Bank to provide loans and advice to help businesses emerge stronger, more diversified
CALGARY, Nov. 17, 2015 /CNW Telbec/ - 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.
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.
"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."
He added: "Uncertainty can create opportunity and our support is intended to help these companies diversify and bounce back more strongly than ever. As Canada's only bank devoted exclusively to entrepreneurs, we are committed to helping affected companies ride out these turbulent times and take advantage of new business opportunities."
BDC also announced that it will release its next economic study on November 30, 2015. The forthcoming study, which provides insights on diversification and how to navigate a resource-dependent economy, is based on a survey of nearly 1,000 businesses in Alberta.
BDC is the only bank dedicated exclusively to entrepreneurs. With more than 100 business centres and over 32,000 clients across Canada, 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 learn more, visit www.bdc.ca.
Entrepreneurs who want to learn more on this additional support should call 1-877-BDC-Banx, visit www.bdc.ca/oilandgas or drop by one of BDC's business centres across Canada.
SOURCE Business Development Bank of Canada
For further information: Media Contact: Shawn Salewski, BDC Public Relations, [email protected], 514-283-1759