There continues to be daily updates from the Federal Government during these uncertain times for all of us here in Atlantic Canada and around the world.
We hear from many of our clients that the 75% wage subsidy announced by the Federal Government isn’t solving the immediate pain for many business owners which is cash flow and access to credit.
It can all be confusing as there is so much information out there. We wanted to simplify this for you when it comes to loans and access to credit sources recently announced.
The Government announced the establishment of a Business Credit Availability Program (BCAP)to help Canadian businesses obtain financing during the current period of significant uncertainty.
Through this program, Export Development Canada (EDC) and the Business Development Bank of Canada (BDC) will provide $65 billion in direct lending and other types of financial support at market rates to businesses with viable business models whose access to financing would otherwise be restricted.
Through the BCAP, the BDC and EDC, both financial Crown corporations, will work closely with private-sector lenders to improve access to financing for Canadian businesses.
The program includes:
- Canada Emergency Business Account
- Loan Guarantee for Small and Medium-Sized Enterprises
- Co-Lending Program for Small and Medium-Sized Enterprises
If you are interested in exploring financing opportunities for your business through the BCAP, please contact your bank directly and it will contact BDC and EDC where appropriate.
Business Development Bank of Canada: 1-877-232-2269
Export Development Canada: 1-800-229-0575
For more information, click here.