Canadian technology businesses now have access to $50 million in new financing over two years under a partnership agreement announced today between the Business Development Bank of Canada (BDC) and Export Development Canada (EDC).
Under the partnership, tech firms engaged in, or planning to engage in, international business can access working capital loans of up to $1 million. BDC and EDC will also refer clients to each other which will improve access to financing and offer more networking opportunities for tech entrepreneurs.
“I am delighted to announce this partnership with EDC, which will help more of Canada’s highly innovative technology entrepreneurs grow and scale their businesses and develop global markets,” says Pierre Dubreuil, Executive Vice-President, Financing at BDC. “As the only bank devoted exclusively to entrepreneurs, BDC is eager to help promising tech firms, which sometimes have difficulty accessing financing due to a lack of tangible assets. EDC’s network can be very appealing to these businesses, which have adopted an export mindset because their technology can be deployed globally.”
“EDC is Canada’s leader in helping companies of all sizes expand internationally and, in that role, has a front row seat to Canadian businesses competing against the world’s best. We see how Canada’s tech-sector companies are second-to-none and we’re meeting with more of them, every day, that are primed and ready to become global champions in the industry,” said Mairead Lavery, Senior Vice-President, Business Development at EDC. “This partnership with BDC is about recognizing that potential and providing those companies with the capital they need to scale up and reach a new level of success.”