Lender of last resort
Jack Bass is the new general manager of Community Futures South Fraser, a group that provides economic development, business assistance and loans.
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Economic development and entrepreneurial culture are the trademarks of Abbotsford’s Community Futures South Fraser, an organization that works to diversify resource-based or rural economies.
The centre’s initiatives include community economic development, business assistance programs, and business loans programs that offer support to residents and neighbourhoods in Abbotsford and Chilliwack.
It is one of 34 Community Futures organizations in B.C., all of which are independent, locally run, and guided by a voluntary board of directors.
“We’re often viewed as the lender of last resort,” said Jack Bass, the new general manager of Community Futures South Fraser, of its position as a bank for those who might not otherwise be able to get a loan.
“We will often look at projects that banks have turned down.”
They take a higher-risk approach to loans, Bass said, noting that they’ll talk to almost anyone.
However, they still operate under a bank’s criteria by researching who they’re dealing with, their personal history and especially the kind of enterprise that will repay their loan.
“We have a pool of federal money, so generally our loans are in the area of $20,000 to $150,000,” he said.
Bass has extensive experience in this kind of industry. He has worked as the executive director of both the New Westminster Downtown Business Association and the Okanagan Indian Band, one of the largest in the Interior, and as both a government adviser and economic development officer for Indian bands across Canada.
A native of Dryden, Ont., Bass moved to Chilliwack for his wife, who was raised in Abbotsford. It appears to be a good move, as it’s now where he makes his living.
“We just love it out here,” he said.
His goals for Community Futures are lofty, as economic and social reconstruction is not an easy challenge. However, Bass feels the company is up to the task.
“Our greatest concern is to make a positive contribution to the social and economic fabric of Abbotsford,” he said.
Those contributions include anything from reducing poverty to looking for sustainable alternatives to peak oil.
Above all, the message is to bring a social side to economic growth, focusing on supporting locally sold products and providing money for start-ups and business expansions.
According to Bass, Community Futures is best known for its Self-Employment Program, which instructs those on unemployment insurance about marketing, networking, and building financial statements.
“As long as they have a viable idea . . . they can build their business over the course of a year, while still maintaining unemployment benefits,” he said.
That option is available only on the recommendation of a caseworker, but it’s clear this philosophy comes from a neighbourly way of thinking that is aimed at everyone’s long-term benefits.
“We have the knowledge and resources to help people help themselves.”
Community Futures South Fraser has a new location at 1 – 31726 South Fraser Way in Abbotsford. Call 604-864-5770 or visit southfraser.com for more information.
by Kolby Solinsky
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