The Business Development Bank of Canada (BDC) posted a record increase in loans to businesses during its first quarter of 2009-2010.
During the Crown corporation's first quarter ending June 30, the total dollar amount of loans accepted by BDC clients jumped to more than $1 million in the Crown corporation's first quarter, a 37 per cent increase, compared to $738 million during the same period in 2008.
It is the largest quarterly increase in the BDC's history.
All regions posted an increase in the amount of loans accepted including a 57 per cent increase in the month of June over the same period last year.
“Right across the country, our teams have worked flat out to help entrepreneurs put together the financing they need to develop their businesses,” said BDC executive vice president Edmee Metivier in a statement.
Last winter, the federal government created a Business Credit Availability Program that pumped $5 billion in loans to businesses whose access to financing would otherwise be restricted.
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