Madam Speaker, I am very sorry for the connectivity issues.
It has delivered nearly $32 billion to Canadian businesses from coast to to coast to coast.
We know that as long as this pandemic continues, our work is not done because many businesses continue to be in crisis due to the pandemic. Knowing that businesses in certain sectors continue to struggle disproportionately from the pandemic, our government is providing further liquidity support as announced in the November 30 fall economic statement.
The highly affected sectors credit availability program is a new stream of liquidity support for those businesses that need it most. Delivered by the BDC, it will provide 100% government-backed loan support for businesses that have experienced significant revenue loss as people stay home to fight the spread of the virus. The interest rates will be lower than those offered under the business credit availability program and beneath typical market rates for the businesses that have been hardest hit. BDC is working hard with financial institutions to finalize these details to make this program available to SMEs as soon as possible in the new year.
I would like to draw attention to the fact that, in addition to these direct government support programs, two government financial Crown corporations, the Business Development Bank and Export Development Canada, have stepped up to be there and support Canadian entrepreneurs and businesses. The BDC, which has a counter-cyclical mandate to help even more when SMEs need it most, undertook a series of measures to help entrepreneurs through the pandemic at no additional cost to government.
In the initial weeks of the pandemic, the BDC deferred payments for its clients, waived fees and facilitated access to working capital for Canadian SMEs through its online financing platform. It proactively worked with its clients and quickly onboarded new businesses to provide them with financial support. As of October 31, BDC's direct COVID support lending totals $2.5 billion. The BDC also adjusted the advisory services it offers to help entrepreneurs and small businesses pivot. Finally, the BDC worked to support the venture capital sector through its new BDC bridge financing program by increasing access to capital by matching financing rounds to eligible Canadian start-ups. As of October, BDC has authorized $160 million across 56 companies through its program.
For its part, Export Development Canada, through temporary domestic market powers, has also stepped in through a series of measures to support Canadian businesses. It has enabled Canadian businesses to continue to operate and export. It has also deployed its expertise and knowledge to help entrepreneurs navigate these difficult times, and it has helped Canadian start-ups through venture capital investments.
Through all of these liquidity measures, this government has facilitated access to financing to Canadian businesses to support them through this crucial time. We have clearly shown our commitment and we will continue to do, because small and medium-sized businesses are the backbone of our communities. We need them as they will play a crucial part in Canada's economic recovery, and they will help us build the future.