Scotiabank launches EDC Business Credit Availability Program
The EDC BCAP is structured as a one-year operating credit or cash flow term loan of up to $6.25 million, with 80% guaranteed by EDC
“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,” said Dan Rees, group head of Canadian Banking for Scotiabank, in a statement
Launching the EDC BCAP extends 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. Existing Scotiabank Canadian Business Banking clients can explore financing options to provide businesses with working capital for short-term liquidity.
It’s structured as a one-year operating credit or cash flow term loan of up to $6.25 million, with 80% guaranteed by EDC.
IScotiabank 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.