SmartHomeOwners

MONTREAL: The Business Development Bank of Canada (BDC) provided a record level of financing to Canadian businesses in the past year.

The bank says the $4.4 billion it provided was up 53 per cent over last year and was the highest amount it had distributed in its 65-year history.

BDC says its efforts to support entrepreneurs during the economic downturn allowed total assets to grow 46 per cent from $12.1 billion to $17.7 billion.

BDC president and CEO Jean-Reni Halde says when the financial crisis and recession hit, many foreign lenders withdrew from the Canadian market.

He says this created an ``unprecedented shortage of credit for business owners'' and BDC acted as a ``shock-absorber for Canadian entrepreneurs.''

BDC says it remained profitable despite the difficult economic environment. Consolidated net income for fiscal 2010 was $6.1 million, compared to $90.6 million last year.

BDC dividends to its sole shareholder, the Canadian government, totalled $14.3 million in fiscal 2010.

The business development bank provides tailored financing, venture capital and consulting services to entrepreneurs. The figures cover BDC's fiscal year ended March 31, 2010.