Newspaper article The Canadian Press

Banks, Finance Minister Set to Unveil Business Growth Fund: Sources

Newspaper article The Canadian Press

Banks, Finance Minister Set to Unveil Business Growth Fund: Sources

Article excerpt

Banks set to unveil business growth fund: sources

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TORONTO - Federal Finance Minister Bill Morneau and Canada's five biggest banks are set to announce Thursday a new fund aimed at helping small- and medium-sized businesses access cash to help them grow, according to sources familiar with the matter.

The two sources, who have direct knowledge of the matter, spoke on condition of anonymity because they were not authorized to speak publicly about it.

Morneau and the CEOs of the banks have an announcement scheduled in Toronto on Thursday morning.

The need to help small- and medium-sized businesses secure capital has become a growing topic of conversation in financial and political circles as of late.

During a speech to the Canadian Club of Toronto last month, CIBC CEO Victor Dodig spoke of how such a fund would invigorate the economy.

He said CIBC has been in talks with the federal government and other financial institutions about creating a "sizeable" Canadian business growth fund, financed by the private sector, for small- and medium-sized enterprises. …

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