On March 13, 2020 the federal government announced that the government is establishing a Business Credit Availability Program (BCAP) to support financing in the private sector through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC).
Here are the current options available:
- Small Business Loan Up to $100,000 can be obtained online.
- Working capital loan Get extra funds to bridge cash flow gaps and support everyday operations.
- Purchase Order Financing Increase your cash flow to fulfill domestic or international orders with very flexible terms.
- Advisory Services experts for tools and support to review your financial management and operations.
If you have specific questions about applying for funding, BDC can be reached at the toll-free number: 1-877-232-2269 Monday to Friday, from 7:30 a.m. to 8:00 p.m. (Eastern Time) and Saturday and Sunday from 9:00 a.m. to 5:00 p.m. (Eastern Time). They also have an online assessment tool.
For more information visit https://www.bdc.ca/en/pages/special-support.aspx?special-initiative=covid19