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BDC Steel/Aluminum/Copper Working-Capital Program
$1 billion BDC working-capital loan program (announced May 4, 2026) for Canadian manufacturers and exporters in the steel, aluminum and copper value chain impacted by US Section 232 tariffs: working-capital loans of $250K-$50M (originally $2M-$50M) with repayment over 36 months at preferential rates, 0% interest in year one and very low rates in years two and three.
Overview
$1 billion BDC working-capital loan program (announced May 4, 2026) for Canadian manufacturers and exporters in the steel, aluminum and copper value chain impacted by US Section 232 tariffs: working-capital loans of $250K-$50M (originally $2M-$50M) with repayment over 36 months at preferential rates, 0% interest in year one and very low rates in years two and three.
Key numbers
| Item | Value |
|---|---|
| Instrument | loan |
| Level | federal |
| Region | Canada |
| Administrator | Business Development Bank of Canada (BDC) |
| Min per project | $250,000 |
| Max per project | $50,000,000 |
| Budget | $1,000,000,000 |
| Intake status | Open (accepting applications; envelope of $1 billion) |
| Non-US bias | Tariff-impacted metals exporters maintaining operations and finding new markets |
Eligibility
Manufacturers of steel, aluminum or copper, fabricated products, or products mostly or entirely made of steel, aluminum or copper (value chain exposure)
Material exposure to US steel, aluminum or copper tariffs (direct exporter or goods containing tariffed metals)
Minimum revenue of $1M annually (current BDC page; the original May 2026 announcement cited $5M minimum revenue)
At least 3 years in operation
Business must have been viable prior to tariff measures
Exports to the United States are part of the affected profile
What it covers
Working capital loans of $250,000 to $50 million (scaled to business size and needs; originally $2M-$50M)
Repayment over 36 months at preferential rates; 0% interest in year one and very low rates for years two and three
Funds operational cash-flow needs including regularly scheduled monthly debt or lease payments
Liquidity to maintain operations, continue shipping under existing contracts, protect jobs and productive capacity, and adapt or find new markets
Market and diversification rules
Aimed at industries that manufacture and export products containing steel, aluminum or copper, hit by US Section 232 tariffs (April 6, 2026 changes on derivative products)
Support is liquidity-focused; loan sizing is tailored to each business
How to apply
Review the Steel and Aluminium Industries Support Program page on bdc.ca
Contact BDC (1-877-232-2269 or the BDC contact form) with 3 years of financial statements, recent cash-flow statements, borrowing/liens information and tariff-related documentation
BDC assesses viability prior to tariffs and material tariff exposure, then structures the working-capital loan
Stacking notes
This program is over and above BDC's existing tariff response solutions (Pivot to Grow, Forestry Support Program)
A company receiving this program's liquidity support is ineligible for Pivot to Grow Liquidity Support (and vice versa)
Part of a broader May 4, 2026 federal package ($1.5B total) that also added $500M to the RTRI
Notes
Announced May 4, 2026 in response to US changes to Section 232 tariffs on steel, aluminum and copper and derivative products (April 6, 2026)
Original launch terms
loans $2M-$50M for businesses with a minimum revenue of $5M; the current BDC program page lists $250K-$50M with a $1M revenue minimum
Copper producers are explicitly eligible
Federal package also created a $200M carve-out within the expanded RTRI for SMEs affected by steel, aluminum and copper tariffs
Relevant services
The services below are grant-eligible: CanExport and EDC reimburse up to 50% for incorporated Canadian exporters.
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Grant programs can reimburse up to 50% of eligible market-entry costs. In one free call we tell you honestly whether your product fits a non-US market.
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