD OF DIRECTORS OUR TEAM INVESTMENT FUNDS INVESTMENT FUNDS (continued) EODP PROGRAM REGIONAL PLAN EDISO INITIATIVE PRESENT IN OUR COMMUNITIES 2
2017-2018 ANNUAL REPORT WORD FROM THE CHAIRPERSON It is with great pride that we present the activity results of the Prescott-Russell Community Development Corporation for 2017-2018 fiscal year. At a time when the global economy was just starting to get off to a good start, we face draconian measures by US authorities with unjustified tariffs and this threatens the survival of many of our small and medium-sized businesses and industries. To counteract this, we have revised our objectives and annual actions to strengthen the support for Prescott-Russell entrepreneurs and businesses and have adapted our programs and services to better respond to the current and future economic environment. In addition, our federal government must realize the impact that the PRCDC has on Prescott-Russell, and if we want to foster the growth of our rural SMEs and communities, we must make the necessary investments focused on growth, innovation, commercialization but above all strategic investments that will make our SMEs more efficient and our rural regions more competitive. That being said, 2017-2018 was a surprising year for the investment fund. In 12 months, the PRCDC approved $1,886,430 in funding for 18 different projects, which in turn created and maintained more than 308 jobs. As of March 31, 2018, the PRCDC had a total of 71 active loans and a portfolio valued at $ 6,800,000. Since its inception in 1986, the PRCDC has awarded more than $ 26, 674, 571 in 547 projects and created and maintained more than 4 151 jobs. As you can see, it was a busy year. I would like to congratulate the Board of Directors and thank the staff for their dedication to the PRCDC and its clients. I also extend special thanks to our partners: the Federal Economic Development Agency of Southern Ontario, the United Counties of Prescott and Russell, the Convex Group, the Fondation franco-ontarienne to name a few. All of these partners contribute to the achievement of our objectives and the realization of our key actions. I say THANK YOU to all of you for your participation in the economic development of Prescott-Russell. Eric Drouin Chairperson 3
4 2017-2018 ANNUAL REPORT WORD FROM THE EXECUTIVE DIRECTOR We are pleased to present the 33rd Annual Report of the Prescott-Russell Community Development Corporation (PRCDC). This will be our last report before the renewal of our multi-year agreement with CANADA in 2019. We hope that the Government of Canada will recognize the tremendous work that not only the PRCDC does in the region but the tremendous work that all CFDCs across the country are doing in a rural area. By renewing the Community Futures Program, the government will once again demonstrate that economic growth and prosperity in rural Canada is primarily driven by the role and mandate of CFDCs. Established for more than 32 years, our role in the Prescott and Russell communities and businesses is evolving and our expertise are consolidating in order to respond effectively and efficiently to the social and economic issues we face on a daily basis. We strongly believe that the excellent results of the work of the professionals and volunteers of the PRCDC, who work for the economic, social and entrepreneurial development of their community, have been recognized and that they have undoubtedly contributed greatly to the prosperity of the region. Today and in the future, the PRCDC will continue to prioritize interventions with Francophone and Anglophone entrepreneurs (young, female, newcomers) in the areas of innovation, commercialization, startup, transfer of enterprise, sustainable development and information technologies for which they have developed solid expertise over the years. In closing, I would like to sincerely thank the members of the Board of Directors for the trust they have placed in me since becoming Executive Director here at the PRCDC. I want to emphasize their availability and their participation in the success of the PRCDC. Their involvement and support are energizing for the continued growth and prosperity of our region. Also, I thank my colleagues very much, because I have the chance to work with a stimulating team, with invaluable qualities, with whom I am allowed to make every effort to push our limits and propel ourselves forward. With them, I have the privilege to participate in the economic development of Prescott and Russell and to meet visionary, stimulating and innovative entrepreneurs! Thank you for being present in this adventure, in this deployment of strategies favoring the development of the organization, the entrepreneurial growth and especially the sustainable development of our region. John Candie Executive Director
2017-2018 ANNUAL REPORT WHO ARE WE The Prescott-Russell Community Development Corporation is a non-profit organization supported by Fed- Dev (Ontario) through the Community Futures Development program. The Corporation is managed by a volunteer board of directors representing the business, education and agricultural sectors. OBJECTIVES MANDATE / MISSION The main objective of the Prescott-Russell Community Development Corporation is to maintain and create jobs. Through an investment fund, we offer high-risk funding to small and medium-sized businesses in the form of loans, loan guarantees and share capital. We support and encourage all job creation and enhancement initiatives. The objectives of the PRCDC are as follows: Stimulate job creation by supporting existing businesses and the development of new ones Stimulate entrepreneurship in Prescott-Russell Promote the development of employment, education and training The Prescott-Russell Community Development Corporation is a support agency for local economic development in the United Counties of Prescott and Russell. A team of professionals offers its services in the following four areas: Consulting and financial support for businesses Support for community projects and initiatives Support for development and access to training Promotion of local economical development 5
OUR BOARD OF DIRECTORS 2017-2018 ANNUAL REPORT The Prescott-Russell Community Development Corporation is governed by a board of 9 local volunteers representing geographic, cultural and occupational interests of Prescott-Russell. CHAIRPERSON ERIC DROUIN VICE-CHAIRPERSON BRUCE SMITH SECRETARY-TREASURER CHRISTINE BONNEAU O NEILL OUR TEAM ADMINISTRATORS EXECUTIVE DIRECTOR SYLVAIN A. CHARLEBOIS ÉRIC CHARLEBOIS NADIA CARRIER LUC FILION ALAIN LAMARCHE PATRICK BROUSSEAU JOHN CANDIE BUSINESS DEVELOPMENT OFFICER ADMINISTRATIVE ASSISTANT ADMINISTRATIVE SECRETARY BUSINESS SERVICES ADVISOR PROJECTS COORDONNINATOR CARL LAMARCHE KIM DENIS PAULINE CHEVRIER SUZANNE HOCQUARD SARAH-ANNE BEAULNE 6
2017-2018 ANNUAL REPORT INVESTMENT FUND REPORT 2017-2018 Fiscal Year Activity Dollars authorized by PRCDC to IF Eastern Ontario Investment Pool Need a Hand / Express Young entrepreneurs INVESTMENT FUNDS 1 811 430$ 0$ 15 000$ 60 000$ Total invested fund approved by the PRCDC Active loans Total value of Investment Funds portfolio Funds available for investment as of March 31, 2018 Leverage funding 1 886 430$ 71 6 793 543$ 1 646 116$ 4 106 842$ Investment effects: jobs created / maintained 308 Total activity since PRCDC inception Total contribution from the Government of Canada 3 600 000$ Approved loans Invested funds Bad debt losses Bad debt losses ratio 547 26 674 571$ 3 325 807$ 12% Investment effects: jobs created / maintained 4 151 7
INVESTMENT FUNDS 2017-2018 ANNUAL REPORT INVESTMENT FUND REPORT (continued) Total funds approved in 2017-2018 per municipality Town of Hawkesbury City of Clarence-Rockland Alfred-Plantagenet Township Champlain Township Russell Township East-Hawkesbury Township Casselman The Nation Municipality 2017-2018 2 3 0 5 3 3 2 0 Since inception 129 77 64 68 73 29 59 48 8
2017-2018 ANNUAL REPORT EODP PROGRAM The objective of the Eastern Ontario Development program (EODP) is to enhance and diversify the local economies and lead to the growth of new and existing businesses within rural Eastern Ontario communities. The EODP played a major role and first plan in the economic development of Prescott and Russell. The quality of the program demonstrates the extent to which that the interventions made in Prescott-Russell have contributed to the prosperity of the region. 500 000$ 13 1 356 340$ 169 EODP funds invested ($) Approved projects Leverage ($) Jobs created and maintained 2017-2018 2017-2018 2017-2018 2017-2018 EODP funds invested ($) Approved projects Leverage ($) Jobs created and maintained Since inception Since inception Since inception Since inception 7 681 168$ 449 19 654 047$ 1892 9
REGIONAL PLAN 2017-2018 ANNUAL REPORT A regional plan and concrete actions for the economic development of Prescott-Russell 2019-2024 The Prescott-Russell Community Development Corporation, in partnership with the United Counties of Prescott and Russell (UCPR), will tour the communities of Prescott-Russell this fall in order to prepare the Prescott-Russell Economic Development Plan of 2019-2024, which will be the fruit of a rigorous process of analysis and consultation of individual and institutional stakeholders in economic development and of the communities of Prescott-Russell. This plan will allow us to evaluate the strengths, weaknesses as well as economic opportunities available to Prescott-Russell for the next 5 years. It will also pave the main directions for 2019-2024 in order to consolidate the role of the Prescott-Russell Community Development Corporation as an economic and entrepreneurial force, in particular in the sectors of the future, and to make a reference for innovative, inclusive and sustainable economic development. The Prescott-Russell Economic Development Plan of 2019-2024 will be based on several pillars of importance such as: entrepreneurship among young people, women and the newcomers, sustainable economic development, innovation, renewable energy, agriculture and the agri-transformation, training and development of skilled labour, social enterprises, and more. In the end, the actions detailed in the plan will strengthen the business environment and of the communities in which businesses operate in improving internal processes, the customer experience of entrepreneurs and the vitality of the economic development ecosystem of Prescott and Russell. Over the course of the next few months, the PRCDC, the UCPR, and its consultants will work in collaboration with local organizations and the economic actors in order to position the strategic actions for the next five years, in order to multiply and to support promising concrete initiatives related to our priorities and economic realities. The consultations and the ongoing dialog with the key actors will continue in order to feed the strategic plan and strengthen collaborations between the public and private sectors. An interactive community forum is planned for next fall, where we can all together propel the Prescott-Russell area toward absolute growth and prosperity based on concrete actions and concerted efforts. 10
2017-2018 ANNUAL REPORT EDISO INITIATIVE The EDISO Investment Fund is dedicated to Francophone entrepreneurs and businesses that have received consulting, training and mentoring services in Southern Ontaio (including rural and urban areas). It provides entrepreneurs access to loans valued at $30 000 to help them realize their entrepreneurial ideas. This fund aims to address the economic challenges of each region and strengthen regional successes to foster sustainable growth in minority official language communities and to promote the development of new expertise in the area of innovation, diversification of economic activities and partnerships, as well as increased support for small and medium-sized businesses. The EDISO Investment Fund is designed to participate in activities that will strengthen the economic foundation, sustainability and competitiveness of Francophone communities in Southern Ontario or meet identified needs and foster growth in the industrial sectors operating in the Francophone community. Since its creation in 2015, the EDISO, in partnership with the Fondation franco-ontarienne, has contributed in: EDISO INVESTMENT FUNDS $378 000 Authorized funds to EDISO ($) 99 Jobs created and maintained 22 $585 690 Number of projects financed Leverage ($) SERVICES TO BUSINESSES AND ENTREPRENEURS 41 959 Number of coaches Number of hours coached 11
PRESENT IN OUR COMMUNITIES 2017-2018 ANNUAL REPORT 12
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