New business development fund of up to $1B publicized by insurance CEOs and big banks.

Aimed for helping little and medium-sized businesses get to money to help them develop, Government Finance Minister Bill Morneau and some of Canada’s greatest banks and insurance agencies today uncovered a $1-billion fund.

On Thursday morning, Morneau and CEOs of the huge banks and insurers declared the making of the Canadian Business Growth Fund in Toronto.

At first, the store will have $500 million worth of the huge companies’ cash available, to put resources into little companies in additions of between $3 million and $20 million. However, that cash will develop after some time to as much as $1 billion to deploy throughout the following decade.

The fund “will help ambitious Canadian companies get the capital they need to grow and succeed globally,” Morneau said in a release.

Many of Canada’s biggest financial names are participating including: BMO, CIBC, Royal Bank, TD Bank, Scotiabank, Sun Life, Great-West Life, Manulife, National Bank, HSBC, ATB Financial, Laurentian Bank, Canadian Western Bank.

While sponsored by wild Bay Street rivals, the fund will work as an autonomous managed entity, with its own top managerial staff made up of individuals from the support firms.

CIBC president Victor Dodig said in a current discourse to the Canadian Club a month ago that such a fund would strengthen the economy.

He said CIBC has been in converses with the government and other financial institutions about making a “sizable” Canadian business development fund, financed by the private division, for little and medium-sized enterprises.