TORONTO, April 17, 2020 /CNW/ - Scotiabank is reinforcing our commitment to support Canadian businesses impacted by the consequences of the COVID-19 pandemic, and is pleased to announce the availability of the Export Development Canada (EDC) Business Credit Availability Program (BCAP) for Scotiabank clients. Working with the industry and the Government of Canada, Scotiabank will be providing important access to financing for businesses in partnership with EDC.
"Scotiabank knows businesses are the backbone of the Canadian economy, and this new support program, combined with our advice, provides our clients with another option for how to help them manage through the current environment," said Dan Rees, Group Head of Canadian Banking for Scotiabank. "Having addressed the needs of small business firms through 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."
The launch of the EDC BCAP is another extension of Scotiabank's support for Canadian businesses affected by COVID-19, which already include a number of relief measures including the online application for the Canada Emergency Business Account (CEBA) for small businesses.
Through the EDC BCAP, existing Scotiabank Canadian Business Banking clients can work directly with their Relationship Managers to explore financing options to provide businesses with working capital for short-term liquidity. 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. For more details on eligibility criteria, clients are asked to contact their Scotiabank or Roynat Relationship Manager.
In addition to the CEBA and EDC relief programs, our teams are working in cooperation with industry and the Government of Canada to bring the Business Development Bank of Canada (BDC) BCAP program to clients in the near future.
For more information on all of our relief programs for individuals and businesses, please visit Scotiabank.com.
Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future," we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of approximately 100,000 employees and assets of approximately $1.2 trillion (as at January 31, 2020), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @ScotiabankViews.