St. John’s, N.L., May 16, 2018—Entrepreneurs in Atlantic Canada received over $140 million in financing in the first year of a two-year financing package launched by the Business Development Bank of Canada (BDC) to assist the region’s small and mid-sized businesses.
The package has led to over 449 transactions since it was announced in May 2017. BDC committed to providing $280 million in financing over two years to assist companies in Atlantic Canada that are pursuing growth opportunities in four industries: information and communication technology (ICT), agri-food, ocean technology and tourism.
“This week, I was fortunate to meet many dynamic small business owners in Atlantic Canada,” says the Honourable Bardish Chagger, Leader of the Government in the House of Commons and Minister of Small Business and Tourism. “The Government of Canada is a proud partner in the Atlantic Growth Strategy and is committed to building on the region’s competitive advantages, including its most valuable resource: Atlantic Canadians. I congratulate BDC on its commitment to helping Atlantic Canadian small business owners grow their businesses and create good middle-class jobs.”
“As Canada’s only bank devoted exclusively to entrepreneurs, we are delighted to be able to help the exciting businesses that are at the heart of job creation and economic development in Atlantic Canada,” says Gina Gale, Senior Vice President, Atlantic at BDC. “This package supports the Atlantic Growth Strategy and is just one of the ways we are creating opportunities for innovation and growth in Atlantic Canada’s economy.”
BDC’s Atlantic Growth Envelope has helped small and mid-sized enterprises (SMEs) in all four Atlantic provinces. Some of the companies include:
- Anchor Inn Hotel & Suites, a hotel in scenic Twillingate, Newfoundland. BDC gave the Anchor Inn financing to increase its number of rooms in order to take advantage of a dramatic increase in tourism in Twillingate, the iceberg capital of Newfoundland.
- TruLeaf Sustainable Agriculture, a vertical farming company based in Halifax, Nova Scotia. BDC provided TruLeaf with financing to expand their operations into Ontario through the construction of a new facility in Guelph.
- Mrs. Dunster's, a family-owned bakery headquartered in Sussex, New Brunswick. BDC supported Mrs. Dunster’s with financing to support continued expansion due to increased demand for their fresh, locally made baked goods.
BDC’s $280-million financing commitment for Atlantic Canada represented a $100-million increase in the bank’s normal lending volume for the targeted industries. The initiative is focused on supporting growing companies, including those pursuing acquisitions, change of ownership transactions and investment in export strategies.
BDC is the only bank devoted exclusively to entrepreneurs. It promotes Canadian entrepreneurship with a focus on small and medium-sized businesses. With its 118 business centres from coast to coast, BDC provides businesses in all industries with financing and advisory services. Its investment arm, BDC Capital, offers equity, venture capital and flexible growth and transition capital solutions. BDC is also the first financial institution in Canada to receive B Corp certification. To find out more, visit bdc.ca.