With the participation of more than 245 private investors, National Bank Private Investment says it has completed the initial capitalization of $200 million for the National Bank SME Growth Fund, L.P.
Known as the Fund, the initial capital will allow it to support the economic recovery effort that is underway. Businesses can now apply for financing to support their transfer, growth and acquisition projects.
Announced in July 2020, the Fund was created as part of an equal partnership with the Quebec government and will support Quebec’s economic recovery and the digital transformation of its small and medium-sized enterprises. It complements the bank financing available to businesses.
To be eligible, businesses must have assets of less than $200 million or a net worth of less than $100 million, request financing between $500,000 and $15 million, have a detailed business plan and project plan, have growth prospects, be a private company with an adequate capital structure and have been profitable in two of the last three years or have had sustained and significant sales growth over this period
“Since the beginning of the pandemic, National Bank has been there for businesses,” said Luc Ménard, executive vice president, managing director and head of private investments at National Bank.
“It’s important for us to continue to support them during this time of change. The SME Growth Fund will allow us to offer concrete solutions to help them seize new development opportunities. We’re proud to be able to contribute to the economic recovery and the vitality of the regions.”
For more details on the eligibility criteria and exclusions, visit
https://www.nbc.ca/business/financing/financing-solutions/growth-equity.html#admissibilite.
To submit a project, email NBCprivateinvestment@nbc.ca.
