LAMBAC
Contact Information:
LAMBAC
30 Meredith Street
Gore Bay On
P0P1H0
Contact Person: John Foster
Community Economic Development Officer
Phone: 705-282-3215
Toll Free: 1-800-461-5131
Fax: 1-705-282-2989
E-Mail
http://www.lambac.org/
The LaCloche Manitoulin Business Assistance Corporation (LAMBAC) is a community-based non-profit corporation which has worked hard to help the LaCloche Manitoulin region prosper throughout our twenty year existence. We are one of 268 Community Futures Development Corporations (CFDCs) across the country, all sponsored by Industry Canada. It is also one of 24 CFDCs in Northern Ontario, all sponsored by FedNor within Industry Canada. Our mandate is to encourage the creation and expansion of local business ventures, encourage and support entrepreneurship in the region, support the creation/maintenance of jobs in the business community through the investment/loan fund and work in cooperation with existing community economic development programs and groups.
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Product list: Business Loans. Our Access to Capital program includes a $2 million investment fund, from which LAMBAC offers small business loans of up to $150,000 to any one business. Loans are subject to the interest rate set on the day of offer, they can be term or demand and seasonal payments can be negotiated. In its loan decisions LAMBAC balances sufficient security against the strength of your business plan. Self-Employment Employment Benefit (SEEB) Program. LAMBAC is an agent contracted for the administration of the national SEEB Program. This program exists for those currently on the Employment Insurance Benefit Program and who would like to extend their benefit in order to start a new business. The stated objective of the program is to provide unemployed Employment Insurance eligible individuals with income and entrepreneurial support while they develop and implement their business plan. On-line Training. As a CFDC, LAMBAC has exclusive access to the exciting online learning opportunities at the national Community Futures Development Institute (CFDI). A large array of accessible and engaging courses is available for you to enhance your business skills. Most courses cost about $100 and last a little less than ten hours. They even offer an online tour of their services and free demos of some of their courses so you can see what they are like before you buy. Local Initiatives Program. The Local Initiatives Program is a powerful tool for community groups and municipalities to make great things happen in their community that otherwise wouldn't be possible. This innovative program supports local or regional projects with grants up to $5000. Projects must benefit the local economy and be important to the economic development plan for the area, particularly if they help communities adapt to the global, knowledge-based economy.
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