Le message en français suit
As part of our ongoing advocacy efforts on behalf of the travel economy, TIAC is gathering information on how the new Business Credit Availability Program (BCAP) is being applied by financial institutions and whether tourism stakeholders are able to access this new support measure.
Through the Business Credit Availability Program, Export Development Canada (EDC) is working with financial institutions to guarantee 80% of new operating credit and cash flow term loans of up to $6.25 million to small and medium-sized enterprises (SMEs).This financing support is to be used for operational expenses and is available to both exporting and non-exporting companies.
Through the Business Credit Availability Program, Business Development Canada (BDC) is working with financial institutions to co-lend term loans to SMEs for their operational cash flow requirements. The program offers differing maximum finance amounts based on business revenues. We are hearing that some stakeholders are either being rejected outright by banks and other financial institutions or being required to undergo rigorous and expensive risk assessments. It is imperative that we obtain feedback from stakeholders who are attempting to access these programs immediately so we can provide feedback to government officials.
We appreciate your time is precious but we also need to be able to provide real-time feedback on how this program is being applied and what the impediments are.