EAST CENTRAL — Community Futures Sagehill has had to pivot as its clients – new businesses – have been affected by the pandemic.
“As soon as when COVID-19 hit, our corporation knew we had to do something,” said Susan Wehage, Sagehill’s chief executive officer. “We knew that it would cause some additional stress to individuals, organizations and community members.”
So a webinar on managing through the unfamiliar and uncomfortable times was organized. It ended up being well-attended, with around 50 from across the province. Other webinars giving advice on how to reopen were also hosted by Sagehill.
“We also knew that we had to do something with our existing loan clients,” Wehage said.
“We contacted each of our loan clients, discussed their situation and best scenario and worked with them. That was the biggest thing. We knew we had to work with each of our loan clients.”
Wehage said some of their client businesses were hurt by the pandemic, while others were busier than ever.
Sagehill’s board made the decision to allow their clients to defer payments, loan payments and suspend interest on the loans for on a month to month basis if needed.
In response to the pandemic, the federal government also announced rural businesses can apply for loans of up to $40,000 from the $95.7 million earmarked for Western Canada through the Regional Relief and Recovery Fund.
Community Futures Sagehill held their annual general meeting June 17. From April 1, 2019 to March 31, 2020, the corporation has approved 12 loans, investing more than $613,000 in local communities. As a result, 28 jobs were created, maintained or expanded.
Sagehill had training events that served 69 participants, provided business advisory services 1,197 times, and helped create, maintain and expand 156 businesses.
The corporation saw $809,000 in revenues in 2019-20 and $718,000 in expenses. In 2018-19, revenues were $836,000 and expenses $550,000.
“We had a positive bottom line. We continue to invest in our communities. It was a good year for us,” Wehage said.
Sagehill also saw a change at the top. Wehage took over as CEO, while Holly Marshak became the business development officer.
This year is also the 35th for Community Futures Sagehill. The original plan was to hold a celebration along with the annual general meeting. Now the plan is to hold a celebration featuring a guest speaker in November.
