Loan types available during COVID-19

May 6, 2020

There have been great strides from our Government and banks to ensure adequate help is being provided to small business across Canada. Here is a list of all loan types and links to access applications.

BDC Small Business Loan Online application: (access of up to $100,000. Postpone capital payments for first 6 months and repay over five years).

APPLY HERE

Canada Emergency Business Account (CEBA) *up to $40,000 interest free loan with complete forgiveness if $30,000 repaid on or before Dec 31, 2022.

NOTE: Small businesses and not-for-profits should contact their financial institution to apply for these loans.

EDC Business Credit Availability Program (BCAP) *Through commercial banking partners (guaranteed for 80% by EDC to your bank) Revolving credit line.

Note: For additional information on any of the BCAP programs or to apply, Businesses should contact their primary lender, where they have a pre-existing relationship. Businesses that are impacted can contact them by phone or email to find out about their application process.

BDC COVID-19 Working Capital Loan- Between $100,000 and 2 million (24 month term and 12 month principal postponement).

APPLY HERE

NRC IRAP Innovation Assistance Program (IAP) *Applications close April 29, 2020

To be eligible:
• must be ineligible for the Canada Emergency Wage Subsidy
• Be incorporated, profit oriented small-medium sized business
• Company with 500 or fewer employees
• Pursue growth and profit in developing and commercializing innovation, technology-driven products, services or processes
• Lack sufficient financial resources to sustain operations from April 1 to Jun 23 2020.

APPLY HERE

Further details on the following programs:

Canada Emergency Commercial Rent Assistance Program (OCECRA)

*forgivable loans to eligible commercial property owners experiencing potential rent shortfalls because small business tenants cannot pay rent during COVID shut downs.
To qualify: property owners will be required to reduce rental costs for commercial tenants for April to June by at least 75%. The loan is contingent on the signing of a rent forgiveness agreement.
The property owner would then qualify for a forgivable loan of 50% of the rent costs (to a max. of $50,000 per month) and the property owner would be responsible for the other 25%.
No evictions can be made during this time period- regardless if the property owner has applied through this program or not

List of all Loans/Grants available for COVID-19 relief for businesses

https://www.canada.ca/en/department-finance/programs/financial-sector-policy/business-credit-availability-program.html