Scotiabank strengthens support for Canadian businesses with launch of BDC Mid-Market Financing Program
TORONTO, June 19, 2020 /CNW/ - Scotiabank announced today the launch of the Business Development Bank of Canada (BDC) Mid-Market Financing Program, a new relief measure to provide liquidity support to medium-sized Canadian businesses facing economic hardship as a result of COVID-19. Qualifying Scotiabank or Roynat Capital Business Banking clients with annual sales over $100 Million and directly impacted by COVID-19, can apply for a term loan between $12.5 and $60 Million as part of this program. The BDC Mid-Market Financing Program will bring more financing options to eligible businesses whose credit needs exceed what is already available through the Government of Canada's Business Credit Availability Program (BCAP).
"Thriving businesses are critical to Canada's economic recovery, and Scotiabank is committed to being there for Canadian businesses when they need it most," said Dan Rees, Group Head of Canadian Banking for Scotiabank. "We're proud to help even more businesses stay on track through the expansion of government programs, reinforcing our commitment to supporting our clients through this challenging time."
For more details on eligibility criteria, clients are encouraged to contact their Scotiabank Business Banking or Roynat Relationship Manager.
Scotiabank stands behind Canadian businesses
Scotiabank was recently rated the leading bank in client satisfaction according to the Bond COVID-19 Canadian Client Impact Study.
Relief measures in support of eligible Canadian Business Banking and Small Business clients affected by COVID-19 include:
- Deferral of payment on small business credit cards and credit lines;
- Payment deferral on business loans;
- Online application for the Canada Emergency Business Account (CEBA);
- Online application for the Canada Emergency Wage Subsidy (CEWS);
- Support through the Business Development Bank of Canada (BDC) financial relief program;
- Support through the Export Development Canada (EDC) financial relief program;
- Continued access to Small Business Advisors and Business Banking Relationship Managers for customized advice.
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 97,000 employees and assets of over $1.2 trillion (as at April 30, 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.