The National Research Council of Canada (NRC) and BDC sign new Memorandum of Understanding to launch partnership supporting highly innovative Canadian tech SMEs
November 6, 2020—Ottawa, Ontario—National Research Council of Canada
Today, the National Research Council of Canada (NRC) and BDC, the bank for Canadian entrepreneurs, are pleased to announce the signing of a new Memorandum of Understanding to launch their new partnership—a unique opportunity to increase support for Canada’s innovation ecosystem. The partnership is designed to accelerate the research and development projects of Canadian small and medium-sized businesses, through technical and business innovation advice, financial assistance and industry connections.
Through this new partnership, NRC IRAP and BDC are better aligning their service offerings so innovative Canadian companies can more easily access BDC financing, helping them to take their ideas to the next level. It will also foster cross-referrals between BDC and NRC IRAP to further support Canadian technology SMEs that are highly innovative, ambitious and ready for growth.
Features and eligibility criteria
- Companies in the information and communication technology sector *(ICT) or other related technology sectors;
- Must be an active NRC IRAP client who is currently receiving or will receive funding. Available to new and existing BDC clients;
- Minimum sales of $500,000 as of the most recent year-end;
- Following a due diligence and credit approval process, companies will benefit from exclusive financing conditions from BDC. Loan amounts will start at $100,000.
Companies that want more information should contact NRC IRAP at 1-877-994-4727 or BDC at 1-877-232-2269.
Quick facts on NRC IRAP and BDC
- For over 70 years, the National Research Council of Canada Industrial Research Assistance Program has been stimulating economic growth in Canada by providing funding and advisory services to small and medium-sized businesses so they can grow, build their innovation capacity and successfully take their ideas to market.
- Through its network of over 255 industrial technology advisors located in over 110 locations across Canada; NRC IRAP provides customized solutions to Canadian small and medium-sized businesses through financial assistance, expert advice, and access to national and international networks across all industry sectors.
- In 2019-20 the National Research Council Canada Industrial Research Assistance Program provided research and development funding for over 4,200 projects.
- BDC is the bank for Canadian entrepreneurs. It provides access to financing, as well as advisory services to help Canadian businesses grow and succeed. Its investment arm, BDC Capital, offers a wide range of risk capital solutions. For more than 75 years, BDC’s only purpose has been to support entrepreneurs in all industries and at all stages of growth. With business centres across the country, BDC is actively supporting 62,000 small and medium-sized businesses, including more than 3,500 Canadian technology companies.
We are pleased to announce the signing of this MOU with BDC. By partnering to better align our service offerings we are increasing support for innovative companies at a time when it is needed most. Through this initiative we hope to help existing NRC IRAP clients more easily access BDC financing, helping them take that next step, and bringing the best of Canada to market.
Canadian small and medium-sized businesses are key to our country’s economic success and help spur the kind of innovation that improves our quality of life. Joining forces with NRC IRAP, we aim to help an even greater number of Canadian entrepreneurs to accelerate the commercialization of ground-breaking products, scale and compete on the global market.
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