EDC Business Credit Availability Program

EDC Business Credit Availability Program is an EDC-guaranteed loan to help either domestic or export-oriented Canadian companies impacted by COVID-19.

Overview of the EDC-guaranteed loan:

  • The EDC-guaranteed loan will be available up to a maximum amount of $6.25 million to cover operating and liquidity expenses
  • Available as a term loan or a revolving line of credit
  • Term of facility is 1 year, with an option to extend for another year
  • Proceeds cannot be used for dividend payout, shareholder loans, bonuses, stock buyback, option issuance, increase to executive compensation or repayment or refinancing of debt

Eligibility guidelines:

Businesses are eligible to apply if they are:

  • Applying for a new loan only that will not be used to support an existing credit facility
  • Using the new loan to sustain operations
  • A Canadian business impacted by COVID-19 (export sales not required)

Who is not eligible to apply?

Businesses are not eligible to apply if they are:

  • Government organizations or bodies (First-Nations-owned businesses are eligible to apply), or government-owned entities
  • Unions, or charitable, religious or fraternal organizations or entities owned by such organizations, except registered T2 or T3010 corporations that generate a portion of revenue from sales of goods or services
  • Entities owned by individuals holding political office
  • Entities that promote violence, incite hatred or discriminate on the basis of race, national or ethnic origin, colour, religion, sex, age, and mental or physical disability

To learn more about the EDC Business Credit Availability program, please contact your Advisor, or nearest CIBC Banking Centre today. 

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