Canada Development Investment Corp. (CDEV), a federal Crown corporation, established Canada Enterprise Emergency Funding Corp. (CEEFC) in 2020.

In March 2025, CDEV was mandated to establish and administer the Large Enterprise Tariff Loan (LETL) facility to support large Canadian enterprises affected by actual and potential new tariffs and countermeasures and which face challenges accessing traditional sources of market financing. ​CDEV will manage the facility through CEEFC.

CEEFC was, when originally established in 2020, tasked with launching and administering the Large Employer Emergency Financing Facility (LEEFF) program in response to the economic impact of the COVID-19 pandemic. LEEFF made emergency loans available to Canada’s large employers that were unable to access traditional sources of capital at the time to keep them solvent and to support retention of tens of thousands of Canadian workers. LEEFF stopped taking new applications in 2022.

CEEFC’s loan programs protect Canadian jobs and the Canadian economy by helping Canadian businesses remain solvent in times of significant economic shock. Loans provided under these programs are intended for otherwise viable large organizations that are unable to quickly access traditional sources of capital to manage and bridge short-term liquidity needs through a period of significant economic uncertainty.