New Scotiabank support program for medium-sized and larger Canadian firms
The EDC Business Credit Availability Program is structured as a one-year operating credit or cash flow term loan of up to $6.25 million, with 80% guaranteed by EDC.
Scotiabank is announcing the availability of the Export Development Canada (EDC) Business Credit Availability Program (BCAP) for Scotiabank clients.
“Scotiabank knows businesses are the backbone of the Canadian economy, and this new support program…provides our clients with another option for how to help them manage through the current environment,” said Dan Rees, group head of Canadian Banking for Scotiabank, in a statement. “Having addressed the needs of small business firms through Canada Emergency Business Account (CEBA) funding, the EDC BCAP program allows us to deliver much needed relief to medium-sized and larger Canadian firms, providing working capital through access to a short-term financing solution on flexible terms.”
The launch of the EDC BCAP is another extension of Scotiabank’s support for Canadian businesses affected by COVID-19, which already include a number of relief measures including the online application for the CEBA for small businesses.
Through the EDC BCAP, the bank says existing Scotiabank Canadian Business Banking clients can explore financing options to provide businesses with working capital for short-term liquidity.
The EDC BCAP is structured as a one-year operating credit or cash flow term loan of up to $6.25 million, with 80 per cent guaranteed by EDC.
In addition to the CEBA and EDC relief programs, Scotiabank says it’s working in cooperation with industry and the federal government to bring the Business Development Bank of Canada (BDC) BCAP program to clients in the near future.
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