More financial support for businesses navigating COVID-19 crisis
by CM Staff
The expanded Business Credit Availability Program is supported by Export Development Canada
OTTAWA — The federal government has expanded aid that will bring liquidity to companies with revenues between $50 million to $300 million to sustain operations during the pandemic.
The expanded program brings liquidity to companies who tend to have revenues of between $50 million to $300 million, to sustain operations during this emergency moment.
EDC will continue to work with Canadian financial institutions to guarantee 75% of new operating credit and cash-flow loans – ranging in size from $16.75 million to a maximum of $80 million. Guarantees are available to exporters, international investors and businesses that sell their products or services within Canada.
This support is in addition to measures already included in the BCAP as well as other measures previously announced by EDC.
The export agency said additional details are being finalized and will be made available in early June. EDC has also launched a new tool to help businesses explore the resources developed by the government and Crown corporations to help Canadian businesses navigate COVID-19.