The Softwood Lumber Guarantee Program is offered through term loans and letters of credit issued by financial institutions, supported by a guarantee from BDC.
Are you eligible?
Check out some of the general requirements.
Requirements*
| Location | Canadian businesses |
|---|---|
| Industry | Softwood lumber mills** and remanufacturing mills*** |
| Revenue | Minimum annual revenue of $1M |
| Amount | From $500K to $20M per eligible borrower group |
How to apply
1
Starting the process
Your business initiates the process by contacting its primary financial institution to discuss financial needs.
2
Checking your eligibility
The financial institution validates your eligibility, processes your request and manages the loans and letters of credit.
3
Working together
BDC works directly with your financial institution regarding the guarantee of any eligible loan and letter of credit.
Collaborating with financial institutions to support the softwood lumber industry
We’re working hand in hand with participating financial institutions to help softwood lumber businesses like yours meet their financing needs in a challenging economic landscape.
We’re pleased to collaborate with the following financial institutions:
- Bank of Montreal (BMO)
- Bank of Nova Scotia (Scotiabank)
- Canadian Imperial Bank of Commerce (CIBC)
- Desjardins
- National Bank of Canada
- RBC Royal Bank®
- The Toronto-Dominion Bank (TD)
Frequently asked questions
How can I apply to the Softwood Lumber Guarantee Program?
Contact your primary financial institution to find out whether the Softwood Lumber Guarantee Program is right for your business and how to apply.
The term “primary financial institution” refers to a Canadian regulated deposit-taking financial institution holding a first-ranking security interest in your company’s moveable assets.
The term “primary financial institution” refers to a Canadian regulated deposit-taking financial institution holding a first-ranking security interest in your company’s moveable assets.
I’m a BDC client. Can I apply directly through BDC?
No, you must apply through one of our participating financial institutions and they must be your primary lender.
How can I find out the status of my application?
Check with your financial institution, as they are responsible for managing this program and can provide a status update on your application.
What should I do if my business is declined under the Softwood Lumber Guarantee Program?
You will be notified directly by your financial institution. For more information and to discuss the options available to you, contact your financial institution’s representative.
What should I do if my primary financial institution isn’t participating in the Softwood Lumber Guarantee Program?
If your primary financial institution is not participating in the program, please complete the Softwood Lumber Guarantee Program information request form provided by BDC.
Complete the form
Complete the form
What should I do if I do not work with a lender?
If you currently do not hold any financing, please complete the Softwood Lumber Guarantee Program information request form provided by BDC.
Complete the form
Complete the form
*The requirements are not intended to be exhaustive in nature and is subject to all of the terms and conditions of the Softwood Lumber Guarantee Program.
**Softwood lumber mills, whose principal business is subject to US softwood lumber duties or would be if they exported to the US.
***Remanufacturing mills, whose principal business is the exportation of softwood lumber products to the US and is subject to US softwood lumber duties.