The Government of Canada is reaffirming its commitment to supporting the growth and development of small- and medium-sized enterprises (SMEs) in rural, coastal, and remote areas of Newfoundland and Labrador.

“Small businesses keep our rural communities strong. ACOA supports all the CBDCs in Newfoundland and Labrador that help our local entrepreneurs to hire folks and invest back in their communities. That’s a win for everyone.”
- The Honourable Gudie Hutchings, Minister of Rural Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency

“Today's investment is about building stronger, more resilient communities across Newfoundland and Labrador. By supporting our CBDCs, we’re empowering entrepreneurs by giving them the tools they need to succeed – creating jobs, fueling local innovation, and supporting a sustainable economy.”

- Yvonne Jones, Parliamentary Secretary to the Minister of Northern Affairs and to the Minister of National Defence (Northern Defence) and Member of Parliament for Labrador

“CBDCs want to thank ACOA for their continued financial support of CBDCs across Newfoundland and Labrador with their work supporting 1,500 small businesses each year in rural communities. In 2023-24, CBDCs disbursed $22 million helping to grow and strengthen businesses, impacting 750 jobs. The support from ACOA makes that happen. We truly appreciate your continued funding and the collaborative approach to supporting rural Newfoundland and Labrador.”

 - Wayne Power, Chairperson Newfoundland and Labrador Association of CBDCs

• For 39 years, the Government of Canada’s Community Futures Program has supported economic development in mainly rural regions of Canada through a network of 267 Community Futures Development Corporations (CFDCs). In Atlantic Canada, CFDCs are known as Community Business Development Corporations (CBDCs).

• CBDCs are non-profit organizations that offer a wide range of programs and services to support community economic development and the growth of small businesses in Atlantic Canada. They employ local staff and are each led by a volunteer board of directors, representing the community.

• Since 1995, the Government of Canada, through ACOA, has invested over $265 million in CBDCs via the Community Futures Program. This funding has contributed to the creation of over 30,108 jobs, the maintenance of over 60,300 jobs, and support for 40,936 entrepreneurs in Atlantic Canada.

• Between 1995 and March 2024, CBDCs disbursed 41,105 loans valued at nearly $1.7 billion.

• To find your local CBDC or for more information on the services and support they offer, visit the CBDC website.

Associated links

• Supporting rural entrepreneurial opportunities across Atlantic Canada
• Newfoundland & Labrador Association of CBDCs
• Community Futures Program
• Atlantic Association of CBDCs

Connor Burton  

Press Secretary 

Office of the Minister of Rural Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency  

Connor.Burton@acoa-apeca.gc.ca    

Paul McGrath

Director of Communications

Atlantic Canada Opportunities Agency

709-689-5731

Paul.Mcgrath@acoa-apeca.gc.ca

Roseanne Leonard

Managing Director

Newfoundland and Labrador Association of CBDCs

709-691-5530

Roseanne.leonard@cbdc.ca