Business Credit Availability Program (BCAP)

Export Development Canada and the Business Development Bank of Canada will provide more than $65 Billion in direct lending and financial support to businesses with viable business models whose access to financing would otherwise be restricted.

Within this program includes:

  1. The Canada Emergency Business Account
  2. The Loan Guarantee for Small and Medium-Sized Enterprises
  3. Co-Lending Program for Small and Medium-Sized Enterprises

Eligibility Requirements

In most cases, if you were operating a business before March 1, 2020 and you paid between $20,000-$1.5 Million in totally payroll in 2019 your business would be eligible.

What is the Canada Emergency Business Account?

By now you have probably heard about the Canada Emergency Business Account. Introduced on March 27, 2020, this is a business support available to small businesses and not-for-profits capable of demonstrating that they paid between $20,000 $1,500,000 in total payroll in the year 2019. Eligible organizations can receive interest free loans of up to $40,000 to support their business in dealing with the impact of COVID-19. Provided that 75% of the loan can be repaid by December 31,2022 the remaining 25% (up to $10,000) will be forgiven. If the loan is not repaid by December 31, 2022 the remaining balance will be converted to a three year term loan at 5% interest.

The funds should be used for operating costs that cannot be deferred, such as payroll, rent, utilities and insurance.

What is the EDC Loan Guarantee for Small and Medium-Sized Enterprises?

The EDC Loan Guarantee for Small and Medium-Sized Enterprises offers operating credit and cash flow term loans of up to $6.25 million to existing clients.

What is the BDC Co-Lending Program for Small and Medium-Sized Enterprises?

Available to businesses that were financially viable prior to the COVID-19 outbreak. The loans have a 10-year repayment period with the first year being interest-only. The size of the loan will be based on the business revenue generated:

Business Revenue Loan Size
   Less than $1 Million    Up to $312,500.00
   Between $1 Million – $50 Million    Up to $3.125 Million
   Over $50 Million    Up to $6.25 Million

How do I access these additional funds:

Employers will want to talk to the banks they’re currently using and ask them about these potential options.

Alternatively these contacts can be contacted directly at:

email: Business Development Bank of Canada
phone: 1-877-232-2269

email: Export Development Canada
phone: 1-800-229-0575

How do I access these additional funds:

The Federal Government has provided $675 Million to small and medium-sized businesses who are unable to access COVID-19 business supports through Canada’s Regional Development Agencies.

For more information on supports through the Regional Development Agency, contact:

Western Economic Diversification Canada
1-888-338-9378.