TORONTO, April 17, 2020 /CNW/ - Scotiabank is
reinforcing our commitment to support Canadian businesses impacted
by the consequences of the COVID-19 pandemic, and is pleased to
announce the availability of the Export Development Canada (EDC)
Business Credit Availability Program (BCAP) for Scotiabank clients.
Working with the industry and the Government of Canada, Scotiabank will be providing important
access to financing for businesses in partnership with EDC.
"Scotiabank knows businesses are the backbone of the Canadian
economy, and this new support program, combined with our advice,
provides our clients with another option for how to help them
manage through the current environment," said Dan Rees, Group Head of Canadian Banking for
Scotiabank. "Having addressed the needs of small business firms
through CEBA funding, the EDC BCAP program allows us to deliver
much needed relief to medium-sized and larger Canadian firms,
providing working capital through access to a short-term financing
solution on flexible terms."
The launch of the EDC BCAP is another extension of Scotiabank's
support for Canadian businesses affected by COVID-19, which already
include a number of relief measures including the online
application for the Canada
Emergency Business Account (CEBA) for small businesses.
Through the EDC BCAP, existing Scotiabank Canadian Business
Banking clients can work directly with their Relationship Managers
to explore financing options to provide businesses with working
capital for short-term liquidity. The EDC BCAP is structured as a
one-year operating credit or cash flow term loan of up to
$6.25 million, with 80% guaranteed by
EDC. For more details on eligibility criteria, clients are asked to
contact their Scotiabank or Roynat Relationship Manager.
In addition to the CEBA and EDC relief programs, our teams are
working in cooperation with industry and the Government of
Canada to bring the Business
Development Bank of Canada (BDC)
BCAP program to clients in the near future.
For more information on all of our relief programs for
individuals and businesses, please visit Scotiabank.com.
About Scotiabank
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 100,000 employees and assets of
approximately $1.2 trillion (as at January 31,
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.
SOURCE Scotiabank