Canadian Western Bank today announced that eligible business clients can now apply for additional financial relief offered jointly with Export Development Canada (EDC), as part of the Government of Canada’s Business Credit Availability Program (BCAP). Targeted to businesses looking for additional working capital to bridge them through the COVID-19 crisis, this program offers a floating rate term loan of up to $6.25 million with 80% of the total guaranteed by EDC.
“We continue to hear very positive client feedback about CWB’s proactive approach, urgency and execution in helping them manage through these uncertain times,” said Stephen Murphy, Executive Vice President, Banking. “We’ve designed our own relief efforts, and those we’re offering in concert with the Government of Canada, to be as simple and straight-forward as possible, and know our clients appreciate the ease and speed of access to additional funds that will get them through the next few months.”
CWB teams continue to reach out to clients they believe are eligible for this program, as well as the Canada Emergency Business Account launched earlier this month. Business clients are also encouraged to contact their Relationship Manager or nearest branch by phone or email to apply.
For more information about CWB’s approach to helping business clients respond to the impact of COVID-19, including a case-by-case financial hardship program, frequently asked questions, and featured interviews with local business owners and experts about managing through these uncertain times.