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The government is offering advice and loans to business owners across Canada as the COVID-19 pandemic takes its toll on the economy.
Small business loans of up to $100,000 can be obtained online in as little as 48 hours after approval from the Business Development Bank of Canada (BDC).
The loan is repayable over five years and debtors can postpone capital payment for the first six months.
To be eligible, the entrepreneur’s business must be based in Canada and have been generating revenues for at least two years.
In a package announced by the government, the BDC and Export Development Canada (EDC) have been permitted to provide over $10 billion additional support to businesses.
Large private banks, meanwhile, have been allowed to expand their lending capacity after the Domestic Stability Buffer requirement was lowered by 1.25% of risk-weighted assets.
"The government is preparing a significant stimulus program, to stabilize our economy, support businesses and protect Canadians,” Morneau said.
“We are ready and nimble in our responses to protect Canadians. To all Canadians, our government wants you to know that we have your back. We will take every necessary step to give you confidence."
The BDC also offered the following advice to business owners:
Minimize risks to your supply chain
Protect your cash flow
Think about contingency plans, including keeping your workplace safe
To learn more, click here.