Last updated: April 22, 2020 at 3:51 p.m.

Get access to one-on-one virtual support with applications for government resources and general business advice? from the City’s BusinessTO Support Centre.

Credit Support

The Government of Canada established a?Business Credit Availability Program?(BCAP), to help Canadian businesses obtain financing?through?Business Development Canada?and?Export Development Canada.

Additionally, the new Canada Emergency Business Account will?provide interest-free loans?of up to $40,000 to small businesses and not-for-profit companies, to help cover their operating costs.

To offer increased flexibility to farmers who face cash flow issues and to processors who are impacted by lost sales, the?Farm Credit Canada?will provide an additional $5 billion in?lending to producers, agribusinesses, and food processors.

Mortgage & Banking Solutions

The Government of Canada launched an Insured Mortgage Purchase Program?to expand the stable funding available to banks and mortgage lenders in order to ensure continued lending to Canadian consumers and businesses.

Bank of Montreal,?CIBC,?National Bank of Canada,?Royal Bank of Canada,?Scotiabank?and?TD Bank?have made a commitment to work with personal and small business banking customers on a case-by-case basis to provide flexible solutions to help them manage through challenges such as:

  • pay disruption due to COVID-19,
  • childcare disruption due to school closures,
  • those facing illness from COVID-19.

This support will include up to a six-month payment deferral for mortgages and the opportunity for relief on other credit products.