In addition to its existing products and services, BDC, Canada’s bank for entrepreneurs, has announced additional measures to provide relief to business owners impacted by the spread of coronavirus (COVID-19) as part of the BCAP. These actions complement other measures to be announced in the coming days, as well as the measures announced by the Government of Canada on the 18th March.
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.
“These strong measures provide immediate relief to Canadian small businesses and entrepreneurs,” says the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade. “Nobody should have to lay off their employees due to COVID-19, and the need to help with cash flow and liquidity is something I’ve heard directly from small business owners and entrepreneurs across Canada. Working together with BDC, we will do whatever it takes to help businesses through this difficult time.”
These new measures aim to alleviate the impact of COVID-19 on business activity and complement services offered by other financial institutions, with whom BDC will continue working. For BDC, eligible businesses needed to be financially viable entities prior to the impact of the coronavirus.
As announced by the Government of Canada on March 13, BDC is collaborating with Export Development Canada (EDC) and chartered banks as part of BCAP to provide more than $10 billion in direct lending and other types of additional support at market rates to help businesses through to a more stable time. Given the high volume of requests we are currently receiving, processing time may take longer than usual. We understand the urgency of the situation and have mobilized all BDC teams to support.