Montreal, Quebec, November 12, 2009 - Loans accepted by clients of the Business Development Bank of Canada (
BDC
) continue to reach record levels. For the quarter ended September 30 2009 the amount of loans accepted by
BDC
clients totalled $1.3 billion, 71% higher than last year. For the first six months of fiscal 2009-2010 the amount of loans accepted by
BDC
clients rose to $2.3 billion, an increase of 54% over the same period last year.
“These results, which are largely due to transactions under the federal government’s Business Credit Availability Program, are the outcome of unprecedented cooperation between
BDC
and private sector financial institutions,” said Jean-René Halde,
BDC
’s president and chief executive officer. “By pooling our efforts and financial resources, we are making sure that entrepreneurs have access to the financing they need to invest in their companies’ growth and prepare for the economic recovery.”
Through the Business Credit Availability Program,
BDC
continues to provide crucial support for entrepreneurs who have viable business plans but limited access to credit due to economic uncertainty. As of September 30 2009 - eight months after the program was launched in February 2009 - loan authorizations by BDC under this program reached $1.7 billion.
To facilitate access to credit for as many entrepreneurs as possible,
BDC
has also increased its support for business projects that are considered riskier by most private sector financial institutions. For the first six months of fiscal 2009-2010, loans authorized to such businesses rose to $529 million, which is $220 million more than at the same time last year.
“
BDC
provides financing under terms and conditions that complement the services offered by private sector financial institutions, which means we support projects that generally involve greater risk,” explained Jean-René Halde. “Our results show that, despite current economic conditions, many entrepreneurs have found
BDC
to be a flexible lender that can look not only at the risk but also at their company’s potential.”
About BDC
BDC
is Canada’s business development bank. From more than 100 offices across the country,
BDC
promotes entrepreneurship by providing highly tailored financing, venture capital and consulting services to entrepreneurs.
-30-
For more Information:
Johanne Bissonnette
Media Relations Manager
514 283-7929
Contact by email
