Finance Minister Bill Morneau with Minister of Innovation, Science and Industry, Navdeep Bains announced new measures to support businesses. Prime Minister Justin Trudeau provided further details of the new measures during his daily briefing. To protect Canadian middle-class jobs and safeguard the economy, the Government of Canada will:
- Establish a Large Employer Emergency Financing Facility (LEEFF) to provide bridge financing to Canada’s largest employers, whose needs during the pandemic are not being met through conventional financing.
- Expand the Business Credit Availability Program (BCAP) to medium-sized companies with larger financing needs. Support for mid-market businesses will include loans of up to $60 million per company and guarantees of up to $80 million. Through the BCAP, Export Development Canada (EDC) and the Business Development Bank of Canada (BDC), will work with private sector lenders to support access to capital for Canadian businesses in all sectors and regions.
- Continue to provide financing to businesses through Farm Credit Canada, the BDC, and EDC, including through the Canada Account. This will ensure the government is able to respond to a wide range of financing needs, including for some large employers facing higher risks, with stricter terms in order to adequately protect taxpayers.