Business Development Bank of Canada
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| Crown corporation, financial services | |
| Industry | Financial services, consulting, venture capital |
| Founded | Montreal, Quebec, Canada, 1944 |
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Key people
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Michael Denham (President and CEO), Samuel L. Duboc (Chairman) |
| Total assets | $22.9 billion (F2016) |
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Number of employees
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2,100 (F2016) |
| Website | BDC |
The Business Development Bank of Canada (BDC) (French: Banque de Développement du Canada) is a federal Crown corporation wholly owned by the Government of Canada. Its mandate is to help create and develop Canadian businesses through financing, growth and transition capital, venture capital and advisory services, with a focus on small and medium-sized enterprises.
The bank was founded in 1944 and its corporate headquarters is located in Montreal. BDC has more than 112 business centres across Canada and more than 42,000 clients.
BDC's debt obligations, secured by the Government of Canada, are issued to public and private sector institutions.
The bank was established by an Act of Parliament as the Industrial Development Bank (IDB) in September 1944. IDB was initially an arm of the Bank of Canada, and the Governor of the Bank was also Chief Executive Officer of the IDB. During its first years, the bank’s main role was to help small “industrial enterprises” convert from military production to peace-time operations after the Second World War.
IDB was one of the first and largest development banks in the world.
The Industrial Development Bank Act was first amended in 1952 to allow the bank to offer financing to companies in the commercial airlines industry. By the mid-1950s, one out of every 10 planes in Canada was financed by IDB. Later, IDB’s Act was amended two more times to allow the bank to lend to companies in almost all industries.
By 1964, twenty years after its foundation, IDB had 22 branches across Canada, covering main cities such as Halifax, Montreal, Toronto, Winnipeg, Calgary and Vancouver and also had operations in relatively rural areas. In the mid-1970s, the bank added consulting and training to its financial offerings to help entrepreneurs better manage their businesses.
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