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January 25th, 2023
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Banque Nationale launches a new $200 million fund
Montreal in Tech | Joseph Czikk | Jul 16, 2020
Banque Nationale is officially entering the venture capital game with its own fund.
The new National Bank SME Growth Fund, L.P. is being created in equal partnership with the Quebec government, projected to be worth $200 million.
The fund will help support Quebec’s economic recovery following the COVID-19 pandemic and the digital transformation of SMEs.
“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,” said Louis Vachon, Banque Nationale’s CEO.
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.
See: Bridge to Recovery: The Bank’s COVID-19 Pandemic Response | Open Banking Consultations Delayed in Canada
It will also boost private investments by having several types of investors participate in the stimulus project.
“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,” said Canada’s Minister of Economy Pierre Fitzgibbon.
“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.”
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