EDC announces expanded support for more Canadian companies to help navigate COVID-19 crisis
By Rock to Road
Under BCAP more companies will now have access to expanded financing support
By Rock to Road
Ottawa – 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.”
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 (BCAP) as well as other measures previously announced by EDC to help bridge more Canadian companies to a more stable time.