Business Development Bank of Canada Expands Financing Support for SMEs Hit by US Tariffs
The Business Development Bank of Canada said Tuesday it is expanding its Pivot to Grow program to help Canadian small businesses manage cash flow pressure from the latest US tariffs.Eligible businesses can now access $250,000 to $5 million in financing, with the minimum revenue requirement lowered to $1 million and a simpler application process, it said.The new loans offer 0% interest for the first 12 months, interest-only payments for 36 months, and a 96-month amortization period, according to the statement."BDC estimates approximately 5500 Canadian SMEs that export to the U.S. could be directly impacted by the tariffs imposed by the U.S. on August 22 across more than 100 sub-sectors," it said.The bank added that it will also offer eligible exporters a six-month deferral on principal payments to provide additional near-term cash flow relief.