Most of you have already heard that BDC in cooperation with EDC will receive a 10 Billion dollar envelope to help entrepreneurs that are directly impacted by COVID-19.
For loans under $100,000 you can apply online and get the same lower interest rate due to COVID-19. There is no application fee and it is a simple online process. The minimum criteria is 2 years in business and decent/good personal credit.
Here is the application link. Where it asks for BDC Representative add: Anna Lorena Sauve
For loans over $100,000 please refer to the details below for what is required.
Details on the loan:
- Structure: Working Capital Loan
- Max Amount: Up to $2Million (max amount is 2M - due diligence applied on a case by case basis)
- Exclusions: Start-ups, refinancing, change of ownership
- Terms + Conditions: 12 month principal postponement - interest will be due 30 days following initial disbursement
- Repayment max: 36 months
- The last three years of year-end financial statements
- Most recent year-to-date financials (Balance Sheet, comparable income statement to last year, aged A/R and aged A/P listing)
- Sales and cashflow projections for the next two fiscal years on a month over month basis
- Loan Application Form – required only if no new loans have been requested in last 2 years. (click to download form)
- Personal Net Worth Form – required only if no new loans have been requested in last 2 years (click to download form)
- Organizational Chart showing the ownership of all companies
- Copy of current line of credit agreement with financial institution
- ID verification
- Site visit
- Overview of costs within the next few months (see questions below that help to answer that question
Additional questions to be answered
- At what activity level do you anticipate to operate at over the next six months (ie: full shut down or reduced capacity, what are the main impacts on your activities, specialized staff, access to premisis or employees to work remotely)
- What are the key carrying costs (burn rate) for the next six months? (ie: rent, insurance, electricity, salaries, financial fees)
- With a working capital loan and/or postponement and support from other lenders, does this cover your cash needs for the next six months?
- What are your agreements with key suppliers and customers on payment terms / support for the next six months
For further questions contact:Anna Lorena Sauve, Senior Account Manager BDC
t. 587.797.2101 e. firstname.lastname@example.org