Scotiabank is proud to have already supported over 260,000 Canadians with financial relief on more than $64 billion in loans
TORONTO, April 25, 2020 /CNW/ - Today, Scotiabank announced that the Business Development Bank of Canada (BDC) Business Credit Availability Program (BCAP) will launch on Monday, April 27, another relief program in support of Canadian businesses impacted by COVID-19. Available to Scotiabank Business Banking clients, this program will be launched in cooperation with the Government of Canada, to provide small, medium, and large businesses with options to manage through the challenges presented by COVID-19.
The program provides a term loan of up to $6.25 million, arranged by Scotiabank, and 80% funded by the BDC. Financing amounts available differ based on business revenue and term qualifications will be based on Scotiabank's standard terms for Business Banking clients. For more details on eligibility criteria, clients are encouraged to contact their Scotiabank Small Business Advisor or Relationship Manager.
"As business owners across Canada continue to grapple with the downstream effects that COVID-19 has had on their operations, we want them to know that Scotiabank is there for them. Scotiabank is proud to have already provided tailored advice and support to over 45,000 businesses, with financial relief on more than $20 billion in loans," said Dan Rees, Group Head of Canadian Banking for Scotiabank. "This program is another way Scotiabank and the BDC are providing a wide range of Business Banking clients with options to manage their cash-flow and business continuity needs, allowing for flexible financial support to help them navigate these challenging times."
The BDC BCAP is another extension of Scotiabank's support for Canadian businesses of all sizes affected by COVID-19, which already includes a number of relief measures including the online application for the Canada Emergency Business Account (CEBA) for small businesses and the Export Development Canada (EDC) BCAP.
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.