Written By Jan Sims
MIDDLESEX CENTRE - Middlesex Centre council got look at how local businesses have come out of the pandemic and a glimpse of the future.
At its July 3rd meeting, Todd Copeland, General Manager with the Community Futures Program in Middlesex County updated council on the group’s accomplishments.
A key feature of the presentation was the Relief and Recovery Fund for which the Futures Program served as the delivery agent. “I’m happy to report the resilience of small businesses in Middlesex County was great. Ninety-four percent of those clients that we supported have either met, through repayment…or are paying back their loans, or we’ve been able to accommodate them through alternative payment arrangements. So, we anticipate a very low level of default,” Copeland told council. The organization is funded and backed by FedDev Ontario and provides support for entrepreneurs and business owners.
Council was told there’s been a shift away from relief and recovery to focusing on new opportunities. That’s meant greater flexibility in how investment funds are used. “We can really tailor the use of those funds to the observations we’re making in terms of the economic climate,” said Copeland.
The presentation highlighted priority sectors for investment. The top three are service, retail and agri-food and food processing sectors. “Those are all sectors that are of importance to Middlesex County,” said Copeland. However, he also mentioned the importance of emerging sectors including health and bioscience. “The idea is to make it as favorable as we can to support entrepreneurs who are looking to take risks, or small business owners who are looking to expand,” said Copeland.
In terms of investments by municipality, population numbers were evident with Strathroy-Caradoc received the largest amount of support followed by Middlesex Centre and Southwest Middlesex. “We’re very geographically represented,” said Copeland.
