Corpcentre's Blog

October 2, 2009

Credit Now Available From The Federal Government

A person needs oxygen to survive. A business needs credit. Even in the most difficult of times, the flow of oxygen remains uninterrupted. Not so, however, with credit.

Many a business has seen its line of credit be reduced or cancelled over the course of the last year. Financial institutions, seeking to reduce risks on unsecured or unstable credit lines, have made obtaining funds ever more difficult. This move has dealt a crippling or death blow to many small businesses in Canada.
Under Canada’s recent Economic Action Plan, designed to stimulate and strengthen the Canadian economy, the Federal government is sponsoring a program that will work with financial institutions in the private sector. The Business Credit Availability Program (BCAP) will provide loans and other forms of credit support to creditworthy businesses. At least $5 billion has been allocated in loans and other forms of credit support for business enterprises with viable business models but, for various reasons, have limited or no accessibility to financing.

The BCAP is a joint venture between two financial Crown corporations and private Canadian financial institutions. The steering committee is comprised of senior representatives of all sponsoring parties whose experience and commitment have establishes a program with initial promising results. Similar to credit issues, discussions are also being conducted to examine ways of providing accounts receivable insurance.

Business owners and entrepreneurs seeking assistance through this program to support their established operations and preserve jobs should contact their financial institutions to discuss their needs and eligibility. Your financial representative can advise you which program is best suited for your particular situation.
 
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3 Comments »

  1. Who is eligible?What are the limits?What are the criteria?When this will be effective?

    Comment by fayek todary — October 28, 2009 @ 11:56 pm | Reply

  2. Could you please advise how to contact government and/or financial institutions who are participating to get assistance as a small business owner?

    Comment by Anonymous — October 29, 2009 @ 4:00 am | Reply

  3. I am a small start up business, where i should go to get financial helpalhamra food

    Comment by Anonymous — October 29, 2009 @ 5:00 am | Reply


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