The Business Development Bank of Canada (BDC) has added RBC to its list of partner lenders for its Business Accelerator Loan Program, aimed at supporting underrepresented entrepreneurs. The program offers loans between $25,000 and $500,000 to businesses under $10 million in revenue and over one year old.
BDC guarantees up to 85% of the loan, with RBC determining rates up to prime plus five percent. The Crown corporation has pledged $800 million in loan guarantees and hopes to grow that number. BDC reports strong uptake from marginalized founders and aims to reverse Canada’s declining entrepreneurship rates.
Want to know more? Check out the source code on BetaKit.