New financing builds on 2017 commitment to lend $280 million to Atlantic entrepreneurs
ST. JOHN'S, July 12, 2019 /CNW Telbec/ - BDC, Canada's bank for entrepreneurs, announced today it will make available an additional $300 million in commercial loans over the next two years to support the growth of Atlantic Canada businesses, in an effort to help sustain the region's continued economic development.
This financing is in addition to the $280-million package that BDC announced in 2017. Since then, BDC's Atlantic Growth Envelope has supported the growth of about 800 companies, including:
- Barry Group (N.L.), one of the largest seafood processing employers in Atlantic Canada, now in its fifth generation as a family business, operating since 1854. BDC has supported Barry Group in its growth.
- Bonte Foods (N.B), one of Atlantic Canada's fastest growing food manufacturing companies. Bonte Foods has benefitted from BDC loans for equipment purchases.
- Quidi Vidi Brewing Company (N.L.), an independent brewing company with growing market share and world-class award-winning products. BDC has supported the company with equipment financing to increase production capacity and expand product lines.
"This program's excellent results underscore BDC's strong commitment to working with the Atlantic provinces to seize every possible opportunity for helping businesses in the region continue to succeed and grow," says Michael Denham, President and CEO of BDC.
"Our success has led us to increase the amount of financing, so we can do even more to support Atlantic Canada's most promising companies and sustain economic development in the region," adds Gina Gale, Senior Vice President – Atlantic, for BDC.
BDC's Atlantic Growth Envelope supports commercially viable companies pursuing growth opportunities, including acquisitions, change-of-ownership transactions and investment in export strategies. The focus is on four industries: agri-food (including fisheries), ocean tech, tourism, and information and communication technologies.
BDC is the only bank devoted exclusively to entrepreneurs. It promotes Canadian entrepreneurship with a focus on small and medium-sized businesses. With its 123 business centres from coast to coast, BDC provides businesses in all industries with financing and advisory services. Its investment arm, BDC Capital, offers equity, venture capital and flexible growth and transition capital solutions. BDC is also the first financial institution in Canada to receive B Corp certification. To find out more, visit bdc.ca.
SOURCE Business Development Bank of Canada
For further information: Flavie Côté, BDC Media Relations, [email protected], 1-844-625-8321