Through this program, Export Development Canada (EDC) and the Business Development Bank of Canada (BDC) will provide more than $10 billion in direct lending and other types of financial support at market rates to businesses with viable business models whose access to financing would otherwise be restricted. By working in close cooperation with financial institutions, this program will fill gaps in market access and leverage additional lending by private sector institutions
Businesses seeking support through BCAP should contact the financial institutions with whom they have a pre-existing relationship, so that the financial institutions may assess the client’s financial request. If the needs of the client exceed the level of support the financial institution is able to provide, the financial institution will work alongside BDC or EDC to access additional resources the Government has made available under BCAP.
If you are a tourism operator, a small business or an organization affected by COVID-19 and need pressing assistance, the regional development agencies (RDAs) could assist you with access to federal funding and services.
It is also vital for Canadian businesses to have contingency plans in place to manage potential financial risks. The Canadian Chamber of Commerce has developed a comprehensive preparedness guide for businesses in the face of COVID-19.