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.
“Canada’s creative and cultural industries have always represented an incredible asset for Canada as a collective expression of our inventiveness and identity,” says 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”, adds Hudon. “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”.
Targeted at rapidly growing medium-sized businesses
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.
Knowledge-intensive and based on individual creativity and talent, creative and cultural businesses ensure the continued development of our society, while having significant output on high-value job creation and economic wealth. In 2019, the arts, culture and heritage industries accounted for $57.1 billion in gross domestic product and more than 672,900 direct jobs.
A valued partnership with Telefilm Canada
As part of this effort to accelerate growth in the sector, BDC is pleased to partner with Telefilm Canada to identify and develop untapped business potential and make a true difference in the growth plans of the Canadian audiovisual industry. This partnership aims to enhance collaboration and implement joint initiatives such as: developing a financial support referral program, increasing awareness of available financing solutions within the audiovisual industry, and exploring joint financing or advisory programs based on industry needs. It is a perfect example of what BDC wants to accomplish: making sure industries that may have different or unmet needs get increased opportunities to fully achieve their potential and ambitions.
“Content created by Canadian creators is of exceptional quality and a testament to the world that Canada is a thriving audiovisual hub,” says 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”.
Working in partnership with others to increase support for more entrepreneurs is a cornerstone of BDC’s renewed strategy. Over the next year, BDC will aim to intensify its reach across the creative and cultural industries by forging additional partnerships in different subsectors in support of inclusive growth. Additional offerings will be progressively deployed as BDC deepens its knowledge of these industries’ needs.
To learn more about the new financing, visit: BDC’s creative and cultural industry web page.