Last updated: April 22, 2020 at 3:51 p.m.
The Government of Canada established a Business Credit Availability Program (BCAP), to help Canadian businesses obtain financing through Business Development Canada and Export Development Canada.
Additionally, the new Canada Emergency Business Account will provide interest-free loans of up to $40,000 to small businesses and not-for-profit companies, to help cover their operating costs.
To offer increased flexibility to farmers who face cash flow issues and to processors who are impacted by lost sales, the Farm Credit Canada will provide an additional $5 billion in lending to producers, agribusinesses, and food processors.
The Government of Canada launched an Insured Mortgage Purchase Program to expand the stable funding available to banks and mortgage lenders in order to ensure continued lending to Canadian consumers and businesses.
Bank of Montreal, CIBC, National Bank of Canada, Royal Bank of Canada, Scotiabank and TD Bank have made a commitment to work with personal and small business banking customers on a case-by-case basis to provide flexible solutions to help them manage through challenges such as:
This support will include up to a six-month payment deferral for mortgages and the opportunity for relief on other credit products.