The Honourable Jim Flaherty, Minister of Finance, and the Honourable Tony Clement, Minister of Industry, today announced the opening of the Business Credit Availability Program (BCAP) website.
“I would invite Canadian businesses who are looking for new credit solutions to visit the BCAP website,” said Minister Flaherty. “Ensuring access to credit is one of our main priorities in taking action on the Canadian economy.”
The BCAP website features a description of the program, explains the roles of Export Development Canada (EDC), the Business Development Bank of Canada (BDC) and private sector institutions, and provides contact information. It also includes examples of business success stories.
Working in co-operation with the private sector, EDC and BDC will provide at least $5 billion in additional loans and other forms of credit support and enhancement at market rates to businesses with viable business models whose access to financing would otherwise be restricted.
Participating private sector lenders have committed to work with the financial Crown corporations to find solutions for creditworthy businesses who would otherwise have insufficient access to credit.
“Our government continues to take strong and comprehensive action to ensure that businesses have access to the credit they need in these difficult times,” added Minister Clement. “The Business Credit Availability Program is a critical component of the Extraordinary Financing Framework announced in Budget 2009.”
The June Report to Parliament will contain the first update on the volume of credit extended under BCAP, with regular updates available on the BCAP website.
The BCAP website is located at http://www.fin.gc.ca/bcap-pce/index-eng.asp.
For more information on Canada’s Economic Action Plan, visit http://www.actionplan.gc.ca/eng/index.asp