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The Superior East Community Futures Development Corporation (SECFDC) is celebrating 35 years of service to the Superior East Region. The corporation was originally established in September of 1989 and went by the name of the Superior East Business Development Corporation. Superior East is a non-profit organization offering small business loans and regional community economic development services to the region. It is led by a volunteer Board of Directors consisting of individuals that reside throughout the region which includes Chapleau, Dubreuilville, Wawa, White River and surrounding First Nations.
The SECFDC provides small business financing for existing local businesses and for individuals looking to start up or purchase a business within the region. Loans are available up to a maximum of $750,000. Flex loans can provide quick financing to existing businesses that require $50,000 or less. Additional loan products include the Business Transition Loan, Women in Business Loan, Line of Credit and the Business Improvement Loan.
Since inception Superior East has disbursed 711 loans within the region for a total of $29,532,682. These loans served to create or maintain 3,038 jobs. Leveraged funds over the years total $27,176,154. In order to approve the $29 million in loans, FedNor provided $5.5 million. Superior East has managed to turn these funds over an incredible 5 times! In addition to these stats, the organization approved just over $1 million in RRRF loans to businesses that were struggling during the pandemic. A total of $68,908 in non-repayable funding was provided to businesses to assist during this time as well.
On the Community Economic Development side, Superior East played a large part in bringing cell phone service to the region, establishing the Northeast Superior Mayors Group, Regional EDO Group, Regional Tourism Group and the Northern Works Project to name a few over the years. The previous Local Initiatives Fund (LIF) provided 207 projects of non-profit organizations with $783,873 in non-repayable funding which leveraged $5,683,038. Since the LIF program ended in 2014, Superior East has provided an additional $89,013 in CD Funds to local non-profit organizations for their community economic development projects which leveraged $1,549,263. During the pandemic a total of $75,970 in RRRCD Funds were approved to local non-profit organizations to assist them during this difficult time.
We would like to thank the many organizations, small business owners and stakeholders that we have worked with over the years. It has been a pleasure to work with everyone and we look forward to many more years of continued success.
If interested in applying for any of the loan programs, contact Tracy Amos at (705) 856-1105 or 1-800-387-5776, ext. 222 or email: [email protected]. All program applications are available in both official languages on the website at: www.superioreastcfdc.ca. Or drop by the office located at 14 Ganley Street in Wawa. The Superior East CFDC is supported by FedNor.
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