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The Federal Finance Minister Bill Morneau and some of Canada’s biggest banks and insurance companies unveiled a $1-billion fund called Canadian Business Growth Fund. It is aimed at helping small- and medium-sized businesses access cash to help them grow, said a CBC report.
To start, the fund will have $500 million worth of the big companies’ money at its disposal, growing over time to as much as $1 billion over the next decade. The money will be used to invest in small companies in increments of between $3 million and $20 million.
Canada’s biggest financial names participating include:
- BMO.
- CIBC.
- Royal Bank.
- TD Bank.
- Scotiabank.
- Sun Life.
- Great-West Life.
- Manulife.
- National Bank.
- HSBC.
- ATB Financial.
- Laurentian Bank.
- Canadian Western Bank.
