$150,000 contribution builds on existing partnership to help entrepreneurs with mental health and addiction challenges
MONTREAL, June 20, 2016 /CNW Telbec/ - The Business Development Bank of Canada (BDC) is proud to announce it has made an additional $150,000 contribution to Rise Asset Development to support entrepreneurs with mental health and addiction challenges.
"We are proud to continue to support Rise, a highly effective organization that uses entrepreneurialism to meet an important societal need," says Craig Ryan, Director, Corporate Social Responsibility at BDC. "Through this partnership, we empower skilled, resilient people whose business projects deserve consideration and we help Rise expand the scope of their activities to eventually achieve national reach."
"Rise's small loans have big impact and we welcome BDC's exceptional support," says Jodi Butts, Executive Director of Rise. "Together we're building an economy where men and women with a history of mental health and addiction challenges can prosper through entrepreneurship."
The $150,000 contribution to Rise's capital fund, which builds on the annual $40,000 in support that BDC already provides, will be used for loans. It will also permit Rise to attract more capital from other sources. BDC has also pledged to offer Rise strategic planning advice and to support its expansion across Ontario and to other provinces.
Rise provides information and training, micro loans and mentorship to people whose mental health or addiction recovery challenges have hampered their financial security and who are using business projects to put their lives on firmer economic footing. Rise clients often have difficulty obtaining financing from conventional sources because of factors such as poor credit history, lack of assets or low income.
BDC is the only bank devoted exclusively to entrepreneurs. It promotes Canadian entrepreneurship with a focus on small and medium-sized businesses. With its 110+ business centres from coast to coast, BDC provides entrepreneurs in all industries with financing and advisory services. Its investment arm, BDC Capital, offers equity, venture capital as well as customized growth and business transition capital. To find out more, visit bdc.ca.
About Rise Asset Management
Rise is a charity that provides low interest small business loans, free training and mentorship to men and women with a history of mental health or addiction challenges who are unable to access traditional financing. Rise offers entrepreneurship as a pathway to better health outcomes and quality of life for people with a history of mental health or addictions challenges. Over the last five years, Rise has lent over $450,000 and enjoys a very competitive default rate of only 7%. To learn more, visit www.riseassetdevelopment.ca.
SOURCE Business Development Bank of Canada
For further information: Maria Constantinescu, [email protected], 1-844-625-8321