To kick off Small Business Week the Business Development Bank of Canada (BDC) announced today that it is setting aside $200 million for loans to help entrepreneurs gear up with information and communications technology (ICT).
“We now know that ICT has a very real impact on small business productivity, innovation and competitiveness. In fact, much of the productivity problem in Canada can be attributed to insufficient investments in technology,” explained Jean-René Halde, BDC President and Chief Executive Officer.
“BDC is not claiming that it can solve this problem alone, but we believe that with our support a large number of entrepreneurs can get funds and consulting services to help them better integrate ICT more efficiently in their business model.”
Both BDC client and non-client companies, including small businesses such as individual or home offices, may apply for a loan from this ICT initiative. BDC will speed up and simplify the processing of these applications. The loans can be used to purchase hardware, software and consulting services including Internet solutions to boost online sales.
Entrepreneurs with ICT projects that do not exceed $50,000 must submit their loan applications online at www.bdc.ca. Companies that need more than $50,000 can contact the BDC business centre in their area.