Ottawa, Ontario — The Government of Canada has announced new measures to help medium-sized businesses–a category which includes several MSOs and franchises operating in the collision industry.
The program guarantees 75 percent of loans to mid-market businesses seeking new operating credit and cash-flow loans. The program will be run through Export Development Canada (EDC), though the actual loans will be administered by private financial institutions.
In this case, mid-market refers to businesses with revenues between $50 million to $300 million per annum.
Smaller businesses–including most collision businesses in Canada– can also apply for similar assistance through the EDC’s Business Credit Availability Program (BCAP).
The EDC will provide additional details about the expansion of the BCAP program in June.
While usually meant to help Canadian businesses compete on the international stage, the EDC has been given a new mandate to help all Canadian businesses facing extreme financial challenges brought on by the global response to COVID-19, set to last until December 31, 2021.
The EDC also provides information to business owners at edc.ca.
