Loans from $250,000 to $6.25 Million
THE APPLICATION WINDOW FOR ACCEPTING ACCORDEXPRESS APPLICATIONS HAVE NOW CLOSED
As part of the federal government’s new $65 billion Business Credit Availability Program (BCAP), Accord Small Business Finance and Export Development Canada (EDC) are partnering to provide small and medium-sized Canadian businesses with financing during the COVID-19 pandemic.
PROCESS FOR LOANS OF UP TO $6.25 MILLION
NOTE: If you require less than $250,000 please follow our expedited process – see our “AccordExpress” information page and application forms for faster service.
The BCAP program is designed to provide working capital to support your operational cash flows, including recurring operating expenses, servicing existing loans, acquiring inventory/managing supply chain fluctuations, and covering additional accounts receivable resulting from customers paying slower due to the pandemic. In certain circumstances, equipment required to transition your business into a COVID-compatible operations may also be included in your application amount.
HOW TO APPLY
As every client challenge and situation is unique, we initiate the application process with a brief client interview to assess eligibility under the BCAP program as well as the unique needs of the business. Please complete the contact form below and one of our BCAP program specialists will be in touch with you.
USE OF FUNDS & ELIGIBILITY
- Funds must be used to support operational expenses such as payroll, overhead expenses, and existing debt servicing/loan payments
- Funds cannot be used to refinance in full or in part any existing loans. Funds can only be used for existing scheduled debt servicing payments
- Funds may be used for capital expenditures IF the capital expenditures are necessary to adjust your business operations to operating in the COVID-19 environment
- Funds MAY NOT be used to refinance existing debt, pay management bonuses, make distributions to shareholders (eg. repay shareholder loans), or to make dividend payments to shareholders
- Funds MAY be used to build inventories to prevent potential supply chain interruptions due to COVID
- Funds MAY be used to help manage the effects of reduced sales and slow paying customers (finance accounts receivable) due to COVID-19
- Other conditions apply – our BCAP loan specialist will be able to discuss these with you and answer your questions during the initial interview.
If you require $250,000 or less, learn more about our AccordExpress product by downloading our product brochure. See the most frequently asked questions about AccordExpress by following the link below.
Download our brochure for AccordExpress:
Download our brochure for BCAP Loans Up to $6.25 Million:
Schedule A Call-Back
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