With government announcements coming daily it can be hard to keep up. Here is a quick summary of what we know so far and what is still being clarified.Continue reading “Government programs for support during COVID-19 – what we know so far”
The Business Development Bank of Canada (BDC) is devoted exclusively to entrepreneurs.
Here is a quick outline of some BDC Financing Options
- Been in business for more than 2 years (at least 24 months of sales)
- Looking for a loan of $100,000 or less
- They can fill in the application using the link below. If they don’t have a rep, leave it blank
If you require more than $100,000, there is another program being offered by BDC which the details have yet to come out. Rumor has it will be based on completion of (a) statement of personal affairs form by each shareholder (b) application for financing and (c) last 2 years of financials prepared by a CPA
Support for entrepreneurs impacted by the coronavirus COVID-19
Effective March 18, 2020, new relief measures for qualified businesses include:
- Working capital loans of up to $2 million with flexible repayment terms such as principal postponements for qualifying businesses;
- Postponement of payments for up to 6 months, free of charge, for existing BDC clients with total BDC loan commitment of $1 million or less;
- Reduced rates on new eligible loans;
- Additional details regarding Business Credit Availability Program (BCAP) measures, including industry specific support, to be announced in the coming days.
As always, I welcome your comments, calls and questions.
Steve Garganis 416 224 0114 email@example.com
Your best interest is my only interest.