Scotiabank is proud to have already supported
over 260,000 Canadians with financial relief on more than
$64 billion in loans
TORONTO, April 25, 2020 /CNW/ - Today, Scotiabank
announced that the Business Development Bank of Canada (BDC) Business Credit Availability
Program (BCAP) will launch on Monday, April
27, another relief program in support of Canadian businesses
impacted by COVID-19. Available to Scotiabank Business Banking
clients, this program will be launched in cooperation with the
Government of Canada, to provide
small, medium, and large businesses with options to manage through
the challenges presented by COVID-19.
The program provides a term loan of up to $6.25 million, arranged by Scotiabank, and 80%
funded by the BDC. Financing amounts available differ based on
business revenue and term qualifications will be based on
Scotiabank's standard terms for Business Banking clients. For more
details on eligibility criteria, clients are encouraged to contact
their Scotiabank Small Business Advisor or Relationship
Manager.
"As business owners across Canada continue to grapple with the downstream
effects that COVID-19 has had on their operations, we want them to
know that Scotiabank is there for them. Scotiabank is proud to have
already provided tailored advice and support to over 45,000
businesses, with financial relief on more than $20 billion in loans," said Dan Rees, Group Head of Canadian Banking for
Scotiabank. "This program is another way Scotiabank and the BDC are
providing a wide range of Business Banking clients with options to
manage their cash-flow and business continuity needs, allowing for
flexible financial support to help them navigate these challenging
times."
The BDC BCAP is another extension of Scotiabank's support for
Canadian businesses of all sizes affected by COVID-19, which
already includes a number of relief measures including the online
application for the Canada
Emergency Business Account (CEBA) for small businesses and the
Export Development Canada (EDC) BCAP.
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