Minister Valdez highlights new supports for entrepreneurs in rural areas in Nova Scotia and across Canada
The federal government is delivering for small businesses, helping them start up, scale up and expand into new...
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The federal government is delivering for small businesses, helping them start up, scale up and expand into new markets. It is taking action to support entrepreneurs and create good jobs in every region of the country, such as cutting taxes, removing trade barriers and introducing new measures that protect Canadian firms from U.S. tariffs.
Today, the Honourable Rechie Valdez, Minister of Women and Gender Equality and Secretary of State (Small Business and Tourism), highlighted a new $100 million initiative between the Business Development Bank of Canada (BDC) and Community Futures and Community Business Development Corporations (CBDC) that will provide vital resources to the 520,000 entrepreneurs and small businesses in rural and remote areas of the country so they can thrive. BDC is a Crown corporation under the federal government with a mandate to support entrepreneurs.
This initiative builds on the government’s recent tariff supports to help small businesses weather U.S. trade disruptions and stay competitive: the $5 billion Strategic Response Fund to help firms adapt and grow; expanded BDC loans of up to $5 million to stabilize cash flow; and the $1 billion Regional Tariff Response Initiative that includes flexible, non-repayable contributions for eligible small and medium-sized enterprises. Together, these measures are giving entrepreneurs across Nova Scotia the tools to keep workers on payroll, adapt their operations and scale with confidence.
Since launching its Community Banking initiative in November 2024, BDC has teamed up with financial institutions and community lending partners that support underserved groups. By joining this network of trusted partners, Community Futures should be able to reach even more business owners in rural and remote areas. It’s about meeting entrepreneurs where they are and helping them grow.
The announcement of BDC’s new $100 million initiative comes just before Small Business Week (October 19-25), a national celebration of Canadian entrepreneurship.
Quotes
“Small businesses are the backbone of our economy, and that’s especially true in rural Nova Scotia. When local entrepreneurs have access to financing, mentorship and reliable partners, they create jobs and strengthen our communities. This new partnership between BDC and Community Futures builds on our government’s decisive action to support small businesses through tariff relief and investment. Together, we’re making sure that wherever you live in Canada, you have the tools to start up, scale up and succeed.”
– The Honourable Rechie Valdez, Minister of Women and Gender Equality and Secretary of State (Small Business and Tourism)
“At BDC, we believe that every entrepreneur, no matter where they live, deserves a fair chance to grow their business. This initiative with Community Futures/SADC+CAE/ CBDC allows us to do what a development bank should: go where others don’t and build bridges where gaps exist. We’re unlocking potential that’s been overlooked for too long. We believe that’s what Canada’s economy needs right now.”
– Isabelle Hudon, President and Chief Executive Officer, BDC
“Joining forces with BDC to supercharge the opportunities and resources available to entrepreneurs in rural and remote areas from coast to coast to coast is a powerful combination that will result in significant impact throughout the country for decades to come. BDC is committing to investing $100 million to bolster businesses that often face strong headwinds simply because of geography and the vast nature of our country. This commitment, combined with our boots-on-the-ground, grassroots knowledge, is an intelligent way to ensure that this capital infusion is dispersed through loans to new and existing entrepreneurs that are ready to bring their business to the next level.”
– Troy Dungate, President of Community Futures/SADC+CAE/CBDC
“Across the South Shore and St. Margarets Bay region, entrepreneurs are creating jobs, supporting families and keeping our rural communities vibrant. This new initiative will make sure they have access to the financing and support they need to keep growing.”
– Jessica Fancy, Member of Parliament for South Shore–St. Margarets
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