By Staff/November 4, 2021
The Celtic CBDC approved 10 applications last year and provided counselling to some 119 clients, according to figures released at its annual general meeting last month.
The organization is a not-for-profit community-based lender serving businesses and workers from Petty Harbour to Riverhead, St. Mary’s Bay. Its office is located in Ferryland. CBDC stands for Community Business Development Corporation. There are 15 CBDCs in Newfoundland and Labrador and others across Atlantic Canada. Celtic CBDC also manages the annual Youth Ventures entrepreneurial program. In its region.
One of Celtic’s earliest and most successful clients, Dianne Costello of Quality Home Care Services, which employs more than 100 people on the Southern Shore, was the guest speaker for the event. Costello started the company in her basement 15 years ago and has grown the venture into one of the biggest home care and compassionate care providers in the province, serving people from St. Shotts to St. John’s out of a newly-constructed headquarters in Ferryland.
In addition to Costello’s address, reports were provided on Celtic’s activities and financial statements.
Compared to the years prior to Covid-19, the Celtic CBDC’s activity appears to be down, but the organization was still busy, according to its numbers. The average size of loans issued for the period was $68,965. The total value of the assistance it provided during the year was $482,754.
Aside form loans and business counselling, Celtic helped seven businesses last year and helped maintain, or create some 43 jobs. It provided 10 Entrepreneurial Training Fund sessions and eight business client sessions to some 56 clients on topics including finance, management, marketing and business coaching.
Overall, Celtic CBDC has some $4.2 million in outstanding loans and investments, with about 30 per cent of its portfolio loaned to businesses in the accommodations and food services sector. Loans to fisheries enterprises make up 16 per cent of its portfolio, with arts and entertainment enterprises composing a further eight per cent, health care eight percent, and construction nine per cent.
