Canadian Business Growth Fund to Help Canadian Companies Create Jobs
June 19, 2018 – Ottawa, Ontario – Department of Finance Canada
Canada’s economic success rests not only on the hard work of Canadians, but also on the ability of Canadian businesses to access the capital they need to grow, create jobs, and compete in the global marketplace.
Finance Minister Bill Morneau and Minister of Small Business and Tourism and Leader of the Government in the House of Commons Bardish Chagger today praised the Canadian Business Growth Fund for its commitment to help small- and medium-sized enterprises in Canada grow, create more good, well-paying jobs, and compete internationally.
Canada’s leading banks and other key financial institutions have joined forces through the Fund, jointly committing up to $1 billion over 10 years to support the growth of Canada’s promising small- and medium-sized enterprises.
In addition to making this long-term capital available to high-growth companies, the Fund will provide recipient companies with guidance, mentorship and access to investors’ networks, so that the next generation of Canadian entrepreneurs and innovators can grow their businesses, create good, well-paying jobs for Canadians, and lead the way in the new economy.
"I applaud the efforts of Canadian financial institutions to work together to help Canadian companies grow, and to help build an innovative and diversified economy that will create jobs and deliver long-term economic growth for our country. With access to more growth capital, Canadian businesses will have more opportunities to succeed, to grow, and to become true global leaders."
- Bill Morneau, Minister of Finance
"Thanks to this first commitment from the Canadian Business Growth Fund, promising small and mid-sized firms can now access funds to grow their businesses and reach global markets. This important announcement is a big step forward in providing Canada’s next generation of entrepreneurs and innovators with much needed capital to become global leaders, creating good, middle class jobs for Canadians."
- Bardish Chagger, Minister of Small Business and Tourism and Leader of the Government in the House of Commons
- The Canadian Business Growth Fund will invest as much as $1 billion over 10 years to support Canada’s high-growth small- and medium-sized enterprises. It will serve to fill a capital need by offering minority equity investments in ambitious Canadian companies.
- The Fund aims to fill a gap between the small-scale financing options generally available to entrepreneurs and smaller firms, and the range of sources available to larger, more established companies. A typical investment amount in each company that benefits from the Fund is expected to range between $3 million and $20 million.
- The Fund will apply commercial decision-making and discipline to investments, and will provide advice, mentorship and access to talent pools to help firms realize their full potential.
- Second Report of the Advisory Council on Economic Growth: Unlocking Innovation to Drive Scale and Growth
Media may contact:
Director of Communications
Office of the Minister of Finance
Department of Finance Canada