Financially institutions are now offering loans of up to $6.25 million to eligible small and medium enterprises
Further assistance for Canada’s small and medium businesses impacted by the coronavirus pandemic is now available through several financial institutions.
The new BDC Co-Lending Program is part of the Business Credit Availability Program (BCAP) announced by the prime minister at the end of March.
It will provide loans of up to $6.25 million to eligible businesses with 80% provided by BDC, Canada’s bank for entrepreneurs, and the remainder by borrowers’ primary financial institutions (FIs). Availability has begun rolling out this week.
The program is available to Canadian businesses impacted directly or indirectly by COVID-19 until or before September 30, 2020. To qualify, companies must have been financially viable and in good standing prior to the impact of the pandemic.
Additional option
The FIs participating include RBC and Greg Grice, Executive Vice-President, Business Financial Services, says it adds to the range of help that is being offered to Canada’s businesses following the COVID-19 outbreak.
“The BDC Co-Lending solution serves as another option for business clients who may be continuing to face liquidity challenges as operations continue to be disrupted by physical distancing measures and temporary business closures,” he said. “This solution may complement some of the temporary relief measures which are currently available to businesses through RBC and the Government of Canada.”
We've put together a list of support measures available from the federal government, provinces and territories. Download now ➡️ https://t.co/Dv6GZGAI3b #SME pic.twitter.com/p1g0WsCdsY
— BDC (@bdc_ca) April 22, 2020
