The Business Development Bank of Canada's venture capital arm will issue up to six million dollars in convertible notes over two years to graduates of FounderFuel, the Montreal-based startup accelerator program. Some 40 young enterprises from all over the country in the web, mobile, software as a service (SaaS), and gaming fields, will each be eligible for a $150 000 BDC convertible note upon their successful completion of FounderFuel's 12-week, mentor-driven business "boot camp". Convertible notes are short term loans that are usually converted into shares later on in the company's life. This investment is part of BDC Venture Capital's larger commitment towards accelerators across the country, a key element of its strategy to support tech enterprises in their early, most fragile, stage.
To read the full, original article click on this link: BUSINESS DEVELOPMENT BANK OF CANADA | BDC Venture Capital dedicates another 6 million for new Canadian tech entrepreneurs
