BDC provides financing, capital and consulting services to help create and grow Canadian SMEs.
Business Development Bank of Canada Act
In July 1995, the federal government updated and renewed the legislation relating to BDC. Three significant changes were made:
- BDC's lending ceiling was increased
- It was given the power to get new capital from the public and private sectors
- BDC was legislated to play a complementary role to that of other commercial financial institutions
With this in mind, BDC renewed and refocused its mandate, which includes the following elements:
- To strive to be more visible and accessible, while developing innovative, high-quality financial and consulting services for Canada's small businesses
- To increase its financing of small and medium-sized businesses operating in knowledge-based, growth-oriented industries and export markets
- To increase its activity in smaller loans and investments
- To develop strategic alliances with other supporters of small business nation-wide, including First Nations businesses
Review of the act
The 1995 Act stipulated that it would be reviewed five years after coming into force. Thus, on June 20, 2001, the Honourable Brian Tobin, Minister of Industry, tabled the report, Supporting small business innovation: review of the Business Development Bank of Canada (PDF).
Special examination report
Under Part X of the Financial Administration Act, BDC is required to:
- Maintain financial and management control and information systems and management practices that provide reasonable assurance that its assets are safeguarded and controlled.
- Ensure that its financial, human, and physical resources are managed economically and efficiently.
- Ensure that its operations are carried out effectively.
BDC is also required to have a special examination of these systems and practices carried out at least once every 5 years. View the Special examination report - 2009 (PDF).
Official languages
BDC is required to submit an action plan to develop the vitality of official language minority communities and to provide a status report.