BDC and ATB set aside $1 billion in new loans for Alberta small businesses

CALGARY – Two government-owned financial institutions say they’re teaming up to provide a billion dollars in new loans to small and medium Alberta businesses.

The federally-owned Business Development Bank of Canada and provincially-owned ATB Financial said Friday that each will contribute $500 million in the first program of its kind between the
two institutions.

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The announcement follows BDC’s increase of $500 million in loans last November to bring its total commitment to Alberta businesses to $3.1 billion.

READ MORE: Laid-off Alberta workers encouraged to pursue their own businesses 

For its part, ATB has approved loans totalling over $6 billion to Alberta’s small- and mid-sized businesses and recently opened business centres to help entrepreneurs as well.

Both ATB and BDC say they are looking at more ways to bring in additional capital and liquidity into the province, and also recently announced special loan-relief measures to help clients
affected by the Fort McMurray wildfires.