OTTAWA, ON, Nov. 29, 2023 /CNW/ - Today, the Honourable Rechie Valdez, Minister of Small Business, tabled in Parliament a report by Innovation, Science and Economic Development Canada on the statutory review of the Business Development Bank of Canada Act (BDC Act).
The BDC Act requires that the Minister of Small Business, together with the Minister of Finance, conduct a legislative review every 10 years. This is to ensure that BDC continues to respond to the changing needs of small and medium-sized enterprises (SME) and delivers the support businesses across Canada need.
The BDC legislative review was a year-long process involving public consultations and meetings with stakeholders and businesses to evaluate BDC's performance in fulfilling its mandate and to consider how BDC can continue to best support Canadian businesses.
The report makes several recommendations, including:
- Strengthening access to, and increasing visibility of, support for under-represented entrepreneurs;
- Improving the reach of BDC in underserved regions and rural communities across Canada;
- Reinforcing collaboration with partners and ensuring services are complementary to the private sector's; and
- Facilitating greater information sharing and transparency with stakeholders and partners, and refining BDC's risk appetite to support entrepreneurs with the greatest need.
The pandemic has highlighted just how critical BDC's work is for Canadians, as well as how important it is to review the BDC Act. These recommendations will help ensure entrepreneurs across the country have access to the resources and support they need.
"Small businesses are not small—they make up 98% of all of Canadian businesses, and supporting them is a top priority for our government. As Canada's only bank focused on SMEs, BDC has played a critical role in supporting entrepreneurs navigating the challenges of the last few years. The recommendations in the legislative review report will enable BDC to improve services to under-represented entrepreneurs and regions and ensure that SMEs from coast to coast to coast can start up and scale up."
– The Honourable Rechie Valdez, Minister of Small Business
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SOURCE Innovation, Science and Economic Development Canada
Nadine Ramadan, Director of Communications, Office of the Minister of Small Business, 343-575-5436, [email protected]; Media Relations, Innovation, Science and Economic Development Canada, [email protected]
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