Latest news with #BusinessDevelopmentBankofCanada
Winnipeg Free Press
3 days ago
- Business
- Winnipeg Free Press
BDC, First Nations Bank launch $100M initiative to support business acquisitions
Indigenous communities are set to get access to more capital to buy businesses as the First Nations Bank of Canada and the Business Development Bank of Canada launch a new initiative. The two say the $100 million program will make it easier for Indigenous communities and economic development agencies to support Indigenous businesses, and buy more of them. Bill Lomax, chief executive of the FNBC, says the demographic shift that is expected to lead to a wave of business owners retiring in the years ahead provides an opportunity for wealth creation in Indigenous communities. Isabelle Hudon, chief executive of BDC, says the collaboration will help lead to economic reconciliation and accelerate the rise of the next generation of Indigenous business leaders. The two say the initiative is expected to see an average deal size of $5 million and will make business acquisitions faster. Monday Mornings The latest local business news and a lookahead to the coming week. BDC says the initiative is part of its wider efforts to boost entrepreneurs through funding partnerships, including a $100 million investment platform going live later this year to support Indigenous-led businesses. This report by The Canadian Press was first published June 5, 2025.
CBC
03-05-2025
- Business
- CBC
Yellowknife businessman pleads guilty to fraud
A Yellowknife businessman has pleaded guilty to defrauding the Business Development Bank of Canada (BDC). According to court records, Liang Chen, 45, entered the plea during a court appearance on April 22. He is accused of defrauding the BDC, a Crown corporation that provides financing and other services to entrepreneurs, and Chinese businessman Shengteng Wang each of more than $5,000. No plea was entered in the fraud charge related to Wang. Cabin Radio first reported Chen's guilty plea. The RCMP allege that Chen helped Wang set up a business in Yellowknife. They say he then applied for and received a loan of $250,000 from BDC against the business without telling Wang. Chen was charged with the two counts of fraud over $5,000 in October, shortly after the business, Northern Sky Films, shut down. In a separate civil suit, Wang won a $156,961 judgment against Chen. According to court records Wang has yet to collect any of that money. Another Chinese client Chen worked with also successfully sued him for $213,583. The TD Bank and two contractors Chen hired won judgments totalling just over $100,000. Chen is scheduled to be sentenced for fraud on July 25.
Yahoo
07-04-2025
- Business
- Yahoo
Carney lays out plan to help economy along amid Trump-induced market chaos
Liberal Leader Mark Carney said Monday he has a plan to prop up the Canadian economy as the U.S. careens toward a recession resulting from President Donald Trump's aggressive tariff actions, creating what Carney called a "financial crisis" that has the potential to undo the international trading system. Carney said he got Canada through the 2008-09 financial crisis and helped the U.K. deal with the fallout from Brexit as the central banker for each country — and he can do it again as prime minister in this perilous moment. Meanwhile, Conservative Leader Pierre Poilievre took aim at Carney on Monday, saying the Liberal leader's "trophy titles" are not enough and he can't be trusted because he supported policies like a carbon tax in the past. "We need a new Conservative government for a change," Poilievre said. The Canadian and U.S. stock markets have been volatile since Trump announced unexpectedly high tariffs on virtually every country in the world last week, a policy decision that has wiped out trillions of dollars of wealth and prompted extreme anxiety among some retirees. Carney said he won't "sugarcoat" what's to come in the weeks ahead if Trump doesn't pull back from some of his more aggressive measures like huge tariffs on goods coming from the European Union, China, Vietnam and others — not to mention those already levied on Canada and Mexico. "There may be some tough days ahead, but I also want to reassure that we are prepared," Carney said. WATCH: Carney pledges to protect Canadian retirement savings amid market uncertainty: Carney said he spoke to the governor of the Bank of Canada and the finance minister Monday to check in on the economic welfare of the country and its financial institutions amid huge swings in the stock and commodities markets. Carney said Canada's financial institutions are "rock solid," and there's no major issue with global banks as there was during the Great Recession. Instead, Carney said the panic is now driven exclusively by Trump and his tariffs, which the Liberal leader said will be "fundamentally damaging." He said the risk of a U.S. recession has "gone up significantly," and he "takes no joy in it becoming more likely." "What's going on is a direct consequence of President Trump's unjustified tariffs against Canada, Mexico and then the world," he said. "This is what we have be concerned about, and indeed this is what we've been trying to warn the president of the United States about." Short-term strategies In the short term, Carney said he has relaxed employment insurance requirements to get cash to laid-off workers right away, and he's deferring corporate tax payments and GST remittances to give companies some liquidity. The Business Development Bank of Canada (BDC) will also deploy more capital to tariff-affected industries. To help seniors who are fearful of selling investments in a down market, Carney said if re-elected, his government will reduce the amount of money retirees must withdraw from their registered retirement income fund (RRIF) by 25 per cent. He's also promising to top up the guaranteed income supplement to throw low-income seniors a lifeline. Over the medium term, Carney said a re-elected Liberal government will "accelerate major investments" to spur economic growth, adding Canada should build out natural resources projects to ween itself off U.S. and other foreign energy supplies. He said getting Western Canadian oil to eastern markets will make the country collectively richer, and refineries won't have to import 500,000 barrels of oil a day from abroad. Carney said he has also left instructions with senior bureaucrats to begin dismantling internal trade barriers while this election is underway. WATCH: Poilievre would create single office to handle resource project approvals: Poilievre is pitching similar measures — supports for workers and businesses, reduced RRIF withdrawal requirements and a plan to turbocharge economic development by fast-tracking energy projects. "We have to acknowledge this chaos is the direct result of wrongheaded, unnecessary, chaotic policies coming from President Trump," he said. Poilievre said some elements of the British press have "condemned" Carney and his track record in the U.K. Carney has long been targeted by pro-Brexit voices who have accused him, a pro-Remain figure, of sabotaging the effort. The British Conservative chancellor who hired Carney for the central banker job said the Canadian was "the best person in the world for the job."
Forbes
02-04-2025
- Business
- Forbes
Accelerating AI Adoption Among SMEs Means Earning Their Trust In The Technology
Mark Hickman, Managing Director, North America at Sage – Simplifying business workflows to break down barriers and achieve growth. In Canada and the U.S., artificial intelligence adoption among small and midsize enterprises (SMEs) has often lagged behind larger organizations. SMEs make up 98% of businesses in Canada and 99% in the U.S., meaning their ability to harness AI's benefits is crucial to economic growth. A key factor in accelerating AI adoption is building trust and understanding of the technology. When businesses understand how AI can help reduce complexity, automate repetitive tasks and simplify highly technical functions—like compliance—adoption of AI often accelerates. However, a lack of trust and understanding remains a major barrier preventing SMEs from fully embracing AI solutions. Overall, businesses widely recognize the value technology investments bring to their businesses. According to my company's latest "Small Business, Big Opportunity" report, 94% of Canadian SMEs consider technology essential for operations and growth. However, there is still a significant gap between acknowledging AI's potential and understanding how it enables greater productivity, efficiencies and return on investment. For example, many SMEs are not aware they're already using AI-enabled solutions. A recent survey by the Business Development Bank of Canada found that when first asked about AI usage, only 39% of SMEs reported using AI. But "when presented with a list of AI-powered tools, this number jumped to 66%." This lack of understanding can lead to skepticism, which can cause business owners to question the accuracy of AI-driven insights or hesitate to integrate AI into their operations. The responsibility of building trust in AI shouldn't fall to businesses alone—it requires a collaborative effort among software developers, governments, industry groups and businesses. Here are five key principles that I think will be fundamental to building trust in the technology to accelerate adoption for small businesses in Canada and around the world: Transparency in AI systems builds trust among users by helping them understand how solutions work and ensuring they can identify and correct biases. Making AI accountable allows organizations to trace the decision-making process, giving SMEs—especially those in regulated industries—greater control over automated workflows and compliance requirements. Explainable AI builds greater understanding for users by bridging the gap between highly technical concepts and business outcomes. As many end users within SMEs don't have technical backgrounds or the expertise, AI tools and platforms that provide built-in explainability features make the technology far more accessible for SMEs to adopt and realize its benefits. Trust in AI cannot be an afterthought—it must be built into the software development life cycle from the outset. Developers should prioritize ethical AI practices, ensuring that transparency, accountability and explainability are core principles throughout AI's design and deployment. When developers commit to a trust-first approach from the beginning, they can help ensure that AI code and tools meet established quality and security standards. Additionally, establishing clear guidelines and policies for acceptable AI use can help businesses deploy AI responsibly, avoiding unintended risks. Transparent regulatory frameworks are crucial to building public trust in AI technologies by ensuring they are developed and used responsibly. Regulatory frameworks help ensure that AI systems are safe, nondiscriminatory and respect fundamental human rights. For example, Canada's Artificial Intelligence and Data Act (AIDA) focuses on mitigating risks in high-impact AI systems while promoting responsible innovation. AIDA requires measures to identify and mitigate risks of harm or bias, ensuring compliance through oversight bodies like the AI and Data Commissioner in Canada. At the same time, flexible frameworks allow regulation to foster innovation by adapting to the quickly evolving technology. With a flexible regulatory framework, governments can ensure AI remains both safe and innovative, adapting to technological advancements while providing necessary safeguards. As AI becomes more prevalent and influential in business and our daily lives, having the proper oversight is critical to ensuring its ethical and effective use. I think an ecosystem of organizations that audit AI systems—similar to how accounting firms audit financial statements—is quickly becoming necessary for ensuring the ethical, transparent and efficient use of AI. Auditing ensures adherence to legal standards, reduces risks of noncompliance and improves performance by identifying inefficiencies or flaws in AI systems. Most importantly, AI audits can create trust by demonstrating a commitment to fairness and responsible innovation. Ensuring greater diversity of voices in building and training AI is crucial for creating technology that truly represents and serves all communities. AI systems developed by diverse teams are more likely to reflect the needs of a broader user base, resulting in inclusive and equitable tools. Diverse teams are better equipped to identify and mitigate biases in AI algorithms by bringing together different cultural and professional backgrounds, allowing for more comprehensive approaches to addressing complex challenges. Research supports the value of diversity in AI development. For example, researchers from Google, Meta and Lincoln Laboratory all found that more diverse training scenarios led to improved AI performance and stronger collaboration between users and AI systems. At the end of the day, small businesses often operate with tighter budgets and narrower margins for error than larger enterprises, making trust in AI paramount. Building trust through transparent and ethical AI development processes fosters user confidence, helping SMEs bridge the gap between understanding the value of AI and successfully integrating it into their business operations. Through prioritizing transparency, regulatory oversight, independent auditing and diversity in AI development, businesses, policymakers and developers can work together to create AI solutions that SMEs can trust—helping them harness AI's full potential for growth and efficiency. Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
CBC
19-03-2025
- Business
- CBC
Canadians stop buying American and travelling to the U.S. amid trade war
The CBC's J.P. Tasker joins Power & Politics to break down new data showing the amount of Canadians crossing the border into the U.S. has dropped to COVID-era lows. Plus, Pierre Cléroux, the vice-president of research and chief economist at the Business Development Bank of Canada, says if every Canadian household switched from buying $25 per week of foreign goods to Canadian products then the GDP would increase by 0.7 per cent.
