Laurentian Bank of Canada (LBC) announced a partnership with the Business Development Bank of Canada (BDC), to help manufacturers across the country acquire equipment through more flexible financing options.

For nearly two years, Laurentian Bank's new Equipment Finance team has been offering clients a variety of financing and leasing options to businesses looking to acquire equipment. The team's extensive experience and its specialist approach have positioned Laurentian Bank as one of the industry leaders in Canada.

According to Statistics Canada, one out of four manufacturers stated that obtaining financing is critical to the growth of their business. Always looking for ways to innovate, add value and better support its clients, Laurentian Bank has partnered with BDC to craft a unique program that offers even greater financing flexibility for manufacturing customers. 

This new program will allow customers to benefit from more accommodating terms and conditions when financing their next equipment acquisition:

• Finance soft costs: Such as installation expenses, legal fees and training costs, which can quickly amount to a significant up-front outlay.
• Capital moratoriums: Ranging from 6-36 months, which allows clients to reimburse only the interest due during more difficult months.
• Longer amortization periods: Reduces monthly payments to allow for more cash flow "breathing room" for clients.

This new agreement aligns perfectly with both the BDC's and the Laurentian Bank's pursuit of a strategy that promotes the growth and development of the manufacturing sector, and enables companies to increase their productivity and be more competitive in their markets.