Export Development Canada Business Credit Availability Program
As part of the federal government’s new $65 billion Business Credit Availability Program, Sunova Credit Union and Export Development Canada are partnering to provide small and medium-sized businesses with financing during the COVID-19 pandemic.
What is the EDC Business Credit Availability Program?
This program is for small or medium-sized businesses with liquidity challenges. It gives you the opportunity to access the credit you need to cover payroll and other operating costs during this global health crisis.
How much does this program guarantee for business owners?
Depending on your application and approval, the EDC BCAP Guarantee provides businesses with up to $6.25 million in credit to cover operational costs like payroll and rent.
As well, EDC will provide a guarantee to Sunova Credit Union on 80% of the value of your loan. By sharing risk with EDC, we can help your company access the financing it needs. Please note that the guarantee is to our institution, not your business, so you remain responsible for the full value of the loan.
Lastly, to provide additional relief to your business, EDC fees related to this guarantee will be deferred for the first six months.
What are some of the eligibility criteria?
The approval process for the EDC BCAP Guarantee is subject to additional debt lending requirements. Your Sunova CAS Account Manager can determine if this is the right solution for your business.
Additionally, proceeds from the BCAP-supported loan cannot be used to repay or refinance existing debt (further restrictions apply to other non-operational costs).
As this relief is provided by Export Development Canada, are export sales required to qualify?
Nope! Export sales are not required to qualify for the program.
How can my small or medium-sized business apply for the EDC Business Credit Availability Program?
The first step is to contact your Sunova Credit Union CAS Account Manager who will determine if this program is right for you and your business.
Once you have consulted with your CAS Account Manager, you can fill out the eligibility form as part of your application on the EDC BCAP website. This form will take approximately fifteen minutes to complete. Once completed, your CAS Account Manager will be in touch regarding next steps.