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Whitby Free press, Wednesday, August 30. 195 PaeU 'Venturwes' president at first, mleeting 1 Bsinssgrowth group formed m ' It's.Worth' supporting MrS WORTH REPEATING recenly donated some 10 bags and boxes of used clothing to nnushare. Sorting through the bounty Is, from Ieft, Mary Wood, Sue Ann Reid, Rhoda Gribben, Cindy Somerville and Carole Scanneli. * Phot by Mark Resor, Whitby Free Pross CIBC makes donation for resource ibrary Tii. CIBC recently announced a donation of!:$5,000 totthe Bureau for Excellence in Durham Region (MER), a community initiative to, promote the gruwth of the regional economy. Thi. BEDR i. encouraging the. development of a "total quahity commitment" throughout the manufrcturing, business and service industries. "CIBCs donation will b. used to, create a resource, library of articles, books, tapes and videos that exemplify the total quality control concept," says Jini Cuthbert, manager of commercial banking for Oshawa and district area. "Mhe resource libràry will b. available ta, all sectors of the. Durham community," says Baker. An organization dedicated to finding the investment necessary to help Durham businesses grow held its inaugufral -meeting at Whitby's* Golden Griddle restau- rant last Thursday. Guest speaker to the group of about 40 local business persons was Ron Begg, president of Working Ventures- Canadian Fund. One of the biggest problems small and medium-sized busi- nesses face during periods of growth is access to funding. Working, Ventures Canadian Fund hopes to change that. The fund was begun in 1990, when it first issued shares. Its goal is to create a "pool of capital that fo- cuses on the dynamic of the small and medium-sized business sector," according to Begg. The breakfast was orgamized by the newly formed Community Economic Development Group of Durham Region. The group hopes to 'encourage growth within the Durham business community by creating a process where the private sector facili- tates the growth of resident busi- nesses and the relocation of busi- nesses to our region." As president of Working Ven- tures, Begg has seen its assets grow to $491.1 million, which is the second 'largest fund of its type in Canada. He explained that the fund was originally con- ceived by the Canadian Federa- tion of Labor (C.FL) with the, mandate of creating jobs. So far, 4,004 jobs have been produced, according to Begg. But the fund also allows inves- tors to make money. According to a recent press release, the fund offers "the potential for above average, long-terni returns, as well as immediate tax credits on the flrst $5,000 invested each year." Begg said that the type of per- son who lias invested in Working Ventures is widespread. "Capital is raised fron people in ail walks of life," lie said. To date, the fund has a total of 90,000 sliarehold- ers. They have seen an average return of 5.1 per cent since its inception. During the'breakfast meeting, Begg invited interèsted compa- nies to submit proposals. "We're looking for companies to invest in," he said. However, lie cau- tioned, "We need a proper busi- ness plan." He said that the average in- vestment is about $2.5 million for comparnes. So far, 45 companies have re- ceived .funding from Working Ventures, including Iverpower Controls Ltd. wbich has an office in Iig tîon&teIreaat anwowamounc 'ri -ý---wIAu-- ". if r-w nn. of risk is inherent in the fu.nd. He explained that most banks, « on average, have' a one per cent loss target. The 'Working Ventures fund has a 20 per cent loss tar- get. 0f every' 10 companies i n- vested in, usually two will lose money, six will break even and le that makes the fund prosperous, Begg said. However, Begg said that bis fund fully investigates potential companies before mnvesting. "This is a grubby, hands-on, get- out-in-the-plant type of fund," lie said. "We're not passive inves- tors." _________________________________________________________________________________ J __ - .1 h We provide assistance in calculating detailed retirement needs. -ý Financial t conceiut CALL FOR AN APPOINTMENT DEREK DUTKA Financial Concept Corporation is a icensed Mutuài Iund deiaer. Sering Whtby and Oshawa since 1986 F.C.G. Secunities Corporation is a lIcensed Securites dealer. v 106 Stevenson Rd. S., Your Financial Health Derek Dutka Bgest msae aewth money A Baptiet church in Atlanta had the. following words -on its marques: Getting rich is no konger a uin. It' aiamiracle. The. purpose of this report la not to-discusa miracles 'or how to get rich. It in to show why moet people are flot getting the most effective use of their money because how w. use money la more important than how we earn money. Hore are the biggest mistakes people mae with their money (si tht. month and six in neit month's column): They neuer decide what they want to acoeMplis with their money. Nothing happons until someone sets a apecific financial objective and then directs hi. or her thinklng and actions it>ward the reaflzation of that objective They have no specific plan for aoeompliahing their fimnnia objectves Most people spend more time, planning their vacation than they do their entire financial future. No one would think of buliga hous without a set of bliaeprints, yet -many -people try to rearch a financial objective without an organized financial plan. T7ey do not consider the impact of inflation in theirplanming. W. often plan for retirement, education of our children etc. on the busis of today's dollars without conaidering the. possible increase Mi the cost of living. They procrastinate about rnaking financia decisions. Procrastination can b. the greateat deterrent ta, reaching a financial goal. Tpo many people are waiting for the -tinie to be right" before starting an mnveslment prograni. Tiie time willl nover be juat right" and much valuable time can b. lost through tht.' deadly enemy. They look for an guarantee of their dollars rather than the conoeruation oftheir puchasng owe. Loaned dollars: le. savinga accounts, guaranteed investment certificatesn, T-bills, credit' unions, etc., while guaranteeing a return of the dollars loaned plus interest, usually fail te, return ta the lender the. equivalent buying power ofhbis or her original dollars. For example, $1 in 1955 would buy 50 postcarda. That smre dollar depouited in a guaranteed investment at 5ive per oent- interest after taxes would have grown ta *$7.03 by 1995 -40 yesrs later. However, that $7.03 today will buy only 28 postcarda (at 25 cents each and ne taxes), a losa in buying power of 44 per cent measured iterme of postcards. In order ta, have conserved the. purchasing power of 50 postcards, that 1955 dollar would bave had ta compound at 6.52 per oent per year after taxes ta, grow te the $12.50 needed ta purchase them in 1995. And you'd still have ta come up with more money ta, cover the GST and -PST. 1They don't take. aduantage ofithe methodas available to legally avoid taxes.'Income taxes can often b. avoided or deferred through the. use of Registered Retirement Savings Plans, trusts, tax shelters, annuities, capital gains, dividende, charitable giving and life inaurance policies. Answers to Whitby Trivia from page 5 1. John William Elliott was elected mayor of Whitby in 1951 with no council experience because he was well known as a former police chief. 2. The oldest bell in Whitby, cast in 1854, is in the tower of Trafalgar Castle Sohool. It' originally hung in the Congregational Church at Byron and Mary streets, demolished in 1891. 3. The brick house at 1615 Brock St.'S. was Port Whitby's post office from 1894 to 1913. 4. John Oscar Dornan published Brooklin's first newspaper, the North Star, in 1855. No copy of this paper has ever been found. 106 Stevenson Rd. ý S.5 Oshawa Àm5]rMý.-re- ir v