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Economic development

$100M Initiative to Support Rural and Remote Entrepreneurs in Canada

Strategic Insights

— 2 min read

The Business Development Bank of Canada (BDC) and the Community Futures/SADC+CAE/CBDC have announced a $100M initiative to support entrepreneurs in rural and remote areas of Canada. This initiative comes as a response to the 17% entrepreneurship rate in rural areas, which is significantly higher than the 12% rate in urban areas. The financing envelope created by this initiative is expected to generate up to $250 million in GDP over five years, leveraging the complementary strengths of both organizations.

Key Takeaways:

  • The initiative aims to increase support for the 520,000 entrepreneurs living in rural and remote areas who contribute to the growth of the Canadian economy.
  • BDC and Community Futures/SADC+CAE/CBDC have a complementary footprint, with BDC supporting entrepreneurs with financing, advisory services, and capital from 109 business centers across Canada and online at bdc.ca.
  • Community Futures/SADC+CAE/CBDC operates 267 non-profit offices across Canada, delivering small business loans, tools, training, and events to support rural entrepreneurs.
  • The initiative with Community Futures/SADC+CAE/CBDC builds on BDC's broader commitment to develop entrepreneurial potential in all its forms and to help grow the Canadian economy.
  • The partnership aims to help rural and remote entrepreneurs overcome barriers and access resources they need to thrive, with a focus on meeting entrepreneurs where they are and helping them grow.
  • The initiative is expected to have a significant impact on the lives of individual Canadians and the country as a whole.
  • BDC has a long history of supporting entrepreneurs, with 80 years of experience as Canada's bank for entrepreneurs, and is committed to evolving to meet the needs of the Canadian economy.
  • BDC's financing and investments in fiscal 2025 are expected to add an estimated $25 billion to Canada's GDP over the next five years.
  • Community Futures/SADC+CAE/CBDC has a strong track record of supporting rural and remote entrepreneurs, with over $6.3 billion in loans made since 2000 and 779,856 employment opportunities influenced.

Statistics:

  • 17% entrepreneurship rate in rural areas (2024)
  • 12% entrepreneurship rate in urban areas (2024)
  • 520,000 entrepreneurs living in rural and remote areas
  • 267 non-profit offices of Community Futures/SADC+CAE/CBDC across Canada
  • 2,951 board volunteers and 1,230 staff supporting Community Futures/SADC+CAE/CBDC
  • $100M financing envelope to generate up to $250 million in GDP over five years
  • 80 years of experience as Canada's bank for entrepreneurs for BDC
  • $25 billion in estimated GDP growth from BDC's financing and investments in fiscal 2025
  • $6.3 billion in loans made by Community Futures/SADC+CAE/CBDC since 2000
  • 779,856 employment opportunities influenced by Community Futures/SADC+CAE/CBDC since 2000

Sources:

  • GLOBE NEWSWIRE
  • Business Development Bank of Canada (BDC)
  • Community Futures/SADC+CAE/CBDC
  • Honourable Melanie Joly, Minister of Industry and Minister responsible for Canada Economic Development for Quebec Regions
  • Isabelle Hudon, President and Chief Executive Officer of BDC
  • Troy Dungate, President of Community Futures/SADC+CAE/CBDC

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