The Business Development Bank of Canada announced today that it is setting aside 500 million dollars for small and medium businesses hit by the falling price of oil.
BDC President and CEO Michael Denham says the the downturn has hit small organizations across the country.
“Largely business services companies in the sector or companies that are selling into the sector. We expect most demand to come from Alberta, Saskatchewan, Newfoundland and Northern BC.”
The BDC is a crown corporation wholly owned by the Government of Canada. Its mandate is to help create and develop Canadian businesses.
“The money is designed to help entrepreneurs, especially to fund projects that will make them vibrant and competitive in the near term or investments that will help them diversify.” Denham said
Denham says he remains confident small and medium businesses will be able pull through these tough times and come out stronger on the other end.