Bank doing more than ever to support entrepreneurs thanks to its profitability
MONTREAL, July 26, 2018 /CNW Telbec/ - A record 56,000 entrepreneurs now receive support from the Business Development Bank of Canada (BDC), a 14% increase from last year, as reported in BDC's 2017-18 annual report released today. In addition, the Bank reports that its client base is now more diverse than ever, with marked increases in the number of tech, women and Indigenous entrepreneurs it supports across Canada.
"The ambition, agility and creativity of entrepreneurs inspires us to go further, faster?because when entrepreneurs succeed, Canada succeeds. We not only boosted our client numbers, but also broadened the diversity of those we accompany," says Michael Denham, President and CEO of BDC. "Our primary goal is to fast-track the growth of entrepreneurs. This means we constantly have to accelerate our own pace, in-person and online," Denham says.
"Canadian entrepreneurs are key drivers of our economy," says the Honourable Mary Ng, Minister of Small Business and Export Promotion. "For almost 75 years, BDC has provided valuable support, financing and advice to Canada's entrepreneurs. I congratulate BDC on the work it is doing to diversify its growing client base. As Canada's first feminist government, we understand the importance of funding women entrepreneurs. I am especially proud of the $200 million investment capital available to women technology entrepreneurs through BDC's Women in Technology Venture Fund."
Having an impact on a greater number of entrepreneurs
With loans, advice and capital for all stages of their growth, a record number of entrepreneurs are turning to BDC for help to innovate, scale and grow internationally. During fiscal 2018, the Bank's more than 2,200 employees worked hard to have a greater impact on more entrepreneurs. For instance, the Bank:
Investing in growth
Now with over $3 billion under management, BDC Capital, the investment arm of BDC, counts 1,300 innovative businesses employing over 30,000 Canadians. During fiscal 2018, its Growth & Transition Capital portfolio reached a major milestone, surpassing $1 billion in flexible specialized financing and minority equity investments to high-growth mid-market companies. The Bank's Venture Capital operations also had a very successful year. Results were favourably impacted by a significant fair value appreciation following the partial sale of one investee, good performance of its fund investments and two successful initial public offerings (IPOs).
Offering expert advice
Entrepreneurs need more than capital to succeed. This is why BDC continues to focus on non-financial support for Canadian business owners through its advisory services. The Bank delivered 1,500 mandates helping entrepreneurs make their businesses more innovative, productive and competitive. The services delivered most frequently related to increasing sales, finding new markets, improving operations, optimizing technology and building management capacity. It also now supports more than 100 clients through its Growth Driver Program ? a unique program designed for ambitious mid-sized companies that want to grow.
Strong financial performance
In order to do even more for entrepreneurs, BDC needs to remain profitable. The Bank, a self-financed Crown corporation, earned consolidated net income of $818.3 million in fiscal 2018, to be reinvested in entrepreneurs, while also paying a $69.7 million dividend to the Government of Canada. BDC committed an additional $2 billion to Canada's small and medium-sized businesses, bringing its total portfolio to $31 billion.
About BDC
BDC is the only bank devoted exclusively to entrepreneurs. It promotes Canadian entrepreneurship with a focus on small and medium-sized businesses. With its 123 business centres from coast to coast, BDC provides businesses in all industries with financing and advisory services. Its investment arm, BDC Capital, offers equity, venture capital and flexible growth and transition capital solutions. BDC is also the first financial institution in Canada to receive B Corp certification. To find out more, visit bdc.ca.
SOURCE Business Development Bank of Canada
These press releases may also interest you
|