A review of the Business Development Bank of Canada, as well as the bank’s Annual Report for fiscal year 2000-2001 has been tabled in the House of Commons.

The review follows through on the legislated mandate to conduct a review of the provisions and operations of the Business Development Bank of Canada Act five years after the legislation came into force, and to report within one year.

The review was led by a committee with members from Industry Canada, the Department of Finance Canada, the Treasury Board of Canada Secretariat and the BDC. Parliamentarians will have an opportunity to study and respond to the review report through a Parliamentary committee.

The five-year review confirmed that there is a continued need for the BDC to play a public policy role in delivering financial and consulting services to small and medium-sized enterprises (SMEs) in a manner that is complementary to those services provided by commercial institutions.

The report found that small businesses continue to face significant difficulty accessing the kinds of financing they need for growth, including to both traditional and young knowledge-based, fast growing businesses. In light of this, the committee concluded that BDC’s continuing objective – to serve the emerging capital needs of SMEs that have difficulty obtaining financing from traditional sources – remains highly relevant. The committee recommends no changes to the BDC’s mandate Act at this time.

In the review period, the BDC provided financing solutions to more than 30,000 small business clients and paid a total of $24.3 million in dividends to the Government of Canada. The BDC has succeeded in building new partnerships with financial institutions and other government organizations to leverage financial resources, fill gaps and achieve a more coordinated response to the needs of small businesses.