BDC is taking additional measures to provide relief to Canadian entrepreneurs

Updated: Apr 6

Statement regarding eligibility criteria for the Business Credit Availability Program (BCAP)


MONTREAL, April 6, 2020—Given the unprecedented economic impact of the COVID-19 pandemic, all legal businesses will be eligible for the Business Credit Availability Program (BCAP), for the duration of the program. This includes both the Canada Emergency Business Account and SME Loan and Guarantee program. For example, businesses in the cannabis sector and those in the hospitality sector operating bars and lounges will now be eligible. The SME Loan and Guarantee program, backed by BDC, Canada’s bank for entrepreneurs, and Export Development Canada (EDC), Canada’s export credit agency, is delivered through private sector financial institutions. As part of the BDC co-lending program, eligible businesses may obtain incremental credit amounts of up to $6.25 million, 80% of which would be provided by BDC, with the remaining 20% by the financial institution. To access these loans, business owners must contact their primary financial institution.



BDC is taking additional measures to provide relief to Canadian entrepreneurs during

these difficult times. These include:


  • Working capital loans of up to $2 million with flexible terms and payment postponements for up to six months for qualifying businesses;

  • Postponement of payments for up to six months, free of charge, for existing BDC clients with total BDC loan commitment of $1 million or less;

  • Reduced rates on new eligible loans;

  • Additional details regarding Business Credit Availability Program (BCAP) measures, including industry specific support, to be announced in the coming days.

To read the full press release, click https://www.bdc.ca/en/about/mediaroom/news_releases/pages/bdc-announces-additional-measures-provide-relief-canadian-entrepreneurs.aspx

Over the past couple of days, we’ve received many questions from partners and clients about BCAP, so we’ve compiled some of the key ones below:

1. How do I access BCAP?

  • Businesses seeking support through BCAP should first contact their financial institutions for an assessment of their situation.

  • Financial institutions will refer to EDC and BDC their existing clients whose needs extend beyond what is available through the private sector alone.

  • Existing BDC clients should reach out to their account manager for additional information.

2. Why banks first?

  • Canada’s six biggest banks have made a commitment to work with small business customers on a case-by-case basis to provide flexible solutions to help them manage through these challenges.

  • Banks have a longstanding history of standing by Canadians through challenging times, like now.

  • BDC complements the work of Canada’s private-sector financial institutions, with whom we work closely.

3. Why is it taking so long?

  • We are receiving an unprecedented volume of requests. We understand the urgency of the situation and have mobilized all BDC teams to respond as quickly as possible.

We encourage you to share this valuable information with your colleagues and clients

0 views

Media Contact

Peter M. Turner

President
(867) 393-6060 

president@yukonchamber.com

Should your business have any additional questions please don't hesitate to contact us

image_logo.png
  • Facebook Social Icon
  • Twitter Social Icon
Yukon Chamber of Commerce, Suite #220, 2237 Second Avenue, Whitehorse, YT, Canada