Funding possibilities expand for Basin businesses

Businesses that need financial support but aren’t able to secure conventional financing may now be able to secure funding.

Columbia Basin Trust launches a new $2-million fund to increase funding possibilities for Basin-businesses, in partnership with Community Futures. — Photo courtesy cbt.org

Businesses in the Columbia Basin that need financial support but aren’t able to secure conventional financing may now be able to find help through Columbia Basin Trust’s new Impact Investment Fund. The $2-million fund is administered by Community Futures.

The fund is intended to support business opportunities that are high risk and may not offer adequate financial returns to an investor, but will benefit Basin residents and communities in some other way. For example, it may create jobs, address a community need, help the environment or support arts and culture.
                                                                                                                         
“We will continue to invest in opportunities that give us the income we need to provide programs and services to the Basin,” said Neil Muth, Columbia Basin Trust President and Chief Executive Officer. “However, sometimes an opportunity doesn’t fit our standard financial requirements, nor is eligible for a grant—and yet deserves to be supported for other reasons. The Impact Investment Fund gives us the ability to help these businesses strengthen and grow.”

This fund is one of the outcomes of the Our Trust, Our Future engagement process. From September 2014 to February 2015, the Trust connected with 3,000 Basin residents to get ideas on how it could better support their priorities.

All types of businesses can apply directly to Community Futures, including for-profits, non-profits, social enterprises, First Nations businesses and start-ups. The business must be located in the Basin, and the investment opportunity must demonstrate significant positive impacts in the Basin. Applications will be reviewed by Community Futures staff and an external adjudication committee made up of Basin residents appointed by the Trust.

“We have long noticed a gap in the financial resources currently available to businesses, and are pleased to partner with the Trust to deliver this innovative financial tool,” said Don Freschi, General Manager, Community Futures of Greater Trail. “Working together, we are now able to better support the businesses in our communities—and therefore the communities themselves.”
For more information, contact the Community Futures office in your area: Central Kootenay (1-250-352-1933, [email protected]); East Kootenay (1-800-661-2293, [email protected]); Fraser Fort George (1-800-661-2055, [email protected]); Greater Trail (250-364-2595, [email protected]); Revelstoke (1-250-837-5345, [email protected]).

Columbia Basin Trust supports efforts to deliver social, economic and environmental benefits to the residents of the Columbia Basin. To learn more about the Trust’s programs and initiatives, visit cbt.org or call 1.800.505.8998.