Small Business Relief Programs

COVID-19: How East Coast Credit Union is helping small businesses

East Coast Credit Union is offering financial relief solutions to small business members both independently and in conjunction with Provincial and Federal programs. We work with our business members who have been impacted on a case-by-case basis to help identify ways to ease the financial stress associated with COVID-19.

About the financial relief programs East Coast Credit Union offers

Canada Emergency Business Account (CEBA) Expand/Collapse

The Canada Emergency Business Account (CEBA) program is available to businesses who meet the eligibility criteria subject to the ongoing availability of government funding.

What is the CEBA Program

  • Up to $40,000 interest-free loan to help you cover operating costs you were not able to defer because of COVID-19
  • 25% (up to $10,000) of the loan proceeds is eligible for complete forgiveness if loan is repaid on or before December 31, 2022
  • If the loan cannot be repaid by December 31, 2022 it can be converted into a 3-year loan with a fixed interest rate of 5% per annum

How does the CEBA loan work?

  • The loan will be funded as a term loan (up to $40,000), 0% interest and no payments until December 31, 2022
  • No interest will apply until January 1, 2023
  • Beginning January 1, 2023, interest accrues on the balance of the term loan at a fixed rate of 5% per annum, payable monthly on the last day of the month
  • If you pay 75% of the balance of the term loan on or before December 31, 2022, the remaining balance of your term loan will be forgiven. For example, if your balance is $40,000 on January 1, 2021 and you repay $30,000 on or before December 31, 2022, the remaining $10,000 will be forgiven
  • If you do not repay the 75% of the balance of the term loan on or before December 31, 2022, the full loan balance and all accrued and unpaid interest will be due and payable on December 31, 2025.

What’s the eligibility criteria?

The eligibility criteria are as follows, per the Government of Canada’s requirements:

  • You are a Canadian operating company registered and in operation on or before March 1, 2020
  • Your Annual payroll expense is between $20,000 and $1.5 million, as evidenced on your 2019 T4 Summary of Renumeration Paid (T4SUM). If you cannot locate your T4SUM contact Revenue Canada for reissue
  • A 15-digit Canada Revenue Agency Number also shown on your T4SUM
  • East Coast Credit Union is your primary financial institution (You have an active business chequing/operating account and cash management activities are held with us) and opened on or before March 1, 2020
  • Your account must be in Good Standing as an existing member

Note: If your everyday business banking account is held elsewhere, please apply for funding through the Financial Institution that holds your primary Business Operating Account

Before applying, have the following information:

Locate your 2019 T4 Summary of Remuneration Paid statement, you will need the following:

  • Your employer account number, as reported at the top of your 2019 T4 Summary
  • Your employment income reported on box 14 of your 2019 T4 Summary
  • A copy of your 2019 T4 Summary of Remuneration Paid may be requested


Privacy:

Before proceeding, please read the East Coast Credit Union - Privacy conditions carefully to understand the conditions you will be required to authorize.

For further information on the CEBA Program please review official communications from the Government of Canada. If you have questions, please visit www.CEBA-CUEC.ca or reach out to our Member Advice Centre Team at 1-866-230-7700 or email eastcoast@creditu.ca. Please mention you are inquiring about “CEBA Program”. Our team will be redirect you to the appropriate Business Banking Representative.

Online Application - Apply Now

CEBA Application Expand/Collapse

Emergency Working Capital Line of Credit Expand/Collapse

East Coast Credit Union is offering business members in good standing who have an existing line of credit with East Coast Credit Union an Emergency Working Capital Line of Credit. This line of credit will instantly increase the credit amount by up to 25% or $10,000.

Eligible business members who do not have an existing line of credit with East Coast Credit Union are able to access an instant line of credit up to $5,000

Am I an eligible business?

  • Business members with existing line of credits need to be in good standing.
  • Business members without an existing line of credit need to be in good standing. Additional documentation may be required to process the loan.

Payment Deferrals Expand/Collapse

East Coast Credit Union is offering eligible business members with mortgages, loans and lines of credit payment deferrals on the principle balance and interest.

Am I an eligible business?

  • The East Coast Credit Union Business Services Team will assess business members on a case by case basis to determine the most suitable solution.
    • Business borrowing members not currently using a Government lending program may be eligible for a deferred principle and interest loan/mortgage payments for up to six-months; deferred interest payments and waiver of loan administration fees on lines of credit for up to six-months.
    • Business borrowing members who have Provincial Loan Guarantee may be eligible for a deferred principle and interest loan/mortgage payments for up to three-months; deferred interest payments and waiver of loan administration fees on lines of credit for up to three-months ending June 30, 2020.
    • Business borrowing members who are using the Canada Small Business Financing Program may be eligible for a deferred principle and interest loan/mortgage payments for up to six-months; deferred interest payments and waiver of loan administration fees on lines of credit for up to six-months.

Business Credit Availability Program Expand/Collapse

The Business Credit Availability Program (BCAP) is offered in conjunction with Export Development Canada.  This program was developed to help Canadian businesses obtain financing during COVID-19 with guarantees for loans from $100,000 up to $6,250,000.

When will the loan be available?

  • We will update with more information once it's available.

Am I an eligible business?

  • To qualify for the BCAP program, organizations must meet the following criteria:
    • Be a registered and operating Canadian business as of March 1, 2020.
    • Organizations must attest that the fund will be used to sustain operations.
  • Organizations can be current or new members.
  • Organizations do not have to be an exporter.

Business Development Canada (BDC) Co-Lending Program Expand/Collapse

East Coast Credit union is offering the Co-Lending Program in partnership with BDC.  This program will offer loans from $100,000 up to $6,250,000 with amortizations up to 10 years. Commercial interest rates will apply.

When will the loan be available?

  • We will update with more information once it's available.

Am I an eligible business?

  • To qualify for the Co-Lending program, organizations must meet the following criteria:
    • Be a registered and operating Canadian business as of March 1, 2020.
    • Organizations must attest that the fund will be used to sustain operations.
  • Organizations can be current or new members.
  • Organizations do not have to be an exporter.

How do I apply for the financial relief programs offered?

 

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