BDC unveils new programme to support businesses during COVID-19 crisis

The Business Development Bank of Canada has unveiled its Mid-Market Financing Program to help businesses during the COVID-19 crisis.

The measure, part of the Canadian government's Business Credit Availability Program, will be delivered by working with businesses’ primary lenders, and will include support for several sectors, including oil and gas.

Loan sizes will range between $12.5 million and $60 million, available until or before 30 September, 2020; 90% of financing will be provided by BDC and 10% by the participating financial institution; the loans will have a four-year term, after which principal is to be repaid as a balloon payment; and interest payments for the first 12 months will be capitalized and due at maturity.