The Canadian government will establish a $10 billion credit facility to lend money to Canadian businesses under stress as a result of the spreading COVID-19 pandemic. Business Development Bank of Canada (BDO) and Export Development Canada (EDC), both Crown-owned entities, will have be responsible of this credit facility to help companies access cash and keep exporting to markets abroad at a time when COVID-19 is dramatically affecting the functioning of the economy.
The COVID-19 is a rapidly spreading disease has resulted in thousands of deaths around the world, and where global supply chains have been significantly disrupted, as many countries have closed factories and ports.
It is anticipated that there will be an increasing amount of Canadian exporters and importers that could be impacted, if the longevity and spread of the virus increases.
If your business requires financial support during these unprecedented times please refer to:
- Business Credit Availability Program (BCAP) offered by Export Development Canada (EDC) and or;
- Business Development Bank of Canada (BDC)