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Important: Learn about the key points to Canada's Economic Stimulus plan

Client Communication:

Access to Credit for Small to Medium Businesses

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BDC’s Small Business Loan (NEW May 7, 2020)

  • Up to $100,000
  • New clients and/or existing clients whose total debt with the bank is less than $100,000
  • The following eligibility requirements must be met:
    • Based in Canada
    • Generating revenue for at least 24 months
    • Good credit history

Apply here: https://www.bdc.ca/en/financing/business-loans/pages/small-business-loan.aspx

Canada Emergency Business Account (CEBA)

  • Up to $40,000
  • Interest-free to December 31, 2022
  • Repay by Dec 31, 2022 and receive 25% forgiveness
  • You will need 2019 payroll of $50,000 to $1,000,000 to qualify.
    UPDATE: You will need 2019 payroll of $20,000 to $1,500,000 to qualify.
  • For more information: Click Here | Application are available at your bank

MAY 20, 2020

Program will be expanded to:

  • sole proprietors receiving income directly from their businesses
  • businesses that rely on contractors
  • family-owned corporations that pay employees through dividends rather than payroll

To qualify, these applicants with payroll lower than $20,000 would need:

  • have a business bank account
  • have a CRA business number, and to have filed a 2018 or 2019 tax return.
  • have eligible non-deferrable expenses between $40,000 and $1.5 million. Eligible non-deferrable expenses could include costs such as rent, property taxes, utilities, and insurance.

BDC Co-Lending Program for SMEs

  • Business with revenue less than $1M: Up to $312,500
  • Business with revenue between $1M - 50M: Up to $3,125,000
  • Business with revenue $50M+ -Up to $6,250,000
  • Medium-to long-term loans with amortizations up to 20 years.
  • The following eligibility requirements must be met:
    • Be an existing Commercial Banking client and it is your primary bank.
    • Canadian business impacted by COVID-19.
    • The program is intended to support bridging businesses’ operating expenses (i.e., payroll, rent, utilities, taxes and other fixed costs), until cash flows resume back to pre-COVID conditions.

Apply via your bank

BDC Working Capital Loans

  • Up to $2 million
  • Flexible repayment terms such as principal postponement for qualifying businesses

Source: https://www.bdc.ca/en/pages/special-support.aspx

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