EDC announces expanded support for more Canadian companies to help navigate COVID-19 crisis
OTTAWA, May 11, 2020 (GLOBE NEWSWIRE) — With the goal of helping more Canadian businesses face the financial challenges brought on by the COVID-19 pandemic, the Government of Canada announced the creation of the Mid-Market Guarantee and Financing Program available under Business Credit Availability Program (BCAP) with support from Export Development Canada (EDC).
The expanded program brings liquidity to companies who tend to have revenues of between $50 million to $300 million, to sustain operations during this emergency moment. “Medium-sized companies represent 16 per cent of employment in Canada and span all sectors. They are essential to the economic well-being of our country,” said Mairead Lavery, President and CEO, EDC. “Not only do they employ millions of dedicated Canadian workers, but they are essential to the livelihood of our industries, supply chains and our communities coast, to coast, to coast,” said Lavery.With this expanded support, EDC will continue to work with Canadian financial institutions to guarantee 75 per cent of new operating credit and cash-flow loans – ranging in size from $16.75 million to a maximum of $80 million. These expanded guarantees are available to exporters, international investors and businesses that sell their products or services within Canada.This support is in addition to measures already included in the Business Credit Availability Program (BCAP) as well as other measures previously announced by EDC to help bridge more Canadian companies to a more stable time.Additional details regarding this expanded BCAP Program are being finalized and will be made available in early June. EDC has also launched a new tool to help businesses explore the resources developed by the government and Crown corporations to help Canadian businesses navigate COVID-19.About EDCExport Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, we equip Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to grow their business with confidence. Underlying all our support is a commitment to sustainable and responsible business. To help Canadian businesses facing extreme financial challenges brought on by the global response to COVID-19, the Government of Canada has expanded EDC’s domestic capabilities until December 31, 2021. This broader mandate will enable EDC to expand its support to companies focused domestically.For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.Media ContactsExport Development Canada