BDC sets aside $500M to help SMEs handle low oil prices

CALGARY—The Business Development Bank of Canada (BDC) has earmarked $500 million in additional financing for small and medium-sized Canadian businesses impacted by the decline in oil prices. It will also provide advisory solutions to help companies adjust their business operations to the current economic downturn.

BDC hopes to aid promising companies with projects aimed at diversifying their business, increasing their operational and environmental efficiency, improving financial management as well as purchasing new technology and equipment.

“The best way for Canada’s economy to thrive is to build resilient businesses that can take advantage of opportunities, survive economic slowdowns and prosper,” said Michael Denham, president and CEO of BDC. “We want to ensure that the many well-run companies that enjoyed success before the downturn continue to receive the financing and advice they require.”

With more than 100 business centres and over 32,000 clients across Canada, BDC offers loans, investments and advisory services to entrepreneurs.