THUNDER BAY — Obtaining loans, for some entrepreneurs, can be the best way to start businesses, and there are many options for them to finance the lending.
Thunder Bay Ventures, which is a community futures development corporation, offers several different loan programs that provide loans of up to $600,000.
Maria Vidotto, a manager at Thunder Bay Ventures, said they are an "alternative or a partner" to a traditional bank.
"We differ from traditional lenders as we can offer payment flexibility without penalties and can also take on more risk," she said.
"Our loan approvals are made by a group of dedicated local investment committee members, formed by our board of directors, who understand the needs of the entrepreneur and our community."
Thunder Bay Ventures is funded by the Federal Economic Development Agency for Northern Ontario (FedNor) and operates under four pillars.
"Through business counselling, we take calls and walk-ins on business inquires and also make referrals to our partners," Vidotto explained.
"Through investment, we can lend small businesses in our catchment area up to $600,000."
The third pillar, community strategic planning, involves extracting vital opinions and goals from board and committee members and then developing a logical road map for the organization to follow in the coming years.
The fourth pillar is community economic development. Vidotto said this represents a community-led initiative wherein communities identify and implement their own remedies for economic, social and environmental challenges, aiming to foster robust and economically sustainable communities.
Thunder Bay Venture clients span all the small businesses in their catchment area, which includes Thunder Bay and its census metropolitan area of Oliver Paipoonge, Neebing, Conmee, O'Connor, Shuniah and Gilles townships, as well as Fort William First Nation, Gull Bay First Nation, Whitesand First Nation and Armstrong Station.
Vidotto said new businesses are a vital part of Northwestern Ontario's economic growth and well-being.
"New businesses create jobs, which is crucial for a community that has sometimes faced economic challenges," she said.
"A strong job market attracts and retains residents, boosting the overall economy."
She added that economic diversification also plays an important role.
"Northwestern Ontario's economy has traditionally relied on resource extraction industries," Vidotto said.
"New businesses, particularly in innovative sectors like technology or tourism, can help diversify the economic landscape and make the community less vulnerable to fluctuations in resource prices."
She noted new businesses often bring fresh ideas and approaches through innovation and development. They can help develop new technologies, products and services that benefit the entire community, she said.
"Successful businesses become anchors in their communities, providing tax revenue and supporting local services," Vidotto said, adding that they can also create a more vibrant and dynamic atmosphere, attracting new residents and businesses.
The Chronicle Journal / Local Journalism Initiative
