May 10, 2022 4:12pm
The General Manager of Community Futures Huron says the creation of the new Entrepreneur Fund grew from a desire on the part of the county Economic Development Board to make financing available for new businesses.
Paul Nichol says the model they chose was one that was working successfully in Eastern Ontario and Nichol says the people at the Community Futures program there helped them duplicate the model in Huron County. Nichol says the concept is unique and involves a community foundation that takes donations for projects in a community, but while that money’s not out in the community, they invest it in what’s called impact investing and in this case, the money is being invested in the newly-created Huron Entrepreneur Fund.
Nichol explains, “so you’ve got me, as the donor, I’m benefiting, the business that’s receiving the funds for the loans is benefiting and then when that money comes back to the Foundation, it goes out into the community in the form of grants for good projects and good things in the area.”
Nichol called it a triple win.
He explained, “so it just keeps on generating money that goes, again, back into the Foundation for good works. And it’s a good return for the Foundation and still allows a reasonable rate to be charged back to the business owner.”
Nichol says anyone wishing to donate money should contact the Sunset Community Foundation and anyone wanting to apply for a loan should contact Paul Nichol at Community Futures Huron.