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BDC announces $280 million to support small and medium businesses in Atlantic Canada

The Business Development Bank of Canada (BDC) announced today (Thursday) 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, the BDC said in a news release.

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,” BDC president and CEO Michael Denham said in a news release. “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 said Canadian small- and mid-sized businesses intend to spend more on investment projects in the coming year, especially to scale activities and increase productivity. However, the study also suggested 31 per cent of the businesses are having difficulty obtaining financing.

BDC also recently signed letters of intent with the provinces of New Brunswick and Nova Scotia Business Inc. to help improve the competitiveness of businesses in the two provinces.

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