MONTREAL, March 11, 2020—The spread of coronavirus (COVID-19) continues to evolve around the globe, and here at home. Its repercussions on the economy are all but inevitable, and understandably, this creates uncertainty for Canadian business owners. As Canada’s bank for entrepreneurs, BDC stands ready to provide financing on commercial terms to support companies through to a more stable period.
The mandate of BDC is to support entrepreneurs, in good and bad times. As such, we are closely monitoring the situation, its impact on businesses and will scale our activities in support of Canadian entrepreneurs correspondingly.
The more the virus spreads, the more we anticipate that our clients and Canadian entrepreneurs will be affected. That is why we are offering the following advice for entrepreneurs to plan for and respond to this rapidly changing situation.
What should entrepreneurs do to prepare?
- Minimize the risks to your supply chain. Contact your suppliers and ask about their exposure and contingency plans in case of supply disruptions.
- Protect your cash flow. Optimizing your cash flow should be a priority since your expenses are likely to go up, while your income could decrease due to disruptions to your operations. The impact of the virus will differ by sector.
- Think about contingency plans. How will you keep your workplace safe and your business running in the event the outbreak gets worse? Your plans should include a clear directive for non-essential travel, remote working procedures, enhanced cleaning measures and frequent updates for your employees.
Read the following article to learn more about developing an emergency and disaster plan for your business.
How can BDC solutions help?
With flexible and tailored solutions, BDC can help with the right financing and advice for business owners.
If you are a BDC client in need of additional support, we encourage you to reach out to your account director.
We encourage all business owners to stay informed by regularly visiting the Public Health Agency of Canada’s website and their Frequently Asked Questions.