As part of the Business Credit Availability Program (BCAP), new loans to help finance the operational cash flow needs of SMEs in the context of COVID-19
MONTREAL, April 24, 2020 / CNW Telbec / – Today, BDC, from Canada bank of entrepreneurs, has announced that it has finalized the details of its new $ 20 billion Co-loan program, under the BCAP previously announced by Prime Minister Justin Trudeau on March 27, 2020. Financial institutions will gradually roll out the program to businesses today and in the days to come.
To access these loans, business owners should contact their primary financial institution who will assess their situation, structure the financing, and disburse the capital where applicable.
Commercial support, developed by BDC in partnership with financial institutions across the country, aims to help Canadian businesses affected by COVID-19 finance their operational cash flow needs. Eligible businesses can obtain additional credit amounts of up to $ 60.25 million, of which 80% would be provided by BDC, the remaining 20% coming from their financial institution.
“BDC looks forward to expanding its business support to more Canadian entrepreneurs by leveraging the strong network of financial institutions across the country,” said Michael Denham, President and CEO of BDC. “Working hand in hand with key financial partners is a prime example of our complementary roles and our joint efforts to better help businesses overcome the impact of this unprecedented pandemic. “
The co-loan program is available to Canadian businesses affected directly or indirectly by COVID-19 until or before September 30, 2020. To be eligible, businesses must have been financially viable and in good standing before the impact of the pandemic.
This measure is in addition to other initiatives offered to businesses, including the Business Credit Availability Program. Other support measures were also announced by BDC, including working capital loans and flexible repayment terms such as capital deferrals to help entrepreneurs move into a more stable period.
BDC is the only bank dedicated exclusively to entrepreneurs. It provides access to financing as well as consulting services to help Canadian businesses grow and succeed. Its investment arm, BDC Capital, offers a wide range of venture capital solutions. For 75 years and over, BDC’s raison d’être has been to support entrepreneurs in all sectors and all stages of growth. For more information and to view more than 1,000 free tools, articles and testimonials from entrepreneurs, visit bdc.ca.
SOURCE Business Development Bank of Canada
For further information: BDC Media Relations, [email protected] or 1-844-625-8321