MONTREAL, Nov. 12 /CNW Telbec/ - Loans accepted by clients of the Business Development Bank of Canada (BDC) continue to reach record levels. For the quarter ended September 30 2009 the amount of loans accepted by BDC clients totalled $1.3 billion, 71% higher than last year. For the first six months of fiscal 2009-2010 the amount of loans accepted by BDC clients rose to $2.3 billion, an increase of 54% over the same period last year.
"These results, which are largely due to transactions under the federal government's Business Credit Availability Program, are the outcome of unprecedented cooperation between BDC and private sector financial institutions," said Jean-René Halde, BDC's president and chief executive officer. "By pooling our efforts and financial resources, we are making sure that entrepreneurs have access to the financing they need to invest in their companies' growth and prepare for the economic recovery."
Through the Business Credit Availability Program, BDC continues to provide crucial support for entrepreneurs who have viable business plans but limited access to credit due to economic uncertainty. As of September 30 2009 - eight months after the program was launched in February 2009 - loan authorizations by BDC under this program reached $1.7 billion.
To facilitate access to credit for as many entrepreneurs as possible, BDC has also increased its support for business projects that are considered riskier by most private sector financial institutions. For the first six months of fiscal 2009-2010, loans authorized to such businesses rose to $529 million, which is $220 million more than at the same time last year.
"BDC provides financing under terms and conditions that complement the services offered by private sector financial institutions, which means we support projects that generally involve greater risk," explained Jean-René Halde. "Our results show that, despite current economic conditions, many entrepreneurs have found BDC to be a flexible lender that can look not only at the risk but also at their company's potential."
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, firstname.lastname@example.org