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
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