The Business Credit Availability Program (BCAP) will allow EDC and BDC to provide more than $65 billion in loans and other financial support.
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On March 18, 2020, the Prime Minister announced a new set of economic measures to help stabilize the economy during this challenging period. Among these is the Business Credit Availability Program (BCAP). Due to increased needs by businesses, this amount was increased to $65 billion in the past few days.
For many business owners like you, this type of assistance could be crucial to your business’s survival. Through EDC and BDC, more than $65 billion in loan and other financial support will be made available to businesses whose cash flows are constrained and access to traditional financing might be restricted due to the pandemic crisis.
As former Bankers and Financing Experts, you can rely on our expertise. We can help clients navigate the system and access a portion of the $65 billion dollar fund during this difficult time.
The Business Credit Availability Program (BCAP) will allow the Business Development Bank of Canada (BDC) and Export Development Canada (EDC) to provide more than $65 billion of additional support, largely targeted to small and medium-sized businesses.
This will be an effective tool for helping viable Canadian businesses remain resilient during this very uncertain times. BDC and EDC are cooperating with private sector lenders to coordinate on credit solutions for individual businesses, including in sectors such as oil and gas, air transportation, tourism and hospitality industry.
The near term credit available to farmers and the agri-food sector will also be increased through Farm Credit Canada.
The Office of the Superintendent of Financial Institutions (OSFI) announced it is lowering the Domestic Stability Buffer by 1.25% of risk-weighted assets, effective immediately.
This action will allow Canada’s large banks to inject $300 billion of additional lending in to the economy.