Update May 11th: The Government of Canada has announced the expansion of the Business Credit Availability Program (BCAP) to mid-sized companies with larger financing needs. Support for mid-market businesses will include loans of up to $60 million per company, and guarantees of up to $80 million. Through the BCAP, Export Development Canada (EDC) and the Business Development Bank of Canada (BDC) will work with private sector lenders to support access to capital for Canadian businesses in all sectors and regions.
Several financing options are available under Canada’s new Business Credit Availability Program (BCAP). These include:
- Canada Emergency Business Account: Loans of up to $40,000 for small businesses and not-for-profits, interest-free for one year. A portion may be forgivable.
- Loan Guarantee: Operating credit and cash flow term loans of up to $6.25 million to SMEs.
- Co-Lending Program: Co-lend term loans to SMEs for their operational cash flow requirements. Eligible businesses may obtain incremental credit amounts of up to $6.25 million through the program.
Each of these programs will be administered through your financial institution. Contact them for details and to apply.