RBC clients can now access the Export Development Canada Business Credit Availability Program
TORONTO, April 17, 2020 /CNW/ -Today, RBC announced the launch of the Government of Canada's Export Development Canada (EDC) Business Credit Availability Program (BCAP).
The EDC BCAP Guarantee fee of 1.8% will be deferred for clients for the first six months
TORONTO, April 17, 2020 /CNW/ - Today, RBC announced the launch of the Government of Canada's Export Development Canada (EDC) Business Credit Availability Program (BCAP). The EDC BCAP provides eligible mid-sized and large RBC business clients with a loan of up to $6.25 million to offer short-term liquidity.
"Businesses are continuing to face significant cash flow challenges and disruption to their business continuity as a result of the prolonged COVID-19 situation," said Greg Grice, Executive Vice-President, Business Financial Services for RBC. "The EDC BCAP solution is another relief option we've brought on-stream to support eligible mid- and large-sized business clients, in addition to some of the Government's ongoing relief measures and existing RBC hardship solutions."
The EDC BCAP is available to both export-oriented and domestic sales-based businesses, and 80% of the loan will be guaranteed by EDC. The EDC BCAP Guarantee fee of 1.8% will be deferred for clients for the first six months. Clients can contact their RBC Relationship Manager to assess whether this is the right solution for their business needs, and learn more about the eligibility criteria and application process.
The EDC BCAP solution is one of many business relief efforts announced by the Government of Canada, which includes the recent launch of the Canada Emergency Business Account (CEBA) for Canadian small businesses. We are continuing to work with our partners in government, and with the financial services sector to bring to market the Government of Canada's Business Development Bank of Canada Business Credit Availability Program (BCAP) to further support small, medium and large businesses. We will be announcing the availability of the BDC BCAP solution shortly.
For more information on the EDC BCAP, visit https://www.edc.ca.
For more information about how RBC is supporting businesses across Canada during these times, visit www.rbc.com/businessrelief.
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 85,000+ employees who bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 34 other countries. Learn more at rbc.com.
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SOURCE RBC Royal Bank
