Many small business owners are finding that they don’t qualify for some Government assistance programs during the COVID-19 crisis, and that’s not fair.
Restrictions on the programs prevent corporate business owners who pay themselves by dividends, or solopreneurs who don’t have employees on payroll from accessing Government assistance and resources.
The BDC has programs available to provide much needed working capital to these types of owners, so you can get the money you need, and your business can recover and prosper.
What is the Business Credit Availability Program (BCAP)?
The Business Credit Availability Program provides two financing programs to support entrepreneurs impacted by COVID-19, as follows:
1. Canada Emergency Business Account
The Canada Emergency Business Account provides up to a $40,000 interest-free line of credit to small businesses, available through your primary financial institution.
You can read our summary of the Canada Emergency Business Account here:
Applications for this program open today (April 6, 2020) through online banking at major financial institutions.
2. BDC Small Business Working Capital Loans
With support from the Federal Government, BDC has launched a working capital loan program for small businesses who are experiencing a downturn in revenue due to COVID-19.
The program is available to all small businesses, and details are as follows:
Are you eligible for a BDC Working Capital Loan?
This program is available to all small businesses, including corporations, sole proprietorships, and partnerships.
Approval will be dependent on the credit worthiness of the applicant.
When will applications for the BDC Working Capital Loan be available?
You can apply for this program today using the application processes provided below.
How do I apply for a BDC Working Capital Loan?
Companies seeking less than $100,000 can apply for financing online at:
If you require $100,000 or more, you will need to provide the following information to a BDC account manager:
Our firm has partnered with BDC many times to provide working capital and expansion loans for our clients, and to make use of them ourselves.
Gather the required documents listed above, and contact my account manager, Ryan Rodgers, with his contact information below:
Senior Account Manager, Small Business
Cell phone: 204-290-7452