New $20bn BDC Co-Lending Program is finalised

The Business Development Bank of Canada has finalized the details of its new $20 billion Co-Lending Program. Financial institutions will progressively roll out the program to businesses.

The commercial support, developed by BDC in partnership with financial institutions across the country, is intended to help Canadian businesses impacted by COVID-19 fund their operational cash flow needs. Eligible businesses may obtain incremental credit amounts up to $6.25 million, 80% of which would be provided by BDC, with the remaining 20% from their financial institution. 

The Co-Lending Program is available to Canadian businesses impacted directly or indirectly by COVID-19 until or before 30 September, 2020. To qualify, companies must have been financially viable and in good standing prior to the impact of the pandemic.