Banque de développement économique du Québec: five conditions to make it a success for the city

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Added on 15 May 2013 in Press releases

Montréal, May 15, 2013 –  This afternoon, the Board of Trade of Metropolitan Montreal presented to the Committee on Labour and the Economy its brief on Bill 36 regarding the Banque de développement économique du Québec (BDEQ). The President and CEO of the Board of Trade, Michel Leblanc, reiterated his organization’s interest in the new entity’s mission, while stressing the conditions for a successful implementation.

“The Board of Trade believes that the proposed BDEQ can offer a new impetus for businesses and entrepreneurs, who are currently negotiating their way through a complex ecosystem,” says Michel Leblanc, President and CEO of the Board of Trade of Metropolitan Montreal. “This project shows the potential of optimizing government support for the city’s economic development. Another positive point is that the BDEQ should allow for an increase in venture and development capital for businesses in the metropolitan area.”

In its brief, the Board of Trade identifies five factors that will ensure the economic success of the new BDEQ:

  • Complementarity: The new entity must not duplicate financing and investment efforts of private institutions. It must align itself with the strategies and initiatives of existing private and public organizations that work to support businesses with respect to entrepreneurship, marketing and innovation, in particular the city’s industry clusters.

  • Equity: The metropolitan area represents over 50% of the Quebec economy. The government must commit that the BDEQ will concentrate its activities and resources to reflect the city’s weight in the Quebec economy.

  • Ease of access: The BDEQ should deliver consistent and outstanding customer service based on recognized high standards. The creation of the BDEQ only makes sense if businesses, and in particular small businesses, rapidly receive responses to applications for financial support. •

  • Expertise: The entity must have employees who have clearly demonstrated their expertise in coaching and investment support mandates. It should be able to hire experts and talent in line with its mission. •

  • Effectiveness and efficiency: The new law should ensure simplification and consolidation, from economic development planning to the delivery of services to businesses. It must not create red tape, and it must ensure that processes reflect the limited administrative resources of small businesses.

Additionally, to ensure the optimal performance of the BDEQ, the Board of Trade recommends that the law provide for a formal, independent mechanism for evaluation every three to five years.

“The new BDEQ cannot simply be a reorganization of structures,” Michel Leblanc says. “It must be an opportunity to offer a range of higher calibre products and services adapted to the needs of the city and the province, with appropriate human and financial resources. If the five conditions of success identified by the Board of Trade are met, we are confident that the BDEQ will be a strategic tool in the city’s development.”

The Board of Trade’s brief on Bill 36 regarding the BDEQ can be consulted by clicking here.

The Board of Trade of Metropolitan Montreal is made up of some 7,000 members. Its mission is to represent the interests of the business community of Greater Montréal and to provide individuals, merchants, and local businesses of all sizes with a variety of specialized services to help them achieve their full potential in terms of innovation, productivity, and competitiveness. The Board of Trade is Quebec's leading private economic development organization.

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Source :
Sylvie Paquette
Advisor, Media Relations
Board of Trade of Metropolitan Montreal
Tel.: 514 871-4000, ext. 4015
sylvie.paquette@ccmm.qc.ca

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