 Image courtesy of Greater Peterborough Innovation Cluster 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)
Business Development Bank of Canada (BDC)
Peterborough Region Angels Network (PRAN)
OCGC
CFDC
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.
PETERBOROUGH: The 2016 Business Excellence Awards, sponsored by Bell, were handed out at the awards ceremony at The Trentwinds on October 19th. The 13th annual ceremony was presented by the Greater Peterborough Chamber of Commerce, and is designed to publicly recognize and honour local businesses who have demonstrated a passion for excellence. In all, 54 businesses and individuals were profiled as “Finalists”, with recipients announced live in each of the 21 categories, including the 4-Under-40 Profiles and the Student Business Leadership Bursaries. The Peterborough Chamber of Commerce also announced its annual Business Citizen of the Year recipient at the awards ceremony. As the Chamber of Commerce is a Business-to-Business organization, the role that a nominee for the Business Citizen of the Year Award has had in the Business Community is extremely important. The Chamber of Commerce also recognizes the importance of volunteerism within the broader community. The 2016 recipient is Stephen Kylie! Stephen joins a long list of Business Citizens of the Year, who have all made a significant contribution to the community. 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. 2016 Business Excellence Awards Finalists (listed alphabetically) Entrepreneurial Spirit (sponsored by Gauvreau & Associates Chartered Professional Accountants)
SUPPLY CHAIN (sponsored by Community Futures Peterborough)
SKILLED TRADES (sponsored by Business Development Bank of Canada)
TOURISM (sponsored by BMO Financial Group)
HOSPITALITY (sponsored by Peterborough Destination Association)
MICRO BUSINESS – Fewer than 5 employees (sponsored by Darling Insurance & Realty Ltd.)
RETAIL – CHAIN/FRANCHISE (sponsored by RBC Royal Bank)
RETAIL – NON-CHAIN/NON-FRANCHISE (sponsored by The Peterborough Examiner)
NEWCOMER ENTREPRENEUR OF THE YEAR (sponsored by Fleming College)
CUSTOMER FIRST (sponsored by TD Bank Group)
4-UNDER-40 PROFILES (sponsored by Peterborough Distribution Inc.)
LOCAL FOCUS (sponsored by Trent University)
INNOVATION/RESEARCH & DEVELOPMENT (sponsored by Greater Peterborough Innovation Cluster)
COMMERCIAL DEVELOPMENT OR RENOVATION (sponsored by City of Peterborough)
MARKETING & PROMOTION (BDO Canada LLP)
ENVIRONMENTAL PRACTICES (sponsored by County of Peterborough)
HEALTH & WELLNESS (sponsored by Peterborough Regional Health Centre)
NOT-FOR-PROFIT (sponsored by Community Foundation of Greater Peterborough)
EMPLOYER OF THE YEAR (sponsored by LLF Lawyers LLP)
STUDENT BUSINESS LEADERSHIP BURSARIES (sponsored by Peterborough Economic Development)
BUSINESS CITIZEN OF THE YEAR (sponsored by Nexicom)
 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:
by all three levels of government.” said Allan O’Dette, President and CEO of the OCC. To read the full report
The Success of Small Business Will Determine the Success of Ontario’s Economy: New Report Kicks-Off 2016 Small Business Week 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:
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. -30- 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:
The report wraps up with seven recommendations to government:
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:
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:
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 |
AuthorThe Peterborough Archives
January 2023
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