In recent weeks, the federal government has introduced a range of financial relief measures to help businesses negatively impacted by COVID-19. Specifically, with the support of Export Development Canada (EDC) and Business Development Bank of Canada (BDC), the Business Credit Availability Program (BCAP) is providing $65 billion in direct lending and other financial support to businesses dealing with the impact of COVID-19.
What programs are available?
At this point, many businesses are already familiar with the Canada Emergency Business Account (CEBA), which is a BCAP program that’s offering partially forgivable loans of up to $40,000 to small businesses and not-for-profit organizations. Two additional BCAP programs have been introduced and a separate loan program directly from the BDC:
- BDC Co-Lending Program, which sees the BDC partnering with other financial institutions to provide incremental credit of up to $6.25 million to eligible small and mid-sized businesses
- EDC Loan Guarantee Program, which is providing loan guarantees of up to $6.25 million for borrowers with both export business and now expanded to include domestic business as well
- BDC Working Capital Loan Program, which is offering a 36-month working capital loan of between $100,000 and $2 million to small and mid-sized businesses
To help you navigate these programs, download our PDF to view information on how they work and determine if your business is eligible.
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We understand that you want to be agile and responsive as the situation unfolds. Having access to experts, insights and accurate information as quickly as possible is critical—but your resources may be stretched at this time.
We’re here to support you as you navigate through the impacts of coronavirus on your business and your investments.