Business Credit Availability Program (BCAP) announced

posted 13 days ago.

In these extraordinary and unprecedented times, the Board of Trade is focused on providing you and your business with the resources to help manage the impact of COVID-19. On Friday, March 13, the Minister of Finance, announced that Business Development Bank of Canada (BDC) has increased the amount of financing available to support small businesses. We expect further economic measures to be announced by governments in the coming days, with a federal announcement as early as Wednesday, March 18.

The government has established a Business Credit Availability Program (BCAP). The program will further support financing in the private sector through the BDC and Export Development Canada (EDC). Under this program, BDC and EDC will enhance their cooperation with private sector lenders to coordinate financing and credit insurance solutions for Canadian businesses.

Any creditworthy Canadian business seeking financing to support its operations and maintain jobs may apply. Canadian companies should first contact their financial institution account manager to determine how the BCAP applies to their situation. In some cases, they will be referred to the BDC or EDC. Companies may also contact the BDC or EDC directly if they already have an established business relationship with these organizations.


Business Development Bank of Canada Products

While BDC business centres are closed, staff are available virtually to help you. BDC encourages current clients to call your account manager directly. New customers are encouraged to call: 1-877-232-2269

Working capital loan

Get extra funds to bridge cash flow gaps and support everyday operations. This will allow flexible repayment terms to protect your cash flow, limit your personal risk, and provide peace of mind with stable terms and conditions.

For businesses needing more than $100,000 Apply Here

For businesses needing less than $100,000 Apply for the Small Business Loan

Small Business Loan

Up to $100,000 can be obtained online. This allows quick access to funds at an affordable interest rate. Capital payments can be postponed for the first 6 months and loans can be repaid over 5 years.

Eligible if:

  1. Financing needs do not exceed $100,000
  2. Business has been generating revenues for at least 24 months
  3. Good credit history
  4. Operating a Canadian company and have reached the age of majority

Apply Here

Indigenous Entrepreneur Loan

Up to $350,000, whether your business operates on or off reserve. This will provide flexible repayment terms to protect cash flow, a loan that gives back to charity, and a limit to personal risk.

Apply Here

Purchase Order (PO) Financing

Increase your cash flow to fulfill domestic or international orders with very flexible terms. This provides businesses with maximum PO financing, flexible terms tailored to PO terms and conditions, and a relationship of trust between clients and suppliers.

Apply Here


Export Development Canada

During these challenging times, Export Development Canada (EDC) is working with federal partners and other Canadian financial institutions to help minimize impacts of COVID-19 on businesses, and they are working to quickly provide Canadian exporters access to needed capital.

To better understand how an EDC trade advisor can help support your business, email them at tradeadvisor-conseiller@edc.ca, or 1-888-220-0047 between 9 a.m. and 5 p.m. ET, or submit an inquiry online here.

Our Members can gain a better understanding of how COVID-19 is affecting global trade and how they can be protected – Access EDC’s webinar here

Additional articles posted by EDC with respect to COVID-19 are found here

EDC stands ready to support Canadian exporters impacted by COVID-19

Updated FAQs: what Canadian exporters need to know about the coronavirus

The expanding coronavirus (COVID-19) threat


The Greater Vancouver Board of Trade continues to monitor the changing situation and how it impacts our Members. We have developed a resource page designed to provide information to businesses and individuals in our region at boardoftrade.com/covid-19. We want to hear how this is impacting your business. Additionally, if you have resources or information that would be valuable to other members, please reach out to us at advocacy@boardoftrade.com

(News Source: Greater Vancouver Board of Trade)

 

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