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 Business Credit Availability Program (BCAP).
Businesses seeking support through the initiative 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.
“This is not the first time BDC steps in and acts as a shock-absorber for entrepreneurs,” said Michael Denham, BDC president and CEO. “We did it during the financial crisis in 2008-2009 and when the oil prices collapsed in 2016. When available credit goes down, BDC lending goes up”,
“Entrepreneurs are telling us the current situation is putting pressure on their supply chains, their cashflow and their people. We are here for them and their business. Now, more than ever, are we having meaningful conversations with entrepreneurs on business continuity, financial management and operations to help them emerge stronger.”
“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, said “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.”
BDC said in a release the 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.
Additional information on BCAP is available at https://www.canada.ca/en/department-finance.html.