The Problem:
Communities across Canada and in our own backyard are facing an affordable housing crisis. The cost of construction is preventing low- and middle-class residents from owning a home in our community. Co-owners Neil, Dwight, and Dwayne have secured technology to provide a solution. As a start-up business, lending from traditional institutions proved challenging.
The Solution:
Cormor has sourced 3D print technology to produce more durable, sustainable, and quicker-to-build homes. They are essentially bringing back “100-year-old home quality” and providing families with a safe and stable home for generations to come. The owners reached out to Community Futures Peterborough (CFP) to discuss financing options for their innovative business. Loans Manager Braden Clark reached out to nearby Kawartha Lakes Community Futures Development Corporation (KLCFDC) to partner with CFP on the loan to secure additional dollars for lending.
Implementation & Results:
With the secured funds, Dwight, Dwayne, and Neil were able to purchase the 3D printer and begin their projects of developing sustainable, affordable housing. “There is a local, national, and global housing crisis right now, and this innovative new form of construction/design has the potential to be a viable solution,” says Dwight. “3D printing allows us to build better quality homes faster, at reduced costs, getting more people into homes quicker. The demand and need for housing are only being amplified by the shortage of skilled workers in the trades. We are excited to bring the new technology — which also brings skilled jobs with far less physical demands — to such a critical industry as construction.”
Testimonial:
“The financial support and flexibility from Community Futures is absolutely integral in allowing us to get this venture off the ground, and we can’t thank CFP and KLCFDC enough. Equally important, we are grateful to the staff and board for recognizing the tremendous potential this 3D technology will have in addressing the affordable housing crisis we’re in. For startups like ours, early adopters are essential and the CFDC program has been just that for us. Having them both as a sounding board and getting their vote of confidence means the world to us and this new technology.” – Dwight Corcoran, CEO and Co-Founder of Cormor
Conclusion:
The partnership between the two CFDC’s allowed Cormor to purchase the equipment to start their business and begin producing 3D-printed homes. Partnerships between these CFDCs allow start-ups in our community to launch innovative businesses.
Do you have an idea that needs the right support to become a reality? Discover how Community Futures Peterborough can help.Contact us at 705 745 5434 to begin your success journey.