Important information for small businesses seeking to get relief loans and credit. The current Federal Government literature tells you to go through your existing bank to get additional loans and credit, and the EDC and BDC will coordinate with your bank.
This, quite frankly, is a waste of your time.
Instead, apply DIRECTLY to the BDC at this site: https://bdc.ca/en/online_financing/pages/loan-application.aspx for business loans up to $100k.
The application is online, quick, easy, and the loans are low interest. The conditions are:
- Your financing needs do not exceed $100,000,
- Your business has been generating revenues for at least 24 months,
- You and your business have a good credit history,
- Your company is Canadian
It may take a few weeks to get approved because of the current backlog, but going directly to the BDC will save you weeks of time and effort.