Mar 27, 2020
Please see below for the latest on the announcement of EDC providing domestic support to companies.
New domestic mandate enhances EDC’s role in supporting all Canadian businesses through COVID-19 crisis
Broader mandate will help more companies brave the challenges of these extraordinary times
The Government of Canada has enabled domestic powers for Export Development Canada (EDC) during the COVID-19 crisis.
This broader mandate and scope will enable EDC to provide emergency liquidity for micro-, small- and medium-sized domestic companies through Canadian financial institutions and private credit insurers.
Through the Business Credit Availability Program (BCAP), EDC will guarantee new operating credit and cash-flow term loans that financial institutions extend to small- to medium-sized enterprises, up to $6.25 million. The program cap for this guarantee will be a total of $20 billion for export sector and domestic companies.
To further help Canadian businesses facing extreme financial challenges brought on by the global response to coronavirus (COVID-19), the Government of Canada has expanded EDC’s domestic capabilities until December 31, 2021, effective immediately.
“EDC has 75 years of experience supporting Canadian businesses as they pursue international opportunities,” said EDC President and CEO Mairead Lavery. “Today, working with the Business Development Bank of Canada (BDC), we’re excited to expand our support to companies focused domestically, helping them get through this incredibly challenging time.”....
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