Business Financing and Funding Supports for COVID-19
Updated- April 1
The federal government has announced tens of billions in funding for establishing a Business Credit Availability Program under the Business Development Bank of Canada (BDC) and Export Development Canada (EDC).
Business Development Bank – Funding for Businesses and Entrepreneurs
BDC will support businesses in getting bridge financing in the form of working capital loans of up to $6.25 million with market interest rates and a 10-year repayment window. This funding can be used to pay leases/rent, utilities, wages payable and other obligations.
Businesses seeking support should first contact their financial institutions for an assessment of their situation. Financial institutions will refer to EDC and BDC those clients whose needs extend beyond what is available through the private sector alone. Existing BDC clients should reach out to their account manager for additional information. But, for Burnaby Board of Trade members, contact the BBOT to be connected directly with a dedicated BDC representative.
For more information on this program, visit the BDC’s landing page here, which will be updated as details are released.
Export Development Canada – Funding for Exporters
EDC is also being empowered to make similar access to credit for Canada’s exporters, and is able to help provide capital and credit to support exporters doing business internationally. For information on this program, visit the EDC’s landing page here, or call their hotline at 1-800-229-0575