MONTREAL, Sept. 27,
2024 /CNW/ - BDC, Canada's bank for entrepreneurs, is proudly
celebrating its 80th anniversary, marking eight decades of
unwavering support to Canadian entrepreneurs and economic
growth.
It all started 80 years ago, with 26 people in one office and
representatives traveling in a trailer to meet entrepreneurs and
closely connect with them. At the time, the goal was to help
soldiers returning from the war become entrepreneurs, playing a key
role in helping the economy heal and grow. Today, over 2,900 people
help over 100,000 entrepreneurs across the country through a wide
range of advice, financing, and capital. Through this support,
BDC's clients grow 9% faster than other businesses.
Since its inception in 1944, BDC has been dedicated to helping
businesses grow and succeed, providing financial and advisory
services tailored to their unique and evolving needs. Over the past
four years, during which the number of clients served increased by
46%, the number of women-led businesses increased by 28%, and the
number of Indigenous businesses increased by 48%. Looking forward,
the financial value of the bank's services is estimated to
add $23.6 billion in GDP to Canada's economy by 2029.
"Throughout our history, our passionate employees, current and
former, have been central to BDC's tremendous impact; they embody
BDC's values – united for entrepreneurs, courageously impactful,
and powered by people", says Isabelle
Hudon, president and CEO, BDC. "Today we continue to embrace
this rich heritage, as our development role requires of us to be in
constant evolution, often going the extra mile to support
businesses that don't always fit the standard mold. Thanks to our
people, BDC has played a pivotal role in fostering
innovation, driving economic growth, and creating jobs across the
country."
BDC continues to evolve its mindset to ensure Canadian
businesses have what they need to succed, no matter who they are or
where they do business. BDC's 80th anniversary is a testament to
the bank's enduring commitment to Canadian entrepreneurs :
wherever they go and whatever the economy needs, BDC will be there
to help them defy the odds.
Key milestones:
- 1944: Parliament of Canada creates the Industrial Development Bank
(IDB) to restructure the Canadian economy after World War II to
help small manufacturers convert their facilities to peacetime
operations. IDB travels around in a trailer to reach entrepreneurs
across the country to understand their specific needs.
- 1975: Federal Business Development Bank (FBDB) succeeds
IDB, with a mission to foster and facilitate the creation and
expansion of businesses in Canada.
Its first mandate is to provide more loans to small businesses
while introducing new management consulting and venture capital
services.
- 1995: FBDB becomes BDC, when Parliament passes the
Business Development Bank of Canada Act. BDC is asked to fill
identified gaps in the market, focusing on the financing needs of
knowledge-based and export-oriented small businesses, while
continuing to support traditional sectors, as well as better
serving other market segments deemed neglected by the private
sector (Indigenous people, women and young entrepreneurs).
- 2019: Business owners can apply for a loan online
at bdc.ca
For more information, visit BDC's history page on bdc.ca
About BDC: 80 years as Canada's bank for entrepreneurs
BDC is
a partner of choice for all entrepreneurs looking to access the
financing and advice they need to build their businesses and tackle
the big challenges of our time. Our investment arm, BDC Capital,
offers a wide range of risk capital solutions to help grow the most
innovative firms. BDC's development role means we are in a state of
perpetual evolution – wherever entrepreneurs go and whatever the
Canadian economy needs – we will be there to help them defy the
odds. 80 years later, that commitment remains very much
alive. The financial value of BDC's services is estimated to
add $23.6 billion in GDP to Canada's economy over the next five years. We
are one of Canada's Top 100
Employers and Canada's Best
Diversity Employers and the first financial institution in
Canada to receive the B
Corp certification in 2013. For more information on our
products and services and to consult free tools, templates and
articles, visit bdc.ca or join BDC on social media.
SOURCE Business Development Bank of Canada