Under BCAP more companies will now have access to expanded financing support
With the goal of helping more Canadian businesses face the financial challenges brought on by the COVID-19 pandemic, the Government of Canada announced the creation of the Mid-Market Guarantee and Financing Program available under Business Credit Availability Program (BCAP) with support from Export Development Canada (EDC).
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.
“Medium-sized companies represent 16 per cent of employment in Canada and span all sectors. They are essential to the economic well-being of our country,” said Mairead Lavery, President and CEO, EDC. “Not only do they employ millions of dedicated Canadian workers, but they are essential to the livelihood of our industries, supply chains and our communities coast, to coast, to coast,” said Lavery.
With this expanded support, EDC will continue to work with Canadian financial institutions to guarantee 75 per cent of new operating credit and cash-flow loans – ranging in size from $16.75 million to a maximum of $80 million. These expanded 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 Business Credit Availability Program (BCAP) as well as other measures previously announced by EDC to help bridge more Canadian companies to a more stable time.
Additional details regarding this expanded BCAP Program are being finalized and will be made available in early June.
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their business as they go from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger and sustainable economy for all Canadians.
For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.