St. John’s, N.L., May 4, 2017— In support of the Atlantic Growth Strategy and in an effort to help sustain Atlantic Canada’s continued economic development, the Business Development Bank of Canada (BDC) announced today a $280 million financing package to support small and mid-sized businesses in all four Atlantic provinces over the next two years. Targeted industries include information and communication technology (ICT), agri-food, ocean technology and tourism.
The amount represents a $100 million increase in the bank’s normal lending volume for these industries. In particular, the bank is looking to back companies pursuing growth opportunities, including acquisitions, change of ownership transactions as well as investment in export strategies.
“To successfully grow a business in today’s economy requires innovation, determination and resiliency. Atlantic Canadian entrepreneurs have all of these qualities and more. And they can rely on BDC to contribute to the region’s prosperity by providing a unique combination of financing and consulting to help them achieve their ambitions,” says Michael Denham, President and CEO of BDC. “As Canada’s only bank devoted exclusively to entrepreneurs, we are eager to support entrepreneurs in Atlantic Canada as they find new ways to scale up their businesses.”
A BDC study published this year reveals that Canadian SMEs intend to spend more on investment projects in the coming year, especially to scale activities and increase productivity. However, the study also reveals that 31% of SMEs are having difficulty obtaining financing.
“This new financing and assistance targets areas of opportunity for Atlantic Canadian businesses,” asserts Gina Gale, Senior Vice-President, Atlantic. “Today’s announcement is just one of the ways we are helping Atlantic Canada spur innovation and economic growth.”
BDC also recently signed Letters of Intent with the provinces of New Brunswick and Nova Scotia Business Incorporated to help improve the competitiveness of businesses in the two provinces. The documents lay the foundation for a solid partnership that will explore a range of opportunities to help businesses in Atlantic Canada continue to succeed and grow.
BDC is the only bank devoted exclusively to entrepreneurs. It promotes Canadian entrepreneurship with a focus on small and medium-sized businesses. With its 110+ 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. To find out more, visit bdc.ca.