BDC will deploy a new $30 million financing envelope to deepen its support for Canada’s creative and cultural economy, it announced on Thursday.
The bank for Canadian entrepreneurs said its goal is that this financing will have a positive ripple effect on all businesses in these industries.
“With this financing, the Bank is going one step further in supporting rapidly growing medium-sized businesses in the creative and cultural industries in a variety of key sectors, for example, media and audiovisual, video games, motion picture and sound production, sound recording, and radio and television broadcasting,” it said.
“Canada’s creative and cultural industries have always represented an incredible asset for Canada as a collective expression of our inventiveness and identity,” said Isabelle Hudon, President and CEO of BDC. “These industries also stand out for their economic contribution and their growth potential.
“Eager to tap into this potential, we took a closer look at these industries to pinpoint where and how we could power that growth. Bringing our development role to the next level within the creative and cultural sectors, we can take on more risk and address a gap in the market, while helping high-growth companies become industry leaders both here at home and on the world stage.”
BDC said the new financing, which will typically start at $2 million, is specifically targeted at rapidly growing businesses with one of the following three projects in mind: business consolidation, business transition, or the development of original content. This offering complements BDC’s existing advisory services and financial solutions that can quickly meet smaller businesses’ needs, it added
In 2019, the arts, culture and heritage industries accounted for $57.1 billion in gross domestic product and more than 672,900 direct jobs, said BDC
BDC is partnering with Telefilm Canada to identify and develop untapped business potential and make a true difference in the growth plans of the Canadian audiovisual industry.
“Content created by Canadian creators is of exceptional quality and a testament to the world that Canada is a thriving audiovisual hub,” said Francesca Accinelli, Interim Executive Director and CEO, Telefilm Canada. “In order to propel Canadian stories to new heights, it is essential to stimulate capacity building as well as diversify funding sources, particularly with new partnerships outside of our industry. For over 50 years, Telefilm has proven to be an effective manager of public and private funds, which is why we are delighted to be working with BDC to increase support for the Canadian film community.”
To learn more about the new financing, visit: BDC’s creative and cultural industry web page.
(Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He worked for 35 years at the Calgary Herald, covering sports, crime, politics, health, faith, city and breaking news, and business. He works as well as a freelance writer for several national publications and as a consultant in communications and media relations/training. Mario was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list)
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