BDC and Alterna Savings renew collaboration and expand eligibility for their co-lending program
Alterna Savings and Credit Union Limited (Alterna Savings) and the Business Development Bank of Canada (BDC) are excited to announce the renewal of their Joint Loan Program, a collaboration that has proven to be a vital instrument in fostering the growth and success of entrepreneurs across Ontario.
This renewed collaboration will continue to open doors for small business owners, particularly those in underserved communities, by providing them with the financial resources they need to thrive.
Through this co-lending program, entrepreneurs that are approved for up to $25,000 with Alterna Savings’ Community Microfinance Program can receive a matching contribution from BDC of up to $25,000, totaling up to $50,000.
Program expansion
In addition to continuing to offer this microloan program to Black entrepreneurs, social entrepreneurs and women entrepreneurs, the renewed partnership expands eligibility to include the following groups:
- Racialized Canadians (South Asian, Chinese, Filipino, Arab, Latin American, Southeast Asian, West Asian, Korean & Japanese descent)
- Young entrepreneurs (18-39)
- 2SLGBTQI+ community members
- Entrepreneurs with a disability
According to the Investment and Financing Outlook Survey , approximately 20% of financing requests are for amounts under $50,000. This percentage increases to 33% for women and 28% for individuals of Black, African, or Caribbean descent. Additionally, research from Statistics Canada shows that the number of racialized entrepreneurs grew by 11% between 2022 and 2024, with their overall representation increasing from 29% to 31%. The expansion of the co-lending program will now enable more diverse entrepreneurs to access the support they need.
Through the partnership between BDC and Alterna, the available financing of up to $50,000 effectively addresses most of these requests, which typically range from $10,000 to $49,999.
BDC and Alterna launched their co-lending loan program in November 2021, making it one of the first indirect partnerships for BDC, as part of the Community Banking initiative. Alterna Savings and BDC share a long history of supporting underrepresented entrepreneurs and are committed to continuing this important work.
This year, Alterna’s award winning Community Microfinance Program celebrates its 25th anniversary. Since 2000, this program has empowered lives by providing access to capital and affordable financial solutions for underserved entrepreneurs and organizations. It has proudly invested over $10M through 1,500+ impact loans, tackling socioeconomic inequity and opening pathways to financial independence for individuals often excluded from traditional banking.
More information on this program, including details on how to apply for funding, is available by contacting Alterna’s Microfinance team.
About Alterna Savings
Alterna Savings and Credit Union Limited (Alterna) has delivered The Good in Banking® for over 115 years.
As the first full-service, member-owned cooperative financial institution outside Quebec, Alterna Savings shares its expertise with over 206,000 members through a network of 39 branches across Ontario, a Contact Centre, and digital channels. Members and customers also benefit from industry-leading online brokerage and investment management services and have access to over 42,000 surcharge-free ATMs in North America.
Alterna Savings & Credit Union Limited operates as Alterna Savings, a credit union in Ontario. Alterna consists of Alterna Savings and Credit Union Limited and its wholly owned subsidiary, Alterna Bank. Follow Alterna on Facebook, Instagram, LinkedIn and X. For information on deposit insurance, please ask for a brochure at any Alterna branch or visit the Financial Services Regulatory Authority of Ontario’s website: www.fsrao.ca.