Calgary, November 17, 2015
The Business Development Bank of Canada (BDC) announced today that it has earmarked $500 million in additional financing for Canadian SMEs impacted by the decline in oil prices. It will also provide advisory solutions to help companies adjust their business operations to weather the impact of the current economic downturn.
Summary of the announcement:
- The half a billion in funding represents an significant increase of 40% compared to the bank’s normal lending to businesses in the oil and gas sector.
- BDC will be working to process applications faster during this time of increased business need.
- BDC’s strategy is intended to help 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.
- BDC is the only bank dedicated exclusively to entrepreneurs, and mandated to do so by the Canadian Government. It offers loans, investments and advisory services. BDC’s purpose is to support Canadian entrepreneurship with a focus on small and medium-sized businesses.
To find out more about accessing BDC funding and other government programs for business, please contact the Canadian Grants Business Center at: