"Industry Minister Melanie Joly announced a $1 billion loan program through the Business Development Bank of Canada to support companies affected by U.S. tariffs. This funding will be available on favorable terms for at least three years."
"A separate $500 million fund will assist companies making strategic pivots as the U.S. market for certain products becomes increasingly untenable, highlighting the need for rapid financial support."
"Isabelle Hudon, president and CEO of BDC, stated, 'When markets turn unfair, Canada needs institutions that can step up and deliver fast. BDC is ready to get this money into the operations of steel and aluminum companies quickly.'"
The Canadian government introduced a $1 billion loan program and a $500 million fund to support steel, aluminum, and copper industries impacted by U.S. tariffs. Industry Minister Melanie Joly emphasized the need for quick financial assistance to keep affected companies operational. The measures follow previous government actions to mitigate the effects of U.S. tariffs, including tariffs on Chinese steel and a $5 billion strategic response fund. The new package responds to the expansion of U.S. tariffs to additional products, creating significant challenges for Canadian manufacturers.
Read at www.cbc.ca
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