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
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 Bank.
"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.