Government of Canada commits $10B in support of Canadian businesses during health crisis
Under the federal government’s new Business Credit Availability Program (BCAP), Export Development Canada (EDC) and the Business Development Bank of Canada (BDC) can now provide more than $10 billion of additional financing to customers facing economic challenges caused by COVID-19.
The program, announced March 13, helps Canadian businesses in all sectors and regions gain access to credit through EDC, BDC and private sector lenders.
In March 2020, The World Health Organization (WHO) declared the outbreak of COVID-19 (coronavirus) a pandemic. The rapidly spreading disease has resulted in thousands of deaths around the world and many countries have closed factories and ports, significantly disrupting global supply chains.
The longer the virus lasts and the more it spreads, we anticipate more Canadian exporters as a whole could be impacted.
EDC is prepared to act swiftly to help Canadian exporters access capital if needed and we’re working in collaboration with our federal partners and Canadian financial institutions to help minimize the impacts on Canadian businesses.
To help you navigate these challenging times EDC has a suite of financial and insurance solutions. You can also register for a MyEDCaccount for unlimited access to expert insights and trade information.
Our teams of economists and trade analysts are closely following the evolving situation and will continue to keep customers updated on the impact on the global economy and Canadian exports.
Read More At: https://www.edc.ca/en/campaign/coronavirus-covid-19.html