MONTREAL, April 15 /CNW Telbec/ - The Business Development Bank of Canada (BDC) is pleased to announce enhanced support for entrepreneurs looking to move into new markets. The BDC Market Xpansion Loan amount has been increased and can now be used to advance Scientific Research and Experimental Development (SR&ED) refunds to replenish working capital.
The Market Xpansion Loan, introduced in 2008, is designed to help entrepreneurs expand their domestic market or explore new international opportunities. The changes announced today increase the loan maximum from $50,000 to $100,000 and extend loan eligibility. In addition to advancing SR&ED refunds, the loan also now covers expansion activities such as product development as well as participation in trade shows and business development overseas.
"As every entrepreneur knows, there are many challenges associated with expanding into new markets," says Edmée Métivier, BDC's Executive Vice President, Financing and Consulting. "Canadian businesses need increased support if they are to successfully compete in today's global business environment. The changes we have made to the Market Xpansion Loan are intended to make it easier for Canada's SMEs to take advantage of domestic and international market opportunities as global economic recovery takes hold."
The loan includes favourable repayment features such as an amortization period of eight years and the possibility to defer principal payments for the first 12 months of the loan. In addition, for entrepreneurs who need more money along the way, BDC can re-advance repaid portions of the loan under certain conditions.
Canadian entrepreneurs who wish to obtain more information or apply for the Market Xpansion Loan can contact the BDC office in their area or call BDC customer service at 1 877 BDC BANX (232-2269).
BDC is Canada's business development bank. From more than 100 offices across the country, BDC promotes entrepreneurship by providing highly tailored financing, venture capital and consulting services to entrepreneurs. For more information, visit www.bdc.ca.
SOURCE Business Development Bank of Canada
For further information: For further information: Johanne Bissonnette, Media Relations Manager, BDC, (514) 283-7929, Johanne.firstname.lastname@example.org