n. — Finance, Administration
a Crown corporation providing financing, venture capital and consulting services to small and medium-sized businesses.
Type: 1. Origin — In 1944, the government of Canada created the Industrial Development Bank (IDB), which was aimed mainly at supporting the manufacturing industry. Over the next twenty years, the IDB Act diversified its programs to serve almost every sector. In the mid-1970s, it was decided that a Crown corporation would succeed the IDB and in 1975 the Federal Business Development Bank (FBDB) was created to replace the IDB. The FBDB focused more on small and medium business than its predecessor. In 1995, the FBDB was renamed as the Business Development Bank of Canada by the Business Development Bank of Canada Act. This act also placed more focus on supporting the technology sector (see BDC reference).