Every business’ funding story is as unique as the business itself.  How do you know which funding is right for your business and when should you seek out varying types of funding as your business grows?  Last Tuesday, the Greater Peterborough Innovation Cluster (GPIC) and Peterborough Economic Development (PED) hosted an event tied into Small Business Week 2016.  The event included a panel discussion on some of the funding options available to businesses.  Speaking were Brenda Hogan of the Ontario Capital Growth Corporation (OCGC), Yves Lafortune of the Peterborough Region Angels Network (PRAN), Michelle Cathers of Community Futures Peterborough (CFDC), and Michael Gatschene of the Business Development Bank of Canada (BDC).  

Here’s what they had to say:
What is your role in the funding landscape?
Ontario Capital Growth Corporation (OCGC)

• Established out of provincial legislation in 2009, the principal business of the OCGC is to manage the limited partner interests of the Government of Ontario in the Ontario Venture Capital Fund LP (OVCF) and the Northleaf Venture Capital Fund LP (NVCF), and to manage and operate the Ontario Emerging Technologies Fund (OETF).
• The group is looking for companies with exponential growth opportunities
• They often require a seat at the board table 
• The OCGC venture capital specialty is emerging technologies; many venture capital groups have specialties so as a business you want to find a good fit

Business Development Bank of Canada (BDC)

• Is a crown corporation that can help any commercial entity who has a need from startups to mature to growing to businesses that need a hand turning around
• Also offer business advisory programs

Peterborough Region Angels Network (PRAN)

• Group of private investors mainly looking to invest in businesses in the life sciences and technology sectors
• PRAN is part of an angel network that has provincial and national connections
• They look to support early stage or start up companies
• Willing to take high risks for high returns
• Screening process is through GPIC
• Usually come into play after start up funding, family and friends, and government funding are exhausted
• Will invest for a share in the company 

Community Futures Peterborough (CFDC)

• Offers loans to startups and existing businesses
• Loan committee meets twice a month to review applications

What are the top three things your organization needs to see from a business?
​OCGC

1. Team - Who is behind the business and do they have skin in the game?
2. Coachability – Is the team from the business willing to learn and grow 
3. Can your business reach large markets?
4. Exhaust other resources before coming to a venture capital fund in order to receive a higher valuation

BDC

1. Historical financials, equity in the business and cash flow
2. What will be the result of the funding – e.g. increase in contracts or jobs?  Is it a good project?
3. Who are the people in the business? Are they a good team?

PRAN

1. Scalability of the company 
2. Coachability of the entrepreneur
3. Is it in their area of expertise technology and/or life sciences?

CFDC

1. Solid business plan
2. Passionate and knowledgeable 
3. Good credit history and cash flow

What is the time frame to receive funding?
CFDC

• Possible to see turnaround in 3-4 weeks
• The loan committee meets twice a month
• Presentation to the committee is possible
• Average loan is $50-70,000

PRAN

• No more than 5-6 weeks
• Presentation to the group is required
• Angels within the network often pool resources to make combined investments 

BDC

• Online for loans of $50,000 or less can be 48-72 hours
• Little bit longer for loans in the $50,000 - $250,000 range
• Up to four weeks for $250,000+

OCGC

• Venture Capital very much relationship based
• Select a number of Venture Capital funds that fit with your business
• Reach out you’d like the money and not when you need the money

The four speakers were also asked about success stories that they were able to share with the group.  Michelle from the CFDC mentioned that in its 30 years Community Futures has helped over 700 businesses including BE Catering and Doo Doos Bakery; Yves LaFortune mentioned a couple of companies the group has invested in including Entomo Farms; Michael from BDC described how they helped a funeral home in Minden recover from a recent flood; and Brenda from OCGC spoke about how they invested in an Ontario company that went on to open a branch in Europe, sell that company and start several new companies.  

Whether it’s your regular financial institution or one of the options profiled at last week’s event, hopefully the answers above can help any small business.  Ultimately, one of the best takeaways for any business is that you have to be prepared. 

​Entrepreneurial Spirit (sponsored by Gauvreau & Associates Chartered Professional Accountants)

• Havelock Metal Co.
• Home Suite Home Transitions
• Publican House Brewery – Recipient!

SUPPLY CHAIN (sponsored by Community Futures Peterborough)

• Carolina’s Colombia – Recipient!
• Discovery Dream Homes
• Persian Empire Distillery

SKILLED TRADES (sponsored by Business Development Bank of Canada)

• Fransky Mechanical
• Mortlock Construction Inc. – Recipient!
• R & M Smith Contracting Ltd.

 
TOURISM (sponsored by BMO Financial Group)

• The Land Canadian Adventures
• Peterborough & the Kawarthas Tourism – Recipient!
• Publican House Brewery

 
HOSPITALITY (sponsored by Peterborough Destination Association)

• The Brickhouse Craft Burger – Recipient!
• The Venue

 
MICRO BUSINESS – Fewer than 5 employees (sponsored by Darling Insurance & Realty Ltd.)

• Christensen Fine Art
• CrossFit PTBO
• Let’s Get Digital – Recipient!

 
RETAIL – CHAIN/FRANCHISE (sponsored by RBC Royal Bank)

• Allstate Insurance Peterborough
• Leon’s Furniture
• Long & McQuade – Recipient!

 
RETAIL – NON-CHAIN/NON-FRANCHISE (sponsored by The Peterborough Examiner)

• Euphoria Wellness Spa
• Jo Anne’s Place
• Wild Rock Outfitters Inc. – Recipient!

 
NEWCOMER ENTREPRENEUR OF THE YEAR (sponsored by Fleming College)

• Nigina Azimova & Khaja Humayon Sidiqi – Recipient!
• Javier Bravo
• Catia Skinner

 
CUSTOMER FIRST (sponsored by TD Bank Group)

• Camp Kawartha
• Home Suite Home Transitions
• MicroAge Peterborough – Recipient!

 
4-UNDER-40 PROFILES (sponsored by Peterborough Distribution Inc.)

• Mike Doherty – Recipient!
• Adam Noble – Recipient!
• Brianna Salmon – Recipient!
• Michael VanDerHerberg – Recipient!

LOCAL FOCUS (sponsored by Trent University)

• Kawartha Local
• The Land Canadian Adventures – Recipient!
• Peterborough Farmers’ Market

 
INNOVATION/RESEARCH & DEVELOPMENT (sponsored by Greater Peterborough Innovation Cluster)

• Entomo Farms
• Noblegen
• Swish Maintenance Ltd. – Recipient!

 
COMMERCIAL DEVELOPMENT OR RENOVATION (sponsored by City of Peterborough)

• Ashburnham Realty (242 Hunter Street) – Recipient!
• Bennett’s Home Furnishings
• Investors Group Financial Services

 
MARKETING & PROMOTION (BDO Canada LLP)

• Anden Kitchen and Bath Centre
• Birchview Design
• Mega Experience – Recipient!

 
ENVIRONMENTAL PRACTICES (sponsored by County of Peterborough)

• Discovery Dream Homes
• GreenUP – Recipient!
• Sustainable Peterborough

 
HEALTH & WELLNESS (sponsored by Peterborough Regional Health Centre)

• Adaptive Health Care Solutions
• Hot Yoga Peterborough Wellness Institute – Recipient!
• My Left Breast

 
NOT-FOR-PROFIT (sponsored by Community Foundation of Greater Peterborough)

• Cuddles for Cancer
• New Canadians Centre Peterborough
• Trent University – Recipient!

 
EMPLOYER OF THE YEAR (sponsored by LLF Lawyers LLP)

• GM Financial – Recipient!
• Kal Tire
• Wild Rock Outfitters Inc.

 
STUDENT BUSINESS LEADERSHIP BURSARIES (sponsored by Peterborough Economic Development)

• Jungeon Kim – Fleming College (Business Administration – Marketing)
• David Shadlock- Trent University (Business Administration – Accounting)

 
BUSINESS CITIZEN OF THE YEAR (sponsored by Nexicom)

• Stephen Kylie

It’s Small Business Week 2016.  93% of Peterborough Chamber of Commerce members are small businesses. Small businesses, we are hearing, will be the ones to determine the success of the economy.  If this is truly to be the case then there is a lot riding on the shoulders of small business and our governments need to take a long look at what’s challenging these operations on a day-to-day basis.  

Earlier this week, along with the Ontario Chamber of Commerce (OCC) and the Kawartha Chamber of Commerce & Tourism, we released a report called Obstacles and Opportunities for Small Business in Ontario.  The report offers recommendations to government based on the information gathered through roundtables and surveys of businesses over the past six months. Two roundtables were held in Peterborough and Lakefield and the findings sent to the Ontario Chamber of Commerce and distributed to our respective members.  

The Peterborough and Kawartha Chambers of Commerce heard concerns about the price and reliability of electricity and the impact on our local business communities.  Many businesses at roundtable events in June mentioned hydro has a challenging factor in their day-to-day operations.  Local businesses also expressed frustration with the increasing cost of complying with an increasing number of government regulations. 

As the collective report identifies, our local businesses are not alone in identifying electricity and other input costs as the most prominent challenges facing small business, along with access to a talented workforce, and government compliance.  

“In the Peterborough area, local businesses are working hard to maintain and expand their operations, however they are facing some big obstacles including infrastructure deficits and the rising cost of doing business in Ontario,” said Stuart Harrison, President & CEO, Peterborough Chamber of Commerce. 

The report finds that collectively, these select policies (from cap and trade to interest arbitration) demonstrate that small businesses face input pressures from all levels. From the perspective of small business owners, government seems to be taking a piecemeal approach to program and regulatory changes with little consideration of their cumulative impact on Ontario’s business climate.

“It is critical that regional governments work with the provincial and federal governments to ensure that investments and programs are targeted to reduce operational costs and to support business growth in our region,” added Kris Keller, President of the Board, Kawartha Chamber of Commerce & Tourism. 

In Obstacles and Opportunities, we learn that businesses want to know: Where does Ontario’s current cost-of-doing-business measure relative to its peers and to prior years; Does government have a position on an acceptable threshold of the cost-of-doing business?

Most businesses that we spoke with locally were encouraged to hear more about the province’s Red Tape Challenge program and hope the province will use the feedback to make improvements and reduce Red Tape.  
The report also highlights that small business contributes approximately 28 percent to the provincial GDP and created 87.7 percent of the new jobs nationally from 2005 to 2012. 
​
Out of the Small Business Too Big To Ignore consultations on which this report is based, the Ontario Chamber of Commerce urges the government to take immediate action to implement the following three recommendations in the near term: 

1. Continue the scheduled Business Education Tax (BET) rate reductions
2. Develop a single access point for all government-funded workforce, training, and employment services
3. Have all three levels of government commit coordinated infrastructure dollars to connect all Ontario businesses to the 21st century global economy. 

“Small businesses in Ontario are being held back by a diverse set of challenges that need to be addressed
by all three levels of government.” said Allan O’Dette, President and CEO of the OCC. 
To read the full report

PETERBOROUGH, ON, October 17, 2016: Today, to mark the beginning of Small Business Week 2016, the Ontario Chamber of Commerce (OCC) in partnership with the Peterborough Chamber of Commerce and Kawartha Chamber of Commerce & Tourism released the report Obstacles and Opportunities for Small Business in Ontario. The report highlights the contributions of small businesses to the provincial economy, while also identifying, and offering solutions to, the most pressing challenges that small business owners face. 

The report’s recommendations are the result of detailed consultations over the course of six months held by 25 chambers of commerce and boards of trade with hundreds of small business owners throughout the province as part of the OCC’s Small Business Too Big To Ignore campaign. The campaign revealed that the three major barriers that small businesses face are Business Education Tax (BET) rate reductions, a lack of access to the workers employers need and government funding alignment on infrastructure projects. 

“In the Peterborough area, local businesses are working hard to maintain and expand their operations, however they are facing some big obstacles including infrastructure deficits and the rising cost of doing business in Ontario,” said Stuart Harrison, President & CEO, Peterborough Chamber of Commerce. 

“It is critical that regional governments work with the provincial and federal governments to ensure that investments and programs are targeted to reduce operational costs and to support business growth in our region,” added Kris Keller, President of the Board, Kawartha Chamber of Commerce & Tourism. 

The report also highlights that businesses with fewer than 100 employees make up 98 percent of total Ontario businesses and two-thirds of private sector employment in Ontario. They contribute approximately 28 percent to the provincial GDP and created 87.7 percent of the new jobs nationally from 2005 to 2012. 

The Peterborough and Kawartha Chambers of Commerce are concerned about the price and reliability of electricity and the impact on our local business communities.  Many businesses at roundtable events in June expressed hydro has a challenging factor in their day-to-day operations.  Local businesses also expressed frustration with the increasing cost of complying with an increasing number of government regulations.  

Given the significance of small businesses to the provincial economy, the OCC urges the government to take immediate action to implement the following three recommendations in the near term: 

1. Continue the scheduled Business Education Tax (BET) rate reductions
2. Develop a single access point for all government-funded workforce, training, and employment services. 
3. Have all three levels of government commit coordinated infrastructure dollars to connect all Ontario businesses to the 21st century global economy. 

 “Small businesses in Ontario are being held back by a diverse set of challenges that need to be addressed by all three levels of government.” said Allan O’Dette, President and CEO of the OCC. “We are encouraging the provincial government to implement our report’s recommendations so that we can ensure that our economy will have sustained economic growth for many years to come.” 

The OCC encourages the provincial government to work closely with the employer community to implement the recommendations in the report. These recommendations will feature prominently in the OCC’s work leading up to the 2018 provincial election. At that time, the advocacy organization will evaluate the political platforms of each party with a particular consideration as to how their campaign commitments align with the interests of small business owners in Ontario. 

Read Obstacles and Opportunities for Small Business in Ontario

Read the Roundtable Report from the Peterborough and Kawartha Chambers of Commerce session with local businesses. 

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For more:
Sandra Dueck 
Policy Analyst/Communications Specialist
Greater Peterborough Chamber of Commerce
705.748.9771 x215
sandra@peterboroughchamber.ca

The Canadian Chamber of Commerce (CCC) recently released a very forward-thinking report on the need to rethink how manufacturing is viewed and the industry developed. The report comes to the conclusion that “Canada’s opportunity lies in capitalizing on the distinction between the traditional perspective of manufacturing output -  making widgets – and the high value inputs to the manufacturing process, such as product design, engineering,
testing and product development.”
 
Manufacturing is “still Canada’s wealth creation powerhouse, adding more value and more dollars to the economy than any other sector and is number two in job creation.”  However, the report also notes that Canada’s ability to compete internationally as a top manufacturing destination has deteriorated.  The report goes on to identify Canada’s challenges as “a fluctuating currency, high wages, skills shortages and soaring electricity costs in Ontario.”
That said, Peterborough is in a very unique position as many of the sectors discussed in the report have connections to our manufacturers from food processing to automotive to aerospace to clean-tech.  In Canada, the top three manufacturing sectors by sales in 2014 were transportation and equipment at $112.6 billion, food processing at $107.1 billion and petroleum and coal products at $831 billion.  Aerospace and automotive have high multipliers, creating 1:1 and 3:1 indirect jobs respectively (CCC Report 2016). 

The CCC report is designed to examine the specific drivers behind investment attraction and the changes to global supply chain.  Ontario stands out as a leader for foreign direct investment in Canada.  How do we capitalize on this and continue to see growth in this area for manufacturing?  The CCC report encourages dialogue around
defining the modern policies and incentives needed to support Canada “regaining its competitive standing on the world stage.”

The report is divided into four sections:

1. The Road to Recovery
2. Best Bets for Canada’s Manufacturing Future
3. Seeking Global Mandates
4. The Future of Manufacturing Revealed in the Auto Sector
   
   

Within these sections, the report touches on the need to be:committed to innovation and recognizing the link between research and development (R&D) and growth; harnessing transformative technology and investing in digital infrastructure; examining the drivers behind investment and using data for supply chain savings and efficiencies; and understanding how far along in the process companies are in the development of autonomous vehicles. 

The report wraps up with seven recommendations to government:

1. Regulatory Harmonization
2. New Metrics
3. Foreign Direct Investment
4. Incentives that Address all Sectors
5. Private/Public Partnerships
6. Infrastructure Investments
7. Alignment of Public R&D Spending

There is a role to play for both government and industry, and the most effective solution can be reached with both working in harmony.  The CCC found that Canada has the opportunity to win in the manufacturing space if Canadian companies invest in new technology and lead in innovation and R&D.  

Read the full report

The week leading up to Thanksgiving is Agriculture Week in Ontario.  It’s a perfect time to say thank you to our local agricultural and food
processing community for their harvest. 

Agriculture is a pillar of the Peterborough economy with primary agricultural and agri-business operations throughout Peterborough County.  Add in food tourism and that “programming at Fleming College and Trent University focuses on sustainable agriculture, food systems and culinary management and the region is poised to lead the way into the future of agriculture” (peterboroughed.ca/sectors/agriculture).

The Peterborough Chamber of Commerce along with the Ontario Chamber of Commerce (OCC) and dozens of other chambers and boards of trade across Ontario have released a new report on the agriculture sector called Fertile Ground: Growing the Competitiveness of Ontario’s Agri-food Sector.  The report offers recommendations designed to address barriers to competitiveness in this economic sector of the province.  The Agri-food sector is one of the most significant economic drivers in the province, with the industry employing 1 in 9 Ontarians and representing $36.4 billion in GDP.  Minister of Agriculture, Food and Rural Affairs and Peterborough MPP Honourable Jeff Leal spoke at the launch of the report earlier this week highlighting the relevance of the sector and its impact for provincial and world-wide food security in the future.

Furthermore, the importance of the industry is not lost on the current government.  In 2013, Premier Wynne challenged the agri-food industry to double its annual growth rate and create 120,000 jobs by 2020. While researching and speaking to those in the industry, including several members of the Peterborough Chamber of Commerce, the Chamber Network found farmers and food processors’ ability to meet this 2020 target continues to be
challenged by an overly prescriptive regulatory environment.

“In the Peterborough area, agri-food stakeholders have cited regulatory pressures as a significant barrier to growing their competitiveness,” said Jason Becker, Chair of the Board, Peterborough Chamber of Commerce.  “In fact, the food processing component of the Ontario government’s Red Tape Challenge has identified over 170 regulations that need to be updated. While this government initiative begins an important discussion, continued efforts need to take place to ensure that these industries are able to continue to create jobs and grow the economy.” 

The Fertile Ground report makes 15 recommendations to government and the Peterborough Chamber of Commerce has identified three priorities that could be met in the short term:

1. Work with industry and all levels of government to establish a regulatory “concierge service” to assist industry in understanding, navigating and achieving compliance with relevant regulatory requirements.  
2. Publicly release economic impact assessments of policy initiatives that could affect the agri-food sector to ensure decision-making is evidence-based, participatory, unbiased and transparent. 
3. Work with industry and post-secondary institutions to ensure that program offerings remain responsive to the needs of agricultural producers and processors. 

“From farm to table, all aspects of the agri-food sector are interconnected. The health and viability of the entire industry depends on the ability of
producers and processors to compete on a level playing field,” said Allan O’Dette, President & CEO of the OCC. “In 2015, Ontario
agri-food trade exceeded $14 billion. The Province must strive to do its part to enable the success of Ontario’s agri-food sector.” 

The Peterborough Chamber of Commerce is a proud supporter of the agriculture community with an appointment to the Board of Directors from the Peterborough County Federation of Agriculture, sponsorship of the Farm Family of the Year award, many member businesses connected to the
agri-food sector and our advocacy efforts. 
​
To read the full report go to: peterboroughchamber.ca/policy-publications

Part of our professional development series, Lunchbox Learning helps you develop new skills from industry experts. 
​
Recently, Andrew Jobes of Balance at Work conducted a workshop outlining the health risks of prolonged sitting, introducing the need to move throughout the day, describing the health benefits of yoga, discussing common (mis)perceptions about yoga, and introducing a few simple movements that you can do at your workstations to incorporate movement into your day.
​
For more information about Lunchbox Learning go to: peterboroughchamber.ca/monthly-events.

PETERBOROUGH, ON, October 5, 2016: Today, the Peterborough Chamber of Commerce in partnership with the Ontario Chamber of Commerce (OCC) released the report Fertile Ground: Growing the Competitiveness of Ontario’s Agri-food Sector, which presents a series of recommendations designed to address barriers to the competitiveness of the agri-food sector in the province. As one of the most significant economic drivers in the province, the agri-food industry employs 1 in 9 Ontarians and represents $36.4 billion in GDP.

Eager to build on the strengths of this sector, in 2013 Premier Wynne challenged the agri-food industry to double its annual growth rate and create 120,000 jobs by 2020. However, farmers and food processors’ ability to meet this 2020 target continue to be challenged by an overly prescriptive regulatory environment. Released during Ontario Agricultural Week, the Peterborough Chamber of Commerce’s report presents recommendations to business and government designed to enhance the economic environment in which agribusinesses currently operate.

“In the Peterborough area, agri-food stakeholders have cited regulatory pressures as a significant barrier to growing their competitiveness,” said Jason Becker, Chair of the Board, Peterborough Chamber of Commerce. “In fact, the food processing component of the Ontario government’s Red Tape Challenge has identified over 170 regulations that need to be updated. While this government initiative begins an important discussion, continued efforts need to take place to ensure that these industries are able to continue to create jobs and grow the economy.” 

Among the 15 recommendations presented in the report, the Peterborough Chamber identifies the following three as priorities to be addressed in the short term: 

1. Work with industry and all levels of government to establish a regulatory “concierge service” to assist industry in understanding, navigating and achieving compliance with relevant regulatory requirements.  
2. Publicly release economic impact assessments of policy initiatives that could affect the agri-food sector to ensure decision-making is evidence-based, participatory, unbiased and transparent. 
3. Work with industry and post-secondary institutions to ensure that program offerings remain responsive to the needs of agricultural producers and processors. 

“From farm to table, all aspects of the agri-food sector are interconnected. The health and viability of the entire industry depends on the ability of producers and processors to compete on a level playing field,” said Allan O’Dette, President & CEO of the OCC. “In 2015, Ontario agri-food trade exceeded $14 billion. The Province must strive to do its part to enable the success of Ontario’s agri-food sector.” 

In order to attract, retain and grow agribusiness, the Peterborough Chamber is looking for government to work collaboratively with the agri-food sector to set goals for Agriculture Week 2017 that support the industry in meeting the Premier’s Agri-food Challenge. The Peterborough Chamber in partnership with the OCC is committed to working with government and agribusinesses to enhance the competitiveness of this sector. 
​
Report: Fertile Ground: Growing the Competitiveness of Ontario’s Agri-food Sector


The Greater Peterborough Chamber of Commerce is a member-based organization. Our main focus is to channel the collective strength of the business community to improve the economy. This includes providing representation on numerous committees, conducting surveys, issuing discussion papers and developing policy positions on issues of significance to our members.

For further information contact:
Sandra Dueck, Policy Analyst/Communications Specialist
Greater Peterborough Chamber of Commerce
E-mail: sandra@peterboroughchamber.ca
Phone: (705) 748-9771 ext.215