Canadian business owners and entrepreneurs are resilient in tough economic times, finds new data from the Business Development Bank of Canada (BDC).
BDC’s clients collectively borrowed $3.8 billion and the BDC spread $126.8 million in venture capital this past fiscal year.
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The bank’s consolidated net income of $533.4 million indicates their clients’ financial health and growing strength.
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This profitability stemmed from “a decrease in the allowance for credit losses and higher net interest income resulting from the growth of its loan portfolio,” says the CNW Group’s report.