CAC: In Conversation with Marc Theriault (CBDC)

Join us for a chat with Marc Theriault, Project Analyst from the Westmoreland Albert Community Business Development Corporation. You may know the CBDC Westmoreland Albert as a non-traditional business financing source, while that's true, - their dedication and passion for community is so much more than dollars and cents. They also offer a variety of types of support and programming, and give great advice and resources for all kinds of businesses and groups in our region. Listen in to learn more about what they do and the real people behind this incredible service.  

The Westmoreland Albert Community Business Development Corporation has been a major supporter of Connecting Albert County for many years. Because of their generosity as an advertising partner, CAC is able to continue to provide our free services to our community. 

The Westmoreland Albert Community Business Development Corporation is a major advertiser of Connecting Albert County, and CAC would like to thank it, and Marc in particular, for their generous support.  

Connecting Albert County thanks our presenting sponsor, the Bennett & Albert County Healthcare Foundation.

For more information on Connecting Albert County, please go to our website or find us on Facebook or Instagram.

Connecting Albert County thanks our presenting sponsor, the Bennett & Albert County Healthcare Foundation.

For more information on Connecting Albert County, please go to our website or find us on Facebook or Instagram.

Transcript

SPEAKER_01 0:03

Good morning and hello. This is Melody Land, coordinator of Connecting Albert County, the local publication for rural Albert County. And today on CAC in Conversation, we are really excited to be joined with Mark Terriot. He is the project analyst for the Community Business Development Corporation of Westmoreland, Albert Region. They have been a longtime supporter of Connecting Albert County. And without community partners who believe in what we do, like them, and who provide financial support as well as resources and information that we can share out, we wouldn't be here. And so I'm really excited to talk to them today, learn a little bit more about what Mark does and what the organization does. And welcome this morning, Mark. We're so glad to have you here.

SPEAKER_00 0:54

Thank you for having me. My pleasure.

SPEAKER_01 0:56

I do uh wanted to start with just you introducing yourself a little bit. What are you, who are you and what role do you play with your business or with your organization, I should say?

SPEAKER_00 1:08

Thank you. So I'm Mark Terrier. I work for the Community Business Development Corporation or the CBDCs, as we're as we're uh largely known. We have 41 offices uh in Atlantic, Canada alone, but we also have offices across Canada. And um, so our branch is located in in Shettyac, uh, but our territory covers all of Westmoreland and all of Albert counties as well. So uh my role within the organization is primarily as the lead on business loans. Um, one of the programs we deliver at the CBDC is commercial loans. So we finance businesses throughout our territory, assisting them with uh a range of needs.

SPEAKER_01 1:51

That's a wonderful service because it can be really daunting for new business owners or people who have an idea for a business and they don't even know where to start. Uh, we were talking a little bit earlier, and I had the privilege of working with the CBDC when I started my own private business a few years ago. Um, and I can truly say that because of what you do and your organization does, I was able to be successful in starting that business. And within a couple of years, we were where we we want it to be. So if you could tell me a little bit more about the C BDC or the Community Business Development Corporation, we want to say that word as many times as we can. Like, where did it come from? And from a global perspective and then more specific perspective, what are its purposes? What would you say its mandates?

SPEAKER_00 2:40

Sure. So the CBDCs have existed since the late 80s. Um, our original mandate was really to be uh an economic development organization for rural and remote parts of Canada. So we were created with the idea of finding ways to uh assist businesses with loans to help them grow and prosper. And we were concerned with keeping and bringing in new products and services to communities, uh, job creation, strengthening the economy. And over the years, our loan programs and uh the amounts we advance, of course, have increased. And uh, we've also been able to create other programs that can hopefully contribute to a business's success. Um we've become known as a great resource for businesses when they're looking for guidance, uh, general advice, financing, training, and other programs we deliver that may coincide with their needs.

SPEAKER_01 3:41

If we think about loans, for instance, because that's the thing that I find really overwhelming. I, you know, I've been to um like some of the business startup programs that you have and a lot of the training programs. Um, but I always find it's the dollars and cents that are overwhelming to me sometimes. What makes your loan programs different than say going to a bank?

SPEAKER_00 4:02

Sure. So we we have a bit of a niche, I'd say that we assist startups uh a lot more than traditional banks would. Um it can be difficult at the onset when you're ramping up a business and and all you have to go on is potential and viability. Yeah. Convince, you know, the chartered banks to lend you money. The banks are there, they're great, of course, and they serve a purpose, but sometimes, you know, at that grassroots level, they they may not uh come to the table. So we do a lot of startups, but you know, that's not to say that we don't do expansions and acquisitions and all that other good stuff as well. Uh, I would say we do maybe a little bit more hand holding as well. Uh we offer, as you mentioned, uh uh some seminars, uh some tools and templates that can assist entrepreneurs with preparing uh business plans and financial statements and things of that nature before they approach us. Primarily focus more on the rural areas that we serve. Um so again, that was our mandate from the onset was was financing uh rural and remote areas of Canada and and uh filling a need there, I guess.

SPEAKER_01 5:19

Okay. So how long have you been with the CBDC?

SPEAKER_00 5:22

So I've been there since 2012.

SPEAKER_01 5:24

Oh wow, so a good amount of time. What made you come to the organization and kind of stay there and want to serve rural communities like Albert County, for instance?

SPEAKER_00 5:36

Sure. So uh, you know, I'm originally from from northern New Brunswick. And uh like many, I came here in the in the 90s to study and work uh in Moncton, yeah, an area that was uh you know growing rapidly and and had more opportunities. And I eventually stayed uh finding work in consulting and finance. And my road eventually led to the CBDC in 2012, where um I took that experience and education and in credit lending and business to uh to help the organization grow its loan portfolio. But uh, you know, the the real reason I do it is that uh, you know, I believe in in contributing to our local economy by helping people um, you know, turn their their dreams into a reality. You know, and all of southeastern New Brunswick has has grown by leaps and bounds, and you know, it feels good to be a small part of why that happens. And uh, you know, it isn't by accident. People here have a a drive and a determination to grow their businesses and to give back to their communities. Albert County specifically has always been um you know a special place for me. You know, when I'm not in my office, you'll often find me on a backcountry adventure.

SPEAKER_01 6:47

Oh, really?

SPEAKER_00 6:48

I'm an avid uh hiker and backpacker who spent countless hours on the Dobson Trail, the Fundy footpath, camping in Fundy National Park, etc. So the area has always been important in my life.

SPEAKER_01 7:00

And uh that is one of the reasons to see those economic developments and the place that you come to play and enjoy yourself when you're not doing the desk work and crunching numbers and helping those of us that you know are doing this thing. That's really exciting. Is that your like your big why? You mentioned contributing to the the public and the organization, that it's a special place. And I love that you mentioned the drive and determination. Do you see a difference between, and this is just off off the cuff curiosity here taking over for me? But do you see a difference between like an inner city experience and a rural experience in business development and like that startup idea?

SPEAKER_00 7:46

You know, I I think that small businesses are the the lifeblood of the economy, you know, regardless of where they're located, but yeah, uh maybe more so in rural areas as as well, because that small business in a rural area, let's say, that creates five jobs, right? Five jobs in Alma is very, very important, you know, significant. So so those small businesses that create two, five, ten jobs. And look, we all like these huge manufacturing operations that hire 200 people. Well, that's that's great too. But you know, um it's just those small businesses are just as important in small communities, I guess if that answers your question.

SPEAKER_01 8:34

The community definitely, I think it does, because the community impact, the ripple, the ripple effect of those things. Um, I was doing some research and just especially over this time of year where we're talking about buying local and supporting um your neighbors and how when one benefits in our small communities, we all benefit. And one of the statistics I read was something to the effect of I think it was a little over 80 cents on the dollar that you spend in a local business. So something that is not, you know, the big retail chains and things like that. 80 cents on your dollar, roughly, I could be wrong by a few cents, stays within the local economy. Sure. Because it's that person that they're buying their gas locally, they're buying their groceries here, they're um using that money to fund or to donate to the hockey team and things like that, where when we buy from some of the big box companies and that sort of thing, I think it was only like 10 or 12 cents is contributed to the local economy. So that really speaks to what you're saying about that impact. Um, and that must be really meaningful. I mean, are there any situations where I mean, as a as somebody who comes here to to live and to play, you know, you've driven by and you see, oh, there's that restaurant we, you know, funded and you can see them happening and hopping. Are there any like wins that give you particular satisfaction?

SPEAKER_00 10:06

Yeah, I mean, uh, you know, most of the work that that I do is uh, you know, in the background, in the shadows, you know, I I don't do it uh obviously for recognition, you know. So it that might be something that most people don't know don't really realize about what I do and how I I serve the community, if you will. So most people don't know how a business ever got off the ground or or who helped it uh turn the corner, you know. And the fact is there are usually you know two factors I think that come into play when a business is successful. And first, it's you know the ability and the work ethic of the entrepreneur, for sure. But second, maybe and and just as importantly is the network they build around them. Um so the people they can rely on. And at the CBDC, we're we're part of that network and we enjoy sharing, you know, in their in their successes. Yeah.

SPEAKER_01 11:00

And I I can imagine, you know, when you being someone like you said, you're a very humble person in the conversations we've had. I can see how seriously and how meaningful um what you do is to you and how seriously that you take it. Um, but also, like you just said, you don't get, you know, accolades for yes, we provided X amount of funds and we provided the support to make sure they could pay it back in a reasonable time and all these things that are actually so important. It doesn't matter how good of an idea we have if we don't have those structures in place and supporting people, not just to get the funds, but to build those structures to be successful in paying loans back and cash flow and things like that. And so, because you know what, like you said, what you do is in kind of the back, you know, we all want to be told we're doing a good job once in a while. And so I think maybe, or I hope that when you see these organizations and businesses as you're driving by thriving, or you get that note that, oh, they've paid off that extra little bit that they borrowed, um, that must be really satisfying. I think you would need to have that almost on a personal level to keep doing what you do.

SPEAKER_00 12:12

Oh, yeah, of course. And thank you for saying that. Very kind of you.

SPEAKER_01 12:15

Oh, you're welcome. I only say what, say what I see. And like I said, my experience has been nothing but incredibly positive. Are there any other things that you think people would like to know about? The things that happen in the background that uh they're not aware of?

SPEAKER_00 12:29

Yeah, we uh we I guess we all have to give back. You know, it's it's it's the Canadian way, I suppose. We are expected to be uh tolerant and to be kind, to be just and to be there for each other, you know. And when you're living in you know, the far reaches of the east coast of a nation so vast, you know, being there for each other takes on even more importance. So if you're if you're living and and working in Albert County, for instance, whatever way you can contribute and whatever role you've been assigned in life, it's it's important now more than ever that you show up.

unknown 13:03

Yeah.

SPEAKER_00 13:04

People are counting on you. And we know that people are counting on us. So uh we we you know try to do a good job.

SPEAKER_01 13:12

I love that. I love that. So are there some projects that or businesses, organizations? I mean, you folks support us financially that you've been a part of in rural Albert County that you're able to discuss and that we might be surprised about and learn about.

SPEAKER_00 13:30

You know, I would say that you'd be hard pressed, you know, to drive from Riverview to Alma, you know, without coming across a myriad of businesses and business people that have gotten our assistance in a variety of ways over the years. And it's been great to witness firsthand um, you know, some of these success stories in the area. Albert County, you know, of course, is is one of the main areas for tourism in the province. Uh so that brings opportunities since so many people come from from all over to to visit the area and see all it has to offer. But um, you know, it's much more than a seasonal playground, you know, and it's been fulfilling to assist businesses that are year-round uh destinations in the area, too.

SPEAKER_01 14:16

When you think of what you're most proud of in doing what you're doing, is there something or a story without naming names and that sort of thing that comes to mind?

SPEAKER_00 14:29

Well, I guess you know, the the moments that bring me the most uh pride are to your point when I can visit clients, not as the guy who helped them finance their business needs, but simply as a customer. Yeah, and I can see how their business is doing well and providing a great product or service or experience, um, how they've grown over the years, hired staff, uh expanded, you know, and are gaining recognition and are pillars of their community. So all those things bring me joy because I know that you know I played a small part in that success story. Uh, so that's always a good feeling for sure.

SPEAKER_01 15:09

I love that. How can we support you?

SPEAKER_00 15:12

I guess thinking about that question, uh, I guess I'm thinking more about how the clients can support uh themselves, I guess, before before approaching me. And I guess what I'm saying is, you know, when people approach me for assistance, you know, I want to see that they have their hand in the fire as well. I want to help people who can help themselves. And that is to say, you know, show me that you have what it takes to see your project through, that you're willing to, you know, make the necessary sacrifices, that you're all in. And then I'll likely want to support you. I mean, fortune favors the bold, as they say. So if you have the courage and the determination required, um, you'll likely find people around who you know wish to follow you into your next adventure. You'll likely get support.

SPEAKER_01 16:06

We've gone through a lot of information really quickly. Is there anything that we've missed or that you would have us know?

SPEAKER_00 16:14

Only that that uh that Albert County is is growing, but it's important um, you know, not to rely only on tourism dollars and seasonal attractions, as we mentioned, and what is key is that locals support locals. You know, spend your money at home uh to the point you made earlier, you know, support your local businesses and you know, be there for each other. You know, the Amazons and Walmarts and Costco's of the world are great, sure. But you know, put some thought into where you spend your money. If you want your community, you know, to grow, you have to make sure that those small businesses next door to you have your support too. And that way you'll keep them in your community. And it's one of the best ways you can contribute to local economic development. Think before you buy and celebrate what you have right here at home uh in Albert County. And you know, um as far as the support that we offer, certainly if if you have a small business and and you need financing, if you need um uh some training, some general advice or guidance, um, you know, knock on our door. We may be able to to provide you with with what you need. Uh, we've had a lot of business dealings over the years uh in Albert County, and uh um there's no stopping us now. We're gonna keep moving forward.

SPEAKER_01 17:37

I love that so much. And again, like from personal experience, um I have taken, I've done a couple of the different programs, I've taken training. And what I love is just the accessibility of you folks. I know you're all super busy, um, but there's always if somebody always makes time to get back to me to say, okay, here are the people that you need to talk to. Um, here's how we can help, here's how we can help, here's somebody else that could help. Have you thought of this? And so much of it, like there's we don't have to pay for. I don't want to say it's free because you know, everybody's paying somewhere, but the reality is um, so much of what I've experienced hasn't come out of my direct pocket. And it's been invaluable information. And even when I was looking at a personal business or a business loan to restart my business, the information that I received, it was quick, it was concise, and it helped me make decisions. So, you know, from a personal standpoint that I'm happy to share with the community, it is worth picking up the phone or sending a quick email just to check in and see because you don't know. I've been surprised by some of the things that have come back and said, Oh, hey, by the way, if if you are needing XYZ, um, we can help you with that, right?

SPEAKER_00 18:57

Of course. And, you know, I think that the um, you know, the the future looks bright for uh for our area, for for Albert County, and uh, you know, we we think the future looks bright for uh the CBDC offices, you know, New Brunswick offices of the CBDCs are among you know the busiest in the nation, believe it or not. So we're seeing so many people, you know, choosing to live and stay in New Brunswick. The East Coast is amazing, and the secrets out, you know, many are choosing to start small businesses here, invest here. And you know, they need support. So I assure you we have no shortage of work. Yeah, we've we've always found ways to uh you know to stay relevant over the years, pivoting when necessary, and yeah, you know, extending our reach and trying to find new ways to assist businesses as needs and and trends uh change.

SPEAKER_01 19:53

Well, thank you so much for spending this time with me. Um, like you said, I know you have a variety of things that need your attention in the day. Thank you for uh uh supporting what we do and helping us connect people. If there's any way we can ever be supportive in getting information out to the community, we're happy to do so.

SPEAKER_00 20:12

Thank you for your time. Much appreciated. Anytime.

SPEAKER_01 20:15

And this is Melody with Connecting Albert County, CAC in Conversation. I've been talking to Mark Terrier, the project analyst from the Community Business Development Corporation, CBDC, for the Westmoreland Albert region. Stay tuned to next time, and we will be talking with some more very interesting folk that is contributing positively in your community.