Economic Development and Trade Minister Deron Bilous and the President of the Business Development Bank of Canada (BDC) Michael Denham have signed a Letter of Intent to help Alberta businesses grow and diversify.
The Letter of Intent lays the foundations for a strong partnership between the Government of Alberta and the BDC that will explore collaborative opportunities to help Alberta companies in challenging economic times to succeed, grow and diversify, with access to capital and loans, business and technical services.
“Partnering with BDC to provide these supports to Alberta’s small and medium-sized businesses is another way the Alberta government is taking action on the economy. With our partners, we are working to create jobs and build a more stable, resilient and diversified economy.”
Deron Bilous, Minister of Economic Development and Trade
Through this letter, BDC and the Government of Alberta will build on their existing supports and programs to develop initiatives for small and medium-sized business innovation, increase export development, improve delivery of co-ordinated business services, and collaborative solutions for enhanced venture capital and other financing challenges facing Alberta businesses.
“During this difficult economic time for the province, it only makes sense to better align our efforts and increase collaboration between the Government of Alberta and the BDC. This is good news for small and medium-sized businesses that will allow more flexible support for entrepreneurs across the province, enabling greater economic diversity and growth.”
Navdeep Bains, Minister of Innovation, Science and Economic Development
“As the only bank exclusively dedicated to entrepreneurs, BDC is committed to helping Albertan entrepreneurs ride out these difficult times and take advantage of new business opportunities. By working together with the Government of Alberta, we will have a bigger impact by streamlining access to financing and advisory solutions to help small and medium-sized businesses at a time when they need it the most.”
Michael Denham, President and CEO of BDC
Small businesses represent 95 per cent of all businesses in the province, and together they are responsible for 28 per cent of Alberta’s GDP as well as 35 per cent of all private sector employment in the province.