BDC earmarks additional $500M for SMEs impacted by lower oil prices
Development bank will also expand its advisory services to help companies adjust their business operations.
CALGARY — The Business Development Bank of Canada (BDC) has earmarked $500 million in additional financing for Canadian SMEs impacted by the decline in oil prices.
It will also provide advisory solutions to help companies adjust their business operations to weather the impact of the current economic downturn.
BDC said its strategy is meant to help promising companies with projects aimed at diversifying their business, increasing their operational and environmental efficiency, improving financial management and purchase new technology and equipment.
“The best way for Canada’s economy to thrive is to build resilient businesses that can take advantage of opportunities, survive economic slowdowns and prosper,” said Michael Denham, President and CEO of BDC. “We want to ensure that the many well-run companies that enjoyed success before the downturn continue to receive the financing and advice they require.”
BDC also announced that it will release its next economic study on November 30, 2015. The forthcoming study, which provides insights on diversification and how to navigate a resource-dependent economy, is based on a survey of nearly 1,000 businesses in Alberta.
“Uncertainty can create opportunity and our support is intended to help these companies diversify and bounce back more strongly than ever. As Canada’s only bank devoted exclusively to entrepreneurs, we are committed to helping affected companies ride out these turbulent times and take advantage of new business opportunities.”
BDC, Canada’s only bank dedicated exclusively to entrepreneurs, has more than 100 business centres and 32,000 clients across Canada. It provides loans, investments and advisory services.