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.

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.