The National Bank SME Growth Fund, L.P., will
support economic recovery and the digital transformation of
MONTREAL, July 13, 2020 /CNW Telbec/ - National Bank
today announced the creation of the National Bank SME Growth Fund,
L.P., (the "Fund") in equal partnership with the Quebec government. The Fund will help support
Quebec's economic recovery
following the COVID-19 pandemic and the digital transformation of
SMEs. Its objective is to raise up to $200
million in capital to be injected by the Quebec government on one hand and
by National Bank and private investors related to the Bank on
the other hand.
The Fund will complement the bank financing already offered to
SME owners to help them with their transfer, growth and acquisition
plans, whether in Quebec,
elsewhere in Canada or abroad. It
will also boost private investments by having several types of
investors participate in the stimulus project.
The Fund will be aimed at businesses with assets of less than
$200 million or a net worth of less
than $100 million operating in any
industry and at any stage in their business cycle. National Bank
Investments Inc. will assume responsibility as fund manager. The
Fund will be marketed in the coming months. More information will
be available at that time.
"As part of the ongoing economic recovery, entrepreneurs will
need access to various forms of capital to stimulate their growth.
That's why we're creating the National Bank SME Growth Fund, L.P.,
in partnership with the Quebec
government. This equity capital fund will complement the bank
financing offered to SMEs, supporting their projects and helping to
ensure their continuity," said Louis
Vachon, President and Chief Executive Officer of National
"Since the beginning, the Quebec government has been proactive in
helping businesses in all industries deal with the crisis. This
support is being maintained during the transition
and post-pandemic economic recovery. Today, by participating
in the creation of the National Bank Fund, our government
is continuing to invest in the future of Quebec businesses. Thanks to this partnership,
they will have the opportunity to successfully complete their
digital transformation and achieve their growth and development
goals. This will help them remain competitive in the world of
tomorrow, to the benefit of our economy," said Pierre Fitzgibbon, Minister of Economy and
Innovation and Minister Responsible for the Lanaudière region.
Caution Regarding Forward-Looking
This press release includes certain forward-looking statements.
These statements are inherently subject to significant risks,
uncertainties and changes in circumstances, many of which are
beyond the control of the Bank. Except as required by law, the Bank
does not undertake to update any forward-looking statements,
whether written or oral, that may be made from time to time, by it
or on its behalf. The forward-looking information contained in this
press release is presented for the purpose of interpreting the
information contained herein and may not be appropriate for other
About National Bank of Canada
With $317 billion in assets as at April 30, 2020, National Bank of Canada, together with its subsidiaries, forms
one of Canada's leading integrated
financial groups. It has more than 26,000 employees in
knowledge-intensive positions and has been recognized numerous
times as a top employer and for its commitment to diversity. Its
securities are listed on the Toronto Stock Exchange (TSX: NA).
Follow the Bank's activities at nbc.ca or via social
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SOURCE National Bank of Canada