Assistance Links
Trade Impact Program by Export Development Canada (EDC)
With its newly launched Trade Impact Program, EDC is prepared to facilitate an additional $5 billion over two years in support. This program aims to:
• Market Diversification: Assist exporters in identifying and penetrating new international markets, reducing reliance on the U.S. market.
• Risk Mitigation: Provide solutions to manage challenges such as non-payment risks, currency fluctuations, and cash flow constraints.
• Expansion Support: Offer financial backing to overcome barriers hindering business growth and international expansion.
These measures are designed to help companies navigate the economic challenges posed by the tariffs and adapt to the evolving trade environment.
Government of Canada.
Click here for more.
Business Development Bank of Canada (BDC) Financing
To support businesses directly affected by the tariffs, the BDC is providing $500 million in favorably priced loans. Key features include:
• Loan Amounts: Businesses can access loans ranging from $100,000 to $2 million.
• Flexible Terms: Loans come with favorable interest rates and flexible repayment options, including the possibility of deferring principal payments for up to 12 months.
• Advisory Services: Beyond financing, BDC offers advisory services in areas such as financial management and market diversification to strengthen business resilience.
This initiative aims to provide immediate financial relief and support long-term strategic planning for affected businesses.
Click here for more.
Farm Credit Canada (FCC) Support for Agriculture and Food Industry
Recognizing the unique challenges faced by the agriculture and food sectors, the government has allocated $1 billion in new financing through FCC. This support includes:
• Additional Credit Lines: Access to an additional credit line of up to $500,000 for eligible businesses.
• New Term Loans: Provision of new term loans to address specific financial needs arising from the tariffs.
• Payment Deferrals: Current FCC customers have the option to defer principal payments on existing loans for up to 12 months.
These measures are intended to alleviate cash flow challenges, allowing businesses to adjust to the new operating environment and continue supplying high-quality agricultural and food products.
Click here for more.
Enhancements to the Employment Insurance (EI) Work-Sharing Program
To mitigate layoffs and retain skilled workers, the government has introduced temporary flexibilities to the EI Work-Sharing Program:
• Extended Duration: The maximum duration of work-sharing agreements has been extended from 38 weeks to 76 weeks.
• Increased Access: Adjustments have been made to make the program more accessible to businesses experiencing a downturn due to the tariffs.
This program allows employees to work reduced hours while receiving EI benefits, helping employers retain experienced staff and enabling workers to maintain their employment and skills during periods of reduced business activity.
Click here for more.
Trade Commissioner Service ready to assist
The Trade Commissioner Service can assist Canadian businesses grow by connecting them with funding and support programs, and international opportunities thanks to its commissioners in more than 160 cities worldwide. Currently, Canada has 15 ratified Free Trade Agreements with nearly 50 countries covering 61% of the world’s GDP providing Canadian businesses with access to 1.5 billion consumers around the world. Click here to learn more.
Provincial assistance available for businesses
Programs and resources – including funding and expert advice - are available through the Ministry of Economic Development Job Creation and Trade and can assist businesses to scale locally and globally. Click here to learn more.
Innovation, science and economic development, job creation and trade programs
The Government of Canada offers personal assistant services to help locate programs, services, and funding available to businesses. Click here to learn more.
RESOURCES
Canada’s business registries
Find potential suppliers through the Government of Canada’s searchable directory. Click here to learn more.
Canada tariff finder
Discover tariff information quickly or specific products and countries where Canada has a Free Trade Agreement. The Canada Tariff Finder tool provides tariff rates even without the HS code. Click here to learn more.
Canada’s free trade agreements
Explore Canada’s free trade agreements, foreign investment promotion and protection agreements, plurilateral agreements and World Trade Organization agreements. Click here to learn more.
Navigating U.S. Tariffs: 10 Tips for Ontario SMES To Stay Competitive
Preparing for U.S. tariffs can be challenging for small and medium-sized businesses in Ontario,but with the right strategies, you can mitigate the impact. Click here for ten steps
