The Business Development Bank of Canada is supporting ICT, agri-food, ocean technology and tourism businesses in the region; in particular, businesses looking to expand
ST. JOHN’S, N.L.—The Business Development Bank of Canada (BDC) announced on May 4 a $280 million financing package to support small and medium-sized businesses in all four Atlantic provinces over the next two years.
Industries targeted for financing include information and communication technology (ICT), agri-food, ocean technology and tourism. The amount committed represents a $100 million increase in the bank’s normal lending volume for these industries.
BDC 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,” said Michael Denham, president and CEO of BDC.
A BDC study published in 2017 reveals that Canadian SMEs intend to spend more on investment projects in the coming year, especially to scale up activities and increase productivity.
However, the study also reveals that 31 per cent of SMEs are having difficulty obtaining financing.
BDC also recently signed Letters of Intent with the Province of New Brunswick and Nova Scotia Business Incorporated to help improve the competitiveness of businesses in the two provinces.