With the EDC’s two new financing initiatives to help small and medium sized businesses overcome the challenges of COVID-19, we wanted to ensure you are aware of the financing that may be available to your organization.
The Canadian Emergency Business Account (CEBA) offers up to $40,000 in interest free loans to eligible micro and small businesses, and non-profit organizations. Applicants who pay back their loan by December 31st, 2022 can have up to 25% ($10,000) of their loan forgiven.
With the Business Credit Availability Program (BCAP), the EDC will guarantee new operating credit and cash-flow loans up to $6.25 million that financial institutions lend to small and medium sized enterprises.
The Canadian Construction Association (CCA) has created this invaluable article outlining:
- what the CEBA and BCAP initiatives offer;
- who qualifies for these initiatives;
- how to apply;
- understanding the loan process; and
- info on other EDC and government programs.
This article is for informational purposes only and is not intended as professional or legal advice.