Minister Ng announces Business Development Bank of Canada legislative review
November 29, 2022 – Ottawa, Ontario
The Business Development Bank of Canada (BDC) is a Crown corporation that offers a suite of services, including financing, advisory services and access to capital, to entrepreneurs and businesses across Canada. As a cornerstone of the Government of Canada’s support for businesses, the BDC helps enable growth and strengthens competitiveness for businesses across all sectors, regions and stages of development. Throughout the COVID-19 pandemic, the BDC has been a critical player in helping businesses of all sizes gain access to financing as part of the Government of Canada’s COVID-19 Economic Response Plan.
Today, the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, launched a public consultation on the provisions of the Business Development Bank of Canada Act (BDC Act). Members of the public and organizations alike are invited to provide their input as part of the statutory review of the legislation.
The BDC Act requires that the Minister of International Trade, Export Promotion, Small Business and Economic Development, together with the Minister of Finance, conduct a legislative review of the BDC Act every 10 years. The legislative review will help ensure that the BDC can continue to respond to the changing needs of small and medium-sized enterprises (SMEs) and deliver the support needed. The pandemic has highlighted just how critical the BDC’s work is for Canadians, as well as how important it is to review the BDC Act.
Canadians have until March 31, 2023, to submit their views on the role of the BDC and how it can best address emerging challenges for SMEs. The Minister will table a report on the legislative review in Parliament in 2023.
“Small businesses are the backbone of our economy, and the Government of Canada is ready to support them by empowering the Business Development Bank of Canada in the important work it carries out. The BDC Act review process is a crucial part of ensuring the funding and tools available to businesses meet their needs. My hope is that all entrepreneurs, and in particular, members of racialized and under-represented communities, take this opportunity and provide their valuable insight, helping us gear our resources to where they are most needed.”
– The Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development
Office of the Minister of International Trade, Export Promotion, Small Business and Economic Development
Innovation, Science and Economic Development Canada
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