Business Development bank of Canada - wikipedia Business Development bank of Canada Business Development Bank of Canada Type Crown corporation, financial services Industry Financial services, consulting, venture capital Founded Montreal, Quebec, Canada, 1944 Headquarters Place Ville - Marie Montreal, Quebec, Canada Key people Bardish Chagger, ( Minister of Small Business and Tourism ) Michael Denham ( President and CEO ) Robert H. Pitfield ( Interim Chairman ) Total assets $25.3 billion ( F2017 ) Number of employees 2,200 ( F2017 ) 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 118 business centres across Canada and more than 49,000 clients. BDC 's debt obligations, secured by the Government of Canada, are issued to public and private sector institutions. Contents 1 History 2 Services 3 Events and competitions organized by BDC 4 Recognitions 5 References 6 External links History 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. In 1975, the name of the bank changed to Federal Business Development Bank ( FBDB ) and its venture capital operations were started. At the time, the bank was known as `` a lender of last resort '' -- supporting businesses in difficulty. In 1995, Parliament passed the Business Development Bank of Canada Act, leading to a new name and mission for the bank. The Act mandates BDC to promote entrepreneurship, with a special focus on the needs of small and medium - sized enterprises ( SMEs ) and to fill the market gaps and maximize financing alternatives for businesses by offering services that were complementary to those available from other financial institutions. BDC is financially self - sustaining. Since 1998, it has been profitable and paid a total of $417 million in dividends to its sole shareholder, the Government of Canada. Every ten years, the Minister of Industry must conduct a review of the provisions and operations of the BDC Act. The last legislative review was completed in December 2014. A BDC location in Moncton, New Brunswick BDC Building, Stelco Tower, Hamilton, Ontario Services BDC offers loans and advisory services with a focus on small and medium - sized companies. It reports to Parliament through the Minister of Innovation, Science and Economic Development. BDC Capital, a subsidiary of BDC, offers specialized financing, including venture capital, equity as well as growth and business transition capital. BDC 's Venture Capital arm makes strategic investments in Canadian companies through its Energy / Cleantech Fund, Healthcare Fund and IT Fund. Notable investments include Q1 Labs, Radian6, Canopy Labs, D - Wave Systems, and Klipfolio Dashboard. BDC is a complementary lender, offering commercial loans and investments that fill out or complete services available from private - sector financial institutions. It also provides advice to businesses through its advisory services division. Events and competitions organized by BDC Small Business Week ( SBW ) is an annual celebration of entrepreneurs and their contribution to Canadian society. A wide range of activities is held across the country during the third week of October. Small Business Week was launched by BDC in 1979 and became a nationwide event in 1981. Recognitions BDC has been named one of Canada 's Top 100 employers every year since 2007. BDC Capital won multiple CVCA `` Deal of the Year Award '' for the venture capital category. It won in 2011, for its investment in Radian6 Technologies Inc. ; in 2012, for its investment in Q1 Labs Inc. ; and again in 2014, for its investment in Layer 7 Technologies. References Jump up ^ Annual Report 2017, p. 30 https://www.bdc.ca/EN/Documents/annualreport/bdc-annual-report-2017.pdf Jump up ^ Canada 's Department Of Justice. http://laws-lois.justice.gc.ca/eng/acts/B-9.9/FullText.html. Retrieved 2012 - 05 - 04 Jump up ^ `` History of the Business Development Bank of Canada ''. BDC. Jump up ^ https://www.bdc.ca/EN/Documents/annualreport/bdc-annual-report-2017.pdf. Retrieved 2018 - 01 - 23 Jump up ^ Treasury Board of Canada Secretariat. http://www.tbs-sct.gc.ca/pas-srp/remarks-observations_e.asp?id=34355. Retrieved 2012 - 05 - 04 Jump up ^ Official website. http://www.bdc.ca/EN/about/overview/history/Pages/pioneer_years.aspx. Retrieved 2012 - 05 - 04 ^ Jump up to : Official website. http://www.bdc.ca/EN/about/overview/history/Pages/pioneer_years.aspx Retrieved 2012 - 05 - 04 Jump up ^ Official website. http://www.bdc.ca/EN/about/overview/history/Pages/diversification_years.aspx. Retrieved 2012 - 05 - 04 Jump up ^ https://www.bdc.ca/en/documents/about/history/LF_ENG_BD1604_eBook_histoireBDC_INTERACTIF.PDF. Retrieved 2018 - 01 - 23 Jump up ^ Canada 's Department of Justice. http://laws-lois.justice.gc.ca/eng/acts/B-9.9/FullText.html. Retrieved 2012 - 05 - 04 Jump up ^ Official website. http://www.bdc.ca/en/about/faq/Pages/general.aspx Retrieved 2012 - 06 - 06 Jump up ^ BDC 2015 Annual Report, p. 31. http://www.bdc.ca/EN/Documents/annualreport/BDC_AnnualReport_2015.pdf. Jump up ^ Official website. Retrieved 2015 - 08 - 12 http://www.bdc.ca/EN/about/corporate_governance/Pages/legal_page.aspx. Jump up ^ Government of Canada. http://www.appointments.gc.ca/prflOrg.asp?OrgID=FBD&lang=enghttp://www.appointments.gc.ca/prflOrg.asp?lang=eng&OrgID=BDC. Retrieved 2016 - 09 - 19 Jump up ^ BDC official website. http://www.bdc.ca/EN/about/Pages/default.aspx. Retrieved 2014 - 11 - 21 Jump up ^ Official website. http://www.bdc.ca/EN/solutions/venture_capital/strategic_approach/Pages/it_venture_fund.aspx. Retrieved 2014 - 06 - 05 Jump up ^ Official website. http://www.bdc.ca/EN/solutions/venture_capital/strategic_approach/Pages/energy_cleantech_venture_fund.aspx. Retrieved 2014 - 06 - 05 Jump up ^ Official website. http://www.bdc.ca/EN/about/overview/Pages/what_we_do.aspx. Retrieved 2012 - 05 - 04 Jump up ^ Canadian Intellectual Property Office. http://www.ic.gc.ca/app/opic-cipo/trdmrks/srch/vwTrdmrk.do;jsessionid=0001FWVNs03YvSo3G1oQ7l97_Vu:-U0PF90?lang=eng&status=OK&fileNumber=0902337&extension=0&startingDocumentIndexOnPage=1 Jump up ^ Official website. Retrieved 2012 - 05 - 04 http://www.bdc.ca/EN/Documents/SBW/BDC_SBW_Fiche_Info_EN.pdf Jump up ^ Canada 's Top 100 Employers. Retrieved 2012 - 05 - 04 http://www.canadastop100.com/national/ Jump up ^ Canada 's Venture Capital & Private Equity Association. http://www.cvca.ca/files/News/CVCA_2011_DOYA_VC_Release_FINAL.pdf Jump up ^ https://www.bdc.ca/en/about/mediaroom/news_releases/pages/bdc_venture_capital_secures_deal.aspx. Retrieved 2018 - 01 - 23 Jump up ^ https://betakit.com/bdc-and-growthworks-win-cvcas-deal-of-the-year-for-layer7-technologies/. Retrieved 2018 - 01 - 23. External links Business Development Bank of Canada Official Website Banks and credit unions in Canada Banks Big Five Bank of Montreal Canadian Imperial Bank of Commerce Simplii Financial Royal Bank of Canada Scotiabank Tangerine Toronto -- Dominion Bank ( TD Canada Trust ) Other banks AMEX Bank of Canada Bank of China ( Canada ) Bridgewater Bank Business Development Bank of Canada Canadian Tire Bank Canadian Western Bank Citibank Canada CTBC Bank ( Canada ) Equitable Bank Exchange Bank of Canada First Nations Bank of Canada HSBC Bank Canada ICICI Bank Canada Laurentian Bank of Canada Manulife Bank of Canada Meridian Bank National Bank of Canada President 's Choice Financial Rogers Bank Vancity Community Investment Bank VersaBank Wealth One Bank of Canada Deposit insurance Canada Deposit Insurance Corporation Credit unions Canadian Credit Union Association Credit unions Affinity Credit Union Aldergrove Credit Union Alterna Savings Assiniboine Credit Union BlueShore Financial Coast Capital Savings Concentra Financial Conexus Credit Union Desjardins Group DUCA Credit Union Envision Financial First Calgary Financial First West Credit Union Gulf and Fraser Fishermen 's Credit Union Island Savings Kootenay Savings Credit Union Libro Financial Group Meridian Credit Union Servus Credit Union Steinbach Credit Union TCU Financial Group UNI Financial Cooperation Vancity Windsor Family Credit Union Your Credit Union Your Neighbourhood Credit Union Credit union centrals Atlantic Central ( NB, NL, NS & PEI ) Central 1 Credit Union ( ON & BC ) Credit Union Central of Alberta Credit Union Central of Manitoba SaskCentral ( SK ) Deposit insurance Alberta British Columbia Manitoba New Brunswick Newfoundland and Labrador Nova Scotia Ontario Prince Edward Island Saskatchewan Other financial institutions Federal financial institutions Farm Credit Canada Provincial financial institutions ATB Financial Retrieved from `` https://en.wikipedia.org/w/index.php?title=Business_Development_Bank_of_Canada&oldid=859746331 '' Categories : Banks of Canada Canadian federal departments and agencies Canadian federal Crown corporations Companies based in Montreal Banks established in 1944 1944 establishments in Quebec Benefit corporations Small business Innovation, Science and Economic Development Canada Hidden categories : Articles containing French - language text Talk Contents About Wikipedia Deutsch Français Русский Edit links This page was last edited on 16 September 2018, at 01 : 50 ( UTC ). 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Question: what is the business development bank of canada
Answer: a federal Crown corporation wholly owned by the Government of Canada