The EDC BCAP Guarantee fee of 1.8% will be
deferred for clients for the first six months
TORONTO, April 17, 2020 /CNW/ - Today, RBC announced
the launch of the Government of Canada's Export Development Canada (EDC)
Business Credit Availability Program (BCAP). The EDC BCAP provides
eligible mid-sized and large RBC business clients with a loan of up
to $6.25 million to offer short-term
liquidity.
"Businesses are continuing to face significant cash flow
challenges and disruption to their business continuity as a result
of the prolonged COVID-19 situation," said Greg Grice, Executive Vice-President, Business
Financial Services for RBC. "The EDC BCAP solution is another
relief option we've brought on-stream to support eligible mid- and
large-sized business clients, in addition to some of the
Government's ongoing relief measures and existing RBC hardship
solutions."
The EDC BCAP is available to both export-oriented and domestic
sales-based businesses, and 80% of the loan will be guaranteed by
EDC. The EDC BCAP Guarantee fee of 1.8% will be deferred for
clients for the first six months. Clients can contact their RBC
Relationship Manager to assess whether this is the right solution
for their business needs, and learn more about the eligibility
criteria and application process.
The EDC BCAP solution is one of many business relief efforts
announced by the Government of Canada, which includes the recent launch of
the Canada Emergency Business
Account (CEBA) for Canadian small businesses. We are continuing
to work with our partners in government, and with the financial
services sector to bring to market the Government of Canada's Business Development Bank of Canada
Business Credit Availability Program (BCAP) to further support
small, medium and large businesses. We will be announcing the
availability of the BDC BCAP solution shortly.
For more information on the EDC BCAP, visit
https://www.edc.ca.
For more information about how RBC is supporting businesses
across Canada during these times,
visit www.rbc.com/businessrelief.
About RBC
Royal Bank of Canada is a global financial institution with
a purpose-driven, principles-led approach to delivering leading
performance. Our success comes from the 85,000+ employees who bring
our vision, values and strategy to life so we can help our clients
thrive and communities prosper. As Canada's biggest bank, and one of the largest
in the world based on market capitalization, we have a diversified
business model with a focus on innovation and providing exceptional
experiences to our 17 million clients in Canada, the U.S. and 34 other countries. Learn
more at rbc.com.
We are proud to support a broad range of community initiatives
through donations, community investments and employee volunteer
activities. See how at rbc.com/community-social-impact.
SOURCE RBC Royal Bank