The program complements several RBC and
government-funded relief solutions available for businesses,
including CEBA and the EDC BCAP Guarantee
TORONTO, April 24, 2020 /CNW/ - Today, RBC announced
the availability of the Government of Canada's Business Development of Canada (BDC) Co-Lending Program. The BDC
Co-Lending Program provides eligible business clients with a loan
of up to $6.25 million CAD,
jointly financed by RBC and BDC. The loan is intended to help
eligible businesses impacted by COVID-19 with a boost in liquidity
to cover critical business expenses such as rent, payroll and
utilities to maintain operational continuity.
"We remain committed to supporting our business clients through
this ongoing period of economic hardship by offering flexible
relief solutions and tailored advice to help address their business
challenges and needs," said Greg
Grice, Executive Vice-President, Business Financial Services
at RBC. "The BDC Co-Lending solution serves as another option for
business clients who may be continuing to face liquidity challenges
as operations continue to be disrupted by physical distancing
measures and temporary business closures. This solution may
complement some of the temporary relief measures which are
currently available to businesses through RBC and the Government of
Canada."
The maximum loan value varies by the size of the organization,
and may be structured as an interest-only payment obligation for
the first year.
Maximum BDC
Co-Lending Program Loan Value
|
Annual Sales less
than $1
million
|
Annual sales
between
$1million and $50 million
|
Annual
sales greater than $50
million
|
Up to
$312,500
|
Up to $3.125
million
|
Up to $6.25
million
|
Clients can contact their RBC Account Manager to determine how
this program or other relief measures can help their business. RBC
business clients who do not have a dedicated RBC Account Manager
can click here to receive a call back from RBC.
The BDC Co-Lending Program is one of many temporary business
relief solutions announced by the Government of Canada, which includes the recent launch of
the Canada Emergency Business
Account (CEBA) and EDC BCAP Guarantee for business clients. All
of these programs are now available through RBC.
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