BDC Capital announced a $280 million fund for small and medium-sized businesses located in Canada’s four Atlantic provinces.
The money will be deployed over the next two years, and targets the information and communication technology, agri-food, ocean technology, and tourism sectors. BDC says this is a $100 million increase in the bank’s normal lending volume for these industries.
“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. “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.”
BDC also recently signed Letters of Intent with the provinces of New Brunswick and Nova Scotia Business Incorporated to help improve the competitiveness of businesses in the two provinces. The documents lay the foundation for a partnership that will explore a range of opportunities to support businesses.
“This new financing and assistance targets areas of opportunity for Atlantic Canadian businesses,” asserts Gina Gale, Senior Vice-President, Atlantic. “Today’s announcement is just one of the ways we are helping Atlantic Canada spur innovation and economic growth.”