CL starts new capital fund to help local businesses
Over the past year, Christina Lake has been working to improve businesses in their community, recruting volunteers and encouraging younger families to settle in the area. They hired a community coordinator — Sandy Mark — and started the Christina Gateway Community Development Association (CGCDA) this spring.
Now, the association is starting a community venture capital program. This is a unique program that will be a “pool of capital that is locally raised, managed and invested,” according to a release from the CGCDA.
Last week, they received $25,000 from the Perley Memorial United Church to help with their start-up funds.
To help pool financing and support their community, residents and property owners in Christina Lake will be able to buy shares in the corporation.
This type of financing is considered “self-help financing” for communities and is used in Canada to help small businesses that may not otherwise qualify for financing.
The fund — called the Christina Lake Community Venture Capital Corportation — is set up as a venture capital corporation under the BC Small Business Venture Capital Act.
More information about this program will be available through letters that are mailed to property owners and community meetings.