Canadian companies having trouble obtaining financing for investment projects.
ST. JOHN’S — Atlantic small and medium enterprises (SMEs) will have access to more $280 million in financing from the Business Development Bank of Canada (BDC).
This represents an increase of $100 million from the Canadian government-owned bank that focuses on the needs of entrepreneurs.
The financing aims to help companies pursuing growth opportunities, including acquisitions, change of ownership transactions and investment in export strategies.
Canadian SMEs intend to spend more on investment projects in the coming year, especially to scale activities and increase productivity, says a BDC study; but 31% of the companies are having difficulty obtaining financing.
Targeted industries include information and communication technology (ICT), agri-food, ocean technology and tourism.
BDC also signed Letters of Intent with New Brunswick and Nova Scotia Business Inc. to help improve the competitiveness of businesses in the two provinces.