ANNUAL REPORT

FBI

THE FISCAL year ended March
31, 1988, was a good one for the
Federal Business Development
Bank (FBDB) and its small
business clients according to the
bank’s annual report tabled recent-
ly in the House of Commons.

Bank president, Guy Lavigueur,
points out that the FBDB’s ‘‘len-
ding division authorized 5,500
loans and guarantees for $862 mil-
lion” while at the same time pro-
viding ‘‘..,.business information,
training, counselling and planning
services to over 200,000 business
people ...”’.

Doug Kerley, vice-president and
regional general manager, British
Columbia and Yukon Region in-
dicates that, in the coastal district,
$62,466,000 in loans and guaran-
tees went to local businesses while
more than 6,200 people used its
business seminar, information and
CASE counselling services.

Lavigueur also said that ‘‘FBDB
clients who received term loans
and guarantees in fiscal 1988 stated
that they expect to create 10,000
new jobs in their focal com-
munities.”’

Approximately 60 per cent of
these loans and guarantees were
for amounts less than $100,000
while 78 per cent went to
businesses with 10 employees or
less.

The bank has five regional of-
fices and 77 branches across the
country. For the B.C. and Yukon
Region, its regional office is in
Vancouver.

It has 16 branches in British
Columbia and the Yukon, in-
cluding Nanaimo, Campbell River,
North Vancouver and Vancouver.

The bank’s foan portfolio at the
close of its 1988 fiscal year stood
at $2.2 billion, up 14 per cent over
the previous year indicating that
demand remains strong for term
financing among the nation’s small
businesses. The FBDB’s loans
division recorded a small operating
profit of $2.9 million for the year.

The FBDB is also one of the
country’s important sources of
venture capital.

This division of the bank
authorized $22.5 million in  in-

NORTH

BUSINESS

has a good year

vestments in fiscal 1988, an in-
crease of 11 per cent over the
previous year. For every dollar it
invested it obtained an additional
2.8 dollars in capital from = the
private sector for its clients’ pro-
jects. The total FBDB venture cap-
ital portfolio rose 24 per cent in
fiscal 1988 :¢ $53.5 million. The
division recorded a profit of $3.5
million at year-end, a sum that will
be used to finance acditionaS ven-
ture capital projects presented by
clients in the future.

SHORE

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