BDC welcomes Legislative Review conclusion, notes positive alignment with corporate strategy
MONTREAL – November 29, 2023 – The Business Development Bank of Canada (BDC), the only bank dedicated to entrepreneurs, today welcomed the results of the Government of Canada’s recent 10-year legislative review.
“The positive findings of the Legislative Review’s final report are a testament to the amazing work of my 3000 colleagues over the last decade, and they should be very proud of this well-deserved recognition,” said Isabelle Hudon, President and CEO, BDC. “When I joined BDC two years ago, my instincts were that BDC already had solid foundations that could serve as a springboard towards doing more and better for Canada’s entrepreneurs. Together, we courageously dug deeper into the opportunities our strengths could unleash, and with strong convictions, we drew up a bold plan for the future and started to deliver on it 18 months ago. Today’s report is an important confirmation our new ambitions are the right ones to remain focussed on, and it will no doubt energize our passion and sense of urgency to deliver upon them.”
The Bank noted the final report not only demonstrated positive alignment with BDC’s current corporate strategy to do more to help entrepreneurs start and grow their businesses, but also reflected a shared sense of priority with new initiatives currently developed by the Bank.
As part of the deployment of its renewed strategy, BDC has put increased focus on its development role, making sure a greater number of entrepreneurs across Canada are able to access the financing, the advice and the capital to grow their business and maximize their contribution to the economy.
As a result, the number of clients served jumped by 54% from 65K to 100K over the past two years, including 35K indirect clients BDC supports through partnership with private sector financial institutions. During the same time frame, BDC continued to provide its economic contributions at no cost to the taxpayer, generating profits of $4.3B and paying dividends back to the government of $868M. Today, BDC remains the largest and most active venture capital investor in Canada, nurturing the entire ecosystem, and takes a leadership role for investments in women-led and cleantech businesses.
“We are pleased but not surprised to see the solid alignment between our work of the past two years and the legislative review’s recommendations. In both cases, the needs of Canadian entrepreneurs and the point of view of the entrepreneurial ecosystem were carefully listened to – which naturally led to the conclusion that more should be done to support Canadian entrepreneurs,” added Hudon.
Legislative reviews are part of the legal acts governing many commercial crown corporations, which are designed to ensure their mandates meet the evolving needs of their clients. The BDC Act stipulates that a legislative review must occur every ten years, and this most recent review concluded this week with the final report from the Government of Canada.
Small businesses are a crucial contributor to Canada’s economy. They are responsible for 88% of private sector jobs and generate over 50% of the country’s GDP. As a development bank, BDC’s role is to support entrepreneurs in their growth, spurring competitiveness, and the rise of Canadian champions. BDC supports 100,000 entrepreneurs and, by extension, is developing the economy for the benefit of all Canadians.
As Canada’s bank for entrepreneurs, BDC is a partner of choice for all entrepreneurs looking to access the financing and advice they need to build their businesses and tackle the big challenges of our time. Our investment arm, BDC Capital, offers a wide range of risk capital solutions to help grow the country’s most innovative firms. We are one of Canada’s Top 100 Employers and Canada’s Best Diversity Employers. For more information on BDC’s products and services and to consult free tools, templates and articles, visit bdc.ca or join BDC on social media.