One family-run business told CBC News that even though EDC said it should qualify, its bank isn’t allowing it to apply because it isn’t offering the loans to small businesses.
“This is wrong,” said François Bruneau, president of DFC Woodworks. “The banks are strictly going for the big fish.”
EDC said the fastest and easiest way to extend credit to a large number of companies during the pandemic was through the banks, which have existing relationships with companies. But since the money is being delivered through those banks, each financial institution can follow its own criteria and decide which businesses are eligible.