May 6, 2020
The GNWT has announced support funding for the Northwest Territories (NWT) family of Community Futures Development Corporations.
But just what is a Community Futures Development Corporation (CFDC) and what is the Community Futures Program?
COVID-19 Funding Made Available to Community Futures Development Corporations to Support Clients
The Community Futures Program has existed in the NWT since 1985 when it was introduced by the Government of Canada to provide financial assistance in areas experiencing economic hardship due to a loss of industry.
The program is designed to support community and business development through the creation and expansion of small and medium sized enterprises and the creation and maintenance of employment opportunities in NWT communities.
In 2017-2018, businesses supported by the Community Futures Program created or maintained 91 full-time and 112 part-time jobs in the NWT.
Community Futures Development Corporations deliver programming in all 33 NWT communities.
Established as community-based economic initiatives these Corporations operate independent of government and function as non-profit organizations overseen by volunteer Boards of Directors familiar with their community and regional needs.
They are staffed by employees trained in the field of community economic development. They are a valuable resource to prospective entrepreneurs, seasoned managers and local business leaders alike.
The Corporations provide a core set of business support services including:
- Business loans and loan guarantees including term loans
- Counseling and assistance for entrepreneurs beginning or expanding their business
- Wage subsidies for those who are unemployed and want to start a new business
- Access to Canada Business NWT Internet sites and business information services.
Community Futures Development Corporations have the flexibility to set their own priorities for economic development in their respective regions. This may include programs specific to the businesses in their regions, as well as special interest group initiatives such as targeted support for Indigenous entrepreneurs, youth entrepreneurs and women in business.
In 2017-2018, NWT Community Futures Corporations maintained a portfolio balance of $9.95 million - a significant amount in terms of small business borrowings in the NWT and a testament to the enthusiasm and hard work of the Board members and staff of these organizations, as well as to the dynamic efforts of NWT entrepreneurs.
Learn more about the work of Community Futures Development Corporations in the NWT: Annual Report on the Community Futures Program covering the 2016-2017 and 2017-2018 fiscal years.
Annual funding for Community Futures Corporations is now made available through contributions from the Government of the Northwest Territories and administered by the Department of Industry, Tourism and Investment (ITI).