A High-Water Mark in Northumberland
To ensure rural Canadians are positioned for success, the Government of Canada, through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) deploys operational funding to Community Futures Development Corporations (CFDCs). CFDCs provide access to the tools and support businesses and organizations need to flourish.
Nventure delivers the core Community Futures Program (CFP) in Northumberland and works to develop alternative lending solutions for a diverse array of ventures: from sole proprietors, freelancers and general partnerships to corporations and co-operatives.
Rural businesses—traditional, professional, main street, family-run, franchise or independent—form part of the essential bedrock of the Canadian economy and their success is vital to overall economic prosperity. Businesses from all sectors and industries from time to time will seek financing for startup, stabilization or expansion, in cases where funding may not be available from commercial lenders. This is where Nventure can play a role by ensuring viable projects move forward and their impacts are realized as part of our commitment to community economic development.
Overseen by the Investment Committee of the Board of Directors, Nventure has achieved successful lending outcomes in 2023, maintaining an active portfolio represented by over 50 percent women-owned and women-led businesses. Nventure’s Board is made up of volunteers drawn from Northumberland municipalities and Alderville First Nation. They are award-winning entrepreneurs, innovators and experts in their fields. With the Board and leadership of CEO Wendy Curtis and Loan Manager Kim Botrie, the Community Futures Program has helped create and maintain thousands of jobs since the organization started delivering the Community Futures Program in Northumberland A High-Water Mark in Northumberland
Nventure is on its way to achieving the biggest year of lending in the corporation’s history. The Board of Directors and Investment Committee are proud to report $1.21 million in total financing from April 1 to September 2022, with an additional $3.2 million leveraged by commercial and institutional investors during that time.
“The momentum is strong as we pass the halfway mark of our current program year,” said Loan Manager Kim Botrie. “We are participating in larger and larger deals, strengthening syndication and encouraging significant follow-on investment. It’s a great sign of economic vitality in our community.”
Nventure provides access to capital for businesses to accelerate timelines, de-risk investments and position firms for solid growth, job maintenance and expansion.
This year’s loan recipients are over 50% Women-owned ventures (reflecting the overall portfolio) and are creating about 1 new job and maintaining another 5 jobs for every project backed by the Community Futures Program across Northumberland.
Despite economic headwinds, Nventure is there to back viable and competitive local businesses, including attracting new ventures to set up shop in our community.
One great example is an exciting new destination brewery right here in Northumberland.
Fogorig Brewing is a brand new family-run brewery located in Trent Hills (read more about the launch and the meaning of the name via Canadian Beer News). The venture was named after the historic mill restored and renovated as a production facility and venue.
“It was paramount to us that we preserve the historic stone buildings that are the site for Fogorig Brewing,” Co-Founder Liz Roberts explains. “One of these holds the large chimney that was hit by lightning in the 1960s and that is still in use as a Waymarker for planes flying to CFB Trenton.”
Nventure played a critical role in galvanizing the initial investment round that helped Co-Founders Liz, Wade, Derek & Heather open their doors on County Road 8 in Campbellford in August 2022. Today, along with their line of exceptional and accessible beers, you will find Fogorig hosting community events, food trucks and live performances by local Ontario singer-songwriters.
“Without the Nventure program,” Liz adds. “We would not have been able to undertake the two-and-a-half-year restoration of our historic buildings and still have the capital that we needed to launch our business here in Northumberland County.”
“Working with Kim was seamless and easy, right from the beginning. We would strongly recommend that entrepreneurs reach out to the Community Futures Program for support in achieving their business vision.”
Fogorig Brewing–just nominated as New Brewery of the Year by Brewers Journal Canada as part of the Brewers Choice Awards–is one of the many investments that are making 2022-2023 a high watermark and historic year for the Community Futures Program in Northumberland.
“Whether through the launch of a new craft brewery or any number of other creative and entrepreneurial pursuits,” said Wendy Curtis, CEO of Nventure, “our organization is proud to be a part of the financial solution that makes all of it possible, with the support of FedDev Ontario and the Government of Canada.”
Click here to learn more about the Community Futures Program in Northumberland.
