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

CEBA 4.0 is launching soon.

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?

  • This is now available. Please contact us for further details by calling 1-866-230-7700 or emailing eastcoast@creditu.ca.

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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