{"id":1092,"date":"2023-09-29T18:10:51","date_gmt":"2023-09-29T18:10:51","guid":{"rendered":"https:\/\/cbdcambitions.ca\/?page_id=1092"},"modified":"2024-04-10T12:20:04","modified_gmt":"2024-04-10T12:20:04","slug":"atlantic-association-of-cbdcs","status":"publish","type":"page","link":"https:\/\/cbdcambitions.ca\/atlantic-association-of-cbdcs\/","title":{"rendered":"Atlantic Association of CBDCs"},"content":{"rendered":"\t\t
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Atlantic Association of CBDCs<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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beginnings<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Pictured: Basil Ryan, Chief Operating Officer<\/strong>
Atlantic Association of CBDCs<\/strong><\/p>

Photography by Helen Michel<\/strong>
Article by Adam Hodnett<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t

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Driving down the highway, Basil Ryan, will often be reminded of the businesses that got their start from the CBDC, whether it\u2019s the local service truck going to a job site, or a transport trailer manufactured by a former client.<\/p>\n

\u201cThere are countless examples of that across Atlantic Canada,\u201d Ryan said,  the COO of the Atlantic Association of CBDCs,  who will be celebrating 30 years with CBDC this year. \u201cIt doesn\u2019t matter what sector you look into.\u201d<\/p>\n

At its base, Community Business Development Corporations are \u201calternative lenders\u201d for small businesses in rural communities, but they\u2019re much more than that. The 41 corporations throughout Atlantic Canada all have slightly different mission statements, depending on the needs of the community they\u2019re in, but they all look to strengthen the communities through business development.<\/p>\n

\u201cIt\u2019s all premised on the notion of, \u2018let\u2019s look at local problems with a local lens,\u2019 \u201d said Basil Ryan. \u201cInstead of looking to someone from Ottawa to solve our problems.\u201d<\/p>\n

The CBDCs were born after a three-year community employment strategy pilot project in 1970\u2019s. It aimed to address employment issues. Only two communities moved on from that round. One was in Nanaimo, British Columbia, and the other was a group in Guysborough, Nova Scotia.<\/p>\n

\u201cThey realized that one of the missing pieces here is around self-employment, or starting your own business is access to capital,\u201d said Ryan.<\/p>\n

The group in Guysborough was convinced that what was needed was a Community Business Development Corporation, that would have a \u201crevolving loan fund.\u201d The money would be loaned out, with a fair interest rate, collected, and loaned out again.<\/p>\n

It took a little while to convince the government, but by the end of the decade, the government provided both Guysborough and Nanaimo with the original seed capital of $500,000 each.<\/p>\n

The next 20 years saw steady growth, with CBDC\u2019s opening around the Atlantic provinces, until the last one opened in 1995. There are now 41 corporations throughout this part of the country, with additional satellite offices in some communities, making a total of 78 \u201ctouchpoints.\u201d<\/p>\n

\u201cIt\u2019s been the last 20 or better [years], that I think we\u2019ve made significant progress in terms of some of the things we\u2019ve done ourselves, as an organization, as a network,\u201d said Ryan.<\/p>\n

Originally, CBDCs were considered a \u201clender of last resort.\u201d Entrepreneurs had to actually be rejected by the banks. That\u2019s not the case anymore, and some CBDCs choose to focus more heavily on the business development part of their mandate, rather than the lending side.<\/p>\n

CBDCs provide support of all sorts. From critiquing a business plan, to administering training and workshops in all aspects of entrepreneurship, to making house calls and helping an established business reach its next goal.<\/p>\n

\u201cEven just sitting down with a client and acting as a sounding board for somebody that wants to start a business,\u201d Ryan said. \u201cThere\u2019s a role to play. We\u2019ve carved out a bit of a niche even around that.\u201d<\/p>\n

They\u2019ll even do the tough work of advising someone that they actually shouldn\u2019t be going into business. Maybe a particular talent isn\u2019t really enough to sustain a business, or maybe it\u2019s been tried several times in the past.<\/p>\n

\u201cLocals know where the thin ice is,\u201d Ryan said.<\/p>\n

A key component to the structure of the CBDCs is a board of local volunteers. Those are the ones that ultimately make the decisions. Because they\u2019re the ones with a connection to the community.<\/p>\n

\u201cWe\u2019re not federal civil servants, or provincial. We\u2019re community servants if you will,\u201d said Ryan. \u201cWe work for the local board of directors.\u201d<\/p>\n

Because of this structure, and progress like developing their own credit facility, the network is stronger than ever, and on track to lend out $90,000,000 dollars this year.<\/p>\n

While the numbers may be impressive, Ryan is confident that the other employees in the network are like him and have a tendency to focus on one client at a time. <\/p>\n

\u201cThere\u2019s a lot of smart people within that network,\u201d he said. \u201cAnd they generally all have the same type of thinking, that if we can find solutions, let\u2019s do it. If we can help our local community, let\u2019s try to do it.\u201d<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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\u201cIt's all premised on the notion of, 'let's look at the local problems with a local lens,' \"<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Basil Ryan
Chief Operating Officer
Atlantic Association of CBDCs<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Ambitions is a publication of the Atlantic Association of CBDCs intended to promote and celebrate small business and entrepreneurial success in the communities we serve.<\/p><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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We let our clients tell our story.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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