Community Futures Lambton is investing the net proceeds from the sale of its building on Durand Street back into the community.
Chief Executive Officer Sarah Reaume told Lambton County Council at its recent meeting, the organization - formerly the Sarnia-Lambton Business Development Corporation - rebranded and moved from the former Our Lady of Mercy Public School last year.
"It was very institutional, our boardroom was the principal's office, a very different vibe to where we are now at 346 Christina Street North. [It's] a lovely old home, circa 1877 and we're absolutely loving being there," said Reaume. "With the disposition of the Durand Street property, our board found itself with a surplus between what we sold one [property] for and what we were able to purchase the other [property] for."
Reaume said the board developed a plan to protect its principal and use the interest to push funds into the community annually.
"It's through that initiative that we have community futures grants and these are for community based economic development," said Reaume. "This year we have $40,000 in grants available annually, and that's grants from $500 to $5,000."
Applications open March 1 to support grassroots economic development and young entrepreneurship.
"That could be a street festival in Alvinston, a tourism initiative, a special event or a municipal anniversary, it could be a youth initiative. Really wide open with these grants for anything that is uplifting and empowers economic development at the community level," she said.
Reaume hopes it gives service clubs and non-profit organizations an opportunity to access seed funding to launch initiatives.
The deadline to submit an application is March 31, and grant recipients will be announced by April 14.
The organization, funded by the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), has provided nearly $50 million to support rural economic development in Lambton County since incorporating in 1988.
Free business coaching and advisory services have also helped create or maintain over 10,000 jobs.
Reaume said they've issued just under 900 loans since operations started.
There's currently $8 million dollars in loans supporting businesses across Lambton County and just over $5 million available to lend.