Thank you for the question.
Currently the Business Development Bank of Canada may assist Canadian small businesses and medium-sized businesses wishing to expand beyond the domestic market, but it can only offer the financing to the parent company located in Canada. Small businesses can expand from coast to coast to coast in Canada, but they are limited when it comes to expanding beyond Canada's shores. Bill C-43 will allow the Business Development Bank of Canada to help finance an SME's subsidiary in a foreign company and support its access to global value chains. Bill C-43 will help all SMEs in Canada expand beyond Canada's borders.
It also aids small businesses to expand into international markets as well as to draw foreign investment into Canada by adhering to the Patent Law Treaty and the Hague agreement. The proposed amendments will standardize and will simplify administrative processes when Canadian businesses apply for a patent, ultimately resulting in lower costs and eliminating red tape.