GORE BAY—LAMBAC has undergone some major changes in its administration recently, but nothing that will affect the Community Futures Development Corporation (CFDC). Mike Addison has retired as general manager of LAMBAC, with Carolyn Campbell having taken over this position.
“It’s been great, our whole team has worked very well together, and I am proud of what we have accomplished,” stated Mr. Addison. “As Carolyn has said going down the streets of the Island and LaCloche communities, she will point at businesses as she passes them and say ‘we supported those businesses.’ We have helped a lot of businesses within the LaCloche-Manitoulin area.”
Mr. Addison officially retired as manager of LAMBAC on Friday, June 30, and Ms. Campbell took over this position on July 3. Roseanne Luscombe has been hired as the new loans and business development officer, replacing Ms. Campbell in this position. Mr. Addison started as manager nine years ago, July 2014, while Ms. Campbell started with LAMBAC in March 2016.
“We have been able to make a lot of good things happen. When compared to most CFDCs in Ontario, we did very well,” said Mr. Addison.
“If there is one thing that stands out is that when I started at LAMBAC our loan portfolio was at $8 million,” said Mr. Addison.
“That loan portfolio is now at $17.6 million,” said Ms. Campbell. “That is money lent out or money in the bank to be lent out and available for LAMBAC to loan to small businesses in the area.”
“We have provided lots of loans, with low losses,” said Mr. Addison. “We have one of the lowest loss ratios among all CFDCs in Northern Ontario. One of the big reasons for that is we have a lot of good business clients who work really hard to be successful paying off their debts.”
Ms. Campbell said, “we have helped with funding for three tile drainage projects in the area, tiling over 3,215 acres of land, improving agriculture in the area. We (LAMBAC) also wrote the application that was successful for gaining funding for the Gore Bay-Manitoulin Airport renovations and expansion.”
LAMBAC started the Northern Ontario Women (NOW) program to support women entrepreneurs in Northern Ontario. “We started with $2.3 million and the program is still continuing,” said Ms. Campbell.
“When COVID hit we were given funds from the federal government to lend to businesses to help get them through the pandemic,” said Mr. Addison. In total, LAMBAC was provided with $4.6 million in funding to help businesses. “COVID was a major stress for many small businesses.”
“We have been able to make a lot of things happen,” reiterated Mr. Addison.
Ms. Campbell noted the LAMBAC mandate is to lend money to small- and medium-sized businesses in the area covering the LaCloche-Manitoulin Island area. As the new manager of LAMBAC, “I am hoping to continue to move forward with this mandate and our primary function in providing loans to assists small and medium sized businesses.”
LAMBAC has undertaken a number of community strategic plans and has been involved in many economic development initiatives in the region, said Mr. Addison.
“We have been involved in a lot of different projects and participate in a number of boards and committees,” said Mr. Addison. LAMBAC is a resource to many boards and committees.
As for changes that have been seen in the past few years Ms. Campbell said, “the economy is the big thing. Interest rates are higher than they have been in the past five years. And inflation is a big issue as well.”
It was pointed out by Mr. Addison that, “for our area, things look good, better than in most places. This area doesn’t fluctuate as much as some other areas, our area businesses don’t see the really high lows or low busts. COVID hurt some businesses and some of the affects probably haven’t even been seen. But our mandate has always been to support small businesses.”
Ms. Campbell said, “the NOW program has been very successful and we have applied for funding to continue the program.”
“In our most recent (government funding program), which covered the past four years, we funded and helped over 700 women-owned businesses,” said Ms. Campbell. “Through NOW, we help women entrepreneurs pay for professional fees, marketing, website creation, accountant support and other things. The program has been very successful, and we are in the process of applying for additional funding to extend and add new exciting features. We will continue to implement new programs as well.”
“We collaborate with our local communities and if businesses need help with start up or existing businesses need funds to expand, they should come and talk to us,” said Ms. Campbell.
“For many businesses and organizations, we tend to be the go-to for information and ideas,” said Mr. Addison.
“Everyone wants to know if there are grants available. We work very closely with both federal and provincial funding agencies and we have knowledge of the programs and what works or fits for them,” said Ms. Campbell.
LAMBAC is an independent organization governed by a local board of directors and funded by FedNor to deliver support to small businesses, organizations and municipalities in the LaCloche Manitoulin region.
