{"id":73700,"date":"2017-03-09T17:00:34","date_gmt":"2017-03-09T17:00:34","guid":{"rendered":"http:\/\/usa.timesofnews.com\/?p=73700"},"modified":"2017-03-09T17:00:34","modified_gmt":"2017-03-09T17:00:34","slug":"big-bank-insurance-ceos-announce-new-business-growth-fund-of-up-to-1b","status":"publish","type":"post","link":"https:\/\/usa.timesofnews.com\/breaking-news\/political\/big-bank-insurance-ceos-announce-new-business-growth-fund-of-up-to-1b.html","title":{"rendered":"Big bank, insurance CEOs announce new business growth fund of up to $1B"},"content":{"rendered":"<p>Federal Finance Minister Bill Morneau and some of Canada&#8217;s biggest banks and insurance companies today unveiled a $1-billion fund aimed at helping small- and medium-sized businesses access cash to help them grow.<\/p>\n<p>Morneau and\u00a0CEOs of the big\u00a0banks an insurers\u00a0made the announcement \u00a0of the creation of the Canadian Business Growth Fund in Toronto on Thursday morning.<\/p>\n<ul>\n<li><strong><a href=\"javascript:void(0)\">Finance Minister Bill Morneau planning cautious budget for March 22 as he waits on Trump<\/a><\/strong><\/li>\n<li><strong><a href=\"javascript:void(0)\">Morneau doesn&#8217;t foresee more measures to rein in mortgage risks<\/a><\/strong><\/li>\n<li><strong><a href=\"javascript:void(0)\">Federal budget 2017: What your tax breaks cost on the finance minister&#8217;s books<\/a><\/strong><\/li>\n<\/ul>\n<p>Initially, the fund will have $500 million worth of the big companies&#8217; money at its disposal, to invest in small companies in increments of between $3 million and $20 million. But that money will grow over time to as much as $1 billion to deploy over the next decade.<\/p>\n<p>The fund &#8220;will help ambitious Canadian companies get the capital they need to grow and succeed globally,&#8221; Morneau said in a release.\u00a0<\/p>\n<p>Many of Canada&#8217;s biggest financial names are participating including:<\/p>\n<ul>\n<li>BMO.<\/li>\n<li>CIBC.<\/li>\n<li>Royal Bank.<\/li>\n<li>TD Bank.<\/li>\n<li>Scotiabank.<\/li>\n<li>Sun Life.<\/li>\n<li>Great-West Life.<\/li>\n<li>Manulife.<\/li>\n<li>National Bank.<\/li>\n<li>HSBC.<\/li>\n<li>ATB Financial.<\/li>\n<li>Laurentian Bank.<\/li>\n<li>Canadian Western Bank.<\/li>\n<\/ul>\n<p>While backed by fierce Bay Street rivals, the fund will operate as an independent managed entity, with its own board of directors made up of people from the backing firms.<\/p>\n<p>CIBC president Victor Dodig said in a recent speech to the Canadian Club last month that such a fund would\u00a0invigorate the economy.<\/p>\n<p>He said CIBC has been in talks with the federal government and other financial institutions about creating a &#8220;sizable&#8221; Canadian business growth fund, financed by the private sector, for small- and medium-sized enterprises.<\/p>\n<ul>\n<li><strong><a href=\"javascript:void(0)\">Ex-Teachers CEO Jim Leech named special advisor for new infrastructure bank<\/a><\/strong><\/li>\n<li><strong><a href=\"javascript:void(0)\">Budget watchdog warns slow infrastructure funding puts economic growth goals at risk<\/a><\/strong><\/li>\n<li><strong><a href=\"javascript:void(0)\">Ottawa&#8217;s deficit hits $14B through first nine months of fiscal year<\/a><\/strong><\/li>\n<\/ul>\n<p>Article source: http:\/\/www.cbc.ca\/news\/business\/morneau-bank-business-growth-fund-thursday-1.4016904?cmp=rss<\/a>\r\n<\/p>","protected":false},"excerpt":{"rendered":"<p>Federal Finance Minister Bill Morneau and some of Canada&#8217;s biggest banks and insurance companies today unveiled a $1-billion fund aimed at helping small- and medium-sized businesses access cash to help them grow. Morneau and\u00a0CEOs of the big\u00a0banks an insurers\u00a0made the announcement \u00a0of the creation of the Canadian Business Growth Fund in Toronto on Thursday morning. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[84],"class_list":["post-73700","post","type-post","status-publish","format-standard","hentry","category-political","tag-political"],"_links":{"self":[{"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/posts\/73700","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/comments?post=73700"}],"version-history":[{"count":0,"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/posts\/73700\/revisions"}],"wp:attachment":[{"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/media?parent=73700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/categories?post=73700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/tags?post=73700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}