The Business Development Bank of Canada Business Credit Availability Program
As part of the Small and Medium-Sized Enterprise Loan and Guarantee Program introduced by the Government of Canada, eligible businesses can access support through a new Business Development Bank of Canada (BDC) Business Credit Availability Program (BCAP). The program provides access to working capital to eligible businesses that have been impacted by COVID-19, and it is available through Scotiabank for our Commercial Business Banking clients.
If you are a qualifying Scotiabank Commercial Business Banking client, the BDC BCAP provides you with access to a non-revolving amortizing term loan of up to $12,500,000.
- Medium-to long-term loans with amortizations up to 20 years.
- Loan is being financed 80% by the BDC, and it is exclusively for your operational cash flow requirements.
- 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.
- Eligible businesses may obtain financing of up to $12,500,000. The maximum finance amount, including qualifying for terms, will be based on business revenues and Scotiabank standard lending terms for Commercial Business Banking clients.
The following eligibility requirements must be met:
- Be an existing Scotiabank Commercial Banking client and Scotiabank is your primary bank or primary lender.
- 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.
Please note the following businesses are not eligible to apply:
- Government organizations or bodies (First Nation owned businesses are eligible to apply), or government-owned entities.
- Unions, charitable, religious or fraternal organizations or entities owned by such organizations except registered T2 or T3010 corporations that generate a portion of revenue from sales of goods or services.
- Entities that exist as a fundraising vehicle for charities.
- Entities owned by individuals holding political office.
- Entities that promote violence, incite hatred or discriminate on-the-basis of race, national or ethnic origin, color, religion, sex, age, or mental or physical disability.
Applying for the BDC BCAP:
The BDC BCAP is now available. If you are a current Scotiabank Commercial Business Banking client and interested in applying for the BDC BCAP, please contact your Scotiabank Relationship Manager. The deadline to apply and obtain approval for the BDC BCAP is December 31, 2021.
The Business Development Bank of Canada Business Credit Availability Program FAQs
I have questions about the Business Development Bank of Canada Business Credit Availability Program:
I have questions about the eligibility for the Business Development Bank of Canada Business Credit Availability Program:
I have questions about the different government relief programs:
Scotiabank’s financial programs and solutions are tailored to each individual client based on their unique needs. We encourage Scotiabank Business Banking clients to speak to their Relationship Manager to determine the appropriate solution and eligibility for the relief program that best meets their unique business requirements.