As announced by the Minister of Finance, BDC puts in place additional measures to provide relief for Canadian entrepreneurs.
Effective March 18, 2020, new relief measures for qualified businesses include:
- Working capital loans of up to $2 million with flexible repayment terms such as principal postponements for qualifying businesses;
- Flexible repayment terms, such as postponement of principal payments for up to 6 months, 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.
What you need to know about the Business Credit Availability Program (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.
These new measures aim to alleviate the impact of COVID-19 on business activity and complement services offered by other financial institutions, with whom BDC will continue working. For BDC, eligible businesses needed to be financially viable entities prior to the impact of the coronavirus.
For the latest updates by the Government of Canada, visit Resources for Canadian Businesses: COVID-19
Information provided by: BDC https://www.bdc.ca/en/pages/special-support.aspx?special-initiative=covid19