The Federal government has created new loan programs for small and medium-sized businesses through Business Development Canada’s bank for entrepreneurs and Export Development Canada. Each entity will provide up to $6.25 billion in loans to companies that were profitable before COVID-19 and are experiencing new financial hardships. The loans would be in partnership with a financial institution (a bank) that would set the terms, including a repayment within one year. To apply, business owners need to contact their primary financial institution which will set terms and deploy financing as appropriate. These loans are generally aimed at startups and entrepreneurs, making a brokerage unlikely to be deemed eligible.
Average Brokerage = Eligible for unique one-year loans as determined by BDC or EDC and their relevant financial institution