The following information was shared with Meetings Mean Business Canada (MMBC) by the Business Development Bank of Canada (BDC). We hope this information may be useful to you during this difficult time.
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 here.
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.