COVID 19 Economic Help for Entrepreneurs
Economic measures from the federal government during COVID19 announced on March 13th, 2020
On March 13, 2020 the federal government announced that the government is establishing a Business Credit Availability Program (BCAP) to support financing in the private sector through the Business Development Bank of Canada (BDC). Here are the current options available:
Small Business Loan: Up to $100,000 can be obtained online.
Working capital loan: For loans over $100,000 and can support everyday operations.
Purchase Order Financing: Loans to fulfill domestic or international orders.
If you have specific questions about applying for funding, BDC can be reached at the toll-free number: 1-877-232-2269 Monday to Friday, from 7:30 a.m. to 8:00 p.m. (Eastern Time) and Saturday and Sunday from 9:00 a.m. to 5:00 p.m. (Eastern Time). They also have an online assessment tool.
The Bank of Canada Governor also announced a Bankers’ Acceptance Purchase Facility - BAPF. This will support a key funding market for small- and medium-size businesses at a time when they may have increased funding needs and credit conditions are tightening. More info can be found here: https://www.bankofcanada.ca/2020/03/bankers-acceptance-purchase-facility/