The Business Development Bank of Canada today announced a $280 million financing package to support small and mid-sized businesses in the Atlantic Provinces over the next two years.

Targeted industries for the lending program include ICT, agri-food, ocean technology and tourism.

The federal government’s development bank said the amount represents a $100 million increase in the bank’s normal lending volume for these industries. In particular, the bank is looking to back companies pursuing growth opportunities, including acquisitions, change of ownership transactions as well as investment in export strategies.

“To successfully grow a business in today’s economy requires innovation, determination and resiliency,” said BDC President and Chief Executive Michael Denham in a statement. “Atlantic Canadian entrepreneurs have all of these qualities and more. … As Canada’s only bank devoted exclusively to entrepreneurs, we are eager to support entrepreneurs in Atlantic Canada as they find new ways to scale up their businesses.”

A BDC study published this year reveals that Canadian SMEs intend to spend more on investment projects in the coming year, especially to scale activities and increase productivity. However, the study also reveals that 31% of SMEs are having difficulty obtaining financing.

“This new financing and assistance targets areas of opportunity for Atlantic Canadian businesses,” said Gina Gale, Senior Vice-President, Atlantic. “Today’s announcement is just one of the ways we are helping Atlantic Canada spur innovation and economic growth.”

BDC also recently signed letters of intent with New Brunswick and Nova Scotia Business Inc. to help improve the competitiveness of businesses in the two provinces. The documents lay the foundation for a solid partnership that will explore a range of opportunities to help businesses in Atlantic Canada continue to succeed and grow.