We know that these unprecedented times have produced financial challenges for entrepreneurs and businesses. We’re here to support our many local business and commercial members through unexpected COVID-19-related difficulties.
Financial relief measures for businesses
The Canada Emergency Business Account (CEBA)
CEBA is a Government of Canada loan program available to qualifying small- and medium-sized businesses being negatively impacted financially as a result of the COVID-19 pandemic. The federal government delivers us funding (as an eligible financial institution) to provide interest-free loans to qualifying businesses. A portion of this loan is eligible for complete forgiveness and requires no minimum monthly payments until December 31, 2022. To determine if you qualify and to apply, visit our Canada Emergency Business Account page.
Business Credit Availability Program (BCAP) for Small and Medium Enterprises
To support the operations of our members with small and medium-sized enterprises that are particularly vulnerable to the impacts of COVID-19, we have partnered with Economic Development Corporation (EDC) to extend cash flow term loans used to finance short-term operational costs. Canadian businesses in all sectors that were otherwise financially viable and revenue generating prior to the COVID-19 outbreak are eligible to apply. To determine if this program is right for your business, please contact your Business Advisor directly or contact us at 1-888-597-1083 to speak to one of our financial experts.
Co-Lending Program for Small and Medium Enterprises
To provide additional liquidity support for our members with small- and medium-sized enterprises, we will partner with Business Development Bank of Canada (BDC) to co-lend term loans for operational cash flow requirements. Similar to the EDC program, Canadian businesses in all sectors that were otherwise financially viable and revenue generating prior to the COVID-19 outbreak are eligible to apply. To determine if this program is right for your business, please contact your Business Advisor directly or contact us at 1-888-597-1083 to speak to one of our financial experts.
Highly Affected Sectors Credit Availability Program (HASCAP)
Businesses heavily impacted by COVID-19 can access guaranteed, low-interest loans of $25,000 to $1 million to cover operational cash flow needs. These loans are for small- to medium-sized businesses that have seen their revenues decrease by 50% or more as a result of COVID-19.
To determine if this program is right for your business, please visit the BDC website to review program details, eligibility requirements and Frequently Asked Questions. If you have working capital needs for your business, contact your Business Advisor directly or contact us at 1-888-597-1083 to speak to one of our financial experts.
The Canada Emergency Wage Subsidy (CEWS)
The Canada Emergency Wage Subsidy (CEWS) is a Government of Canada wage subsidy program for employers adversely impacted by COVID-19, enabling the re-hire of workers previously laid off as a result of COVID-19 and prevent further job losses. As a Canadian employer, you may be eligible for a subsidy of 75% of employee wages for up to 24 weeks, retroactive from March 15, 2020 to August 29, 2020. To learn more and apply to receive the CEWS, please visit the CRA website.
B.C.’s Small- and Medium-Sized Business Recovery Grant
This grant is a provincial government program investing up to $300 million in targeted financial support for some of the hardest hit businesses in B.C. that employ between two and 149 B.C. residents and have experienced declines in revenue since March 10, 2020.
Grants of $10,000 to $30,000 are available. An additional $5,000 to $10,000 grant is available to eligible tourism-related businesses that have been hit especially hard by COVID-19.
The program runs until August 31, 2021, or until the funds are fully allocated, whichever comes first. To learn more and apply for the grant, please visit the Government of B.C. website.
We understand not all businesses meet the qualification requirements of the financial relief measures provided by the Government of Canada outlined above. However, we also understand just how great the need is to support our member businesses who are suffering adverse economic effects as a result of COVID-19.
We’re available to review and address your business’ unique financial situation on a case-by-case basis to see what financial relief options might be available to you. Whether it be flexible loan payment options, payment reductions, interest only payments or deferrals, or in some cases additional liquidity, our team will provide customized advice and solutions to meet your short- and long-term needs that make sense for your business and industry.
Please contact your Business Advisor directly or contact us at 1-888-597-1083 to speak to one of our financial experts.
Visit our FAQs for more information on current financial relief measures, as well as other frequently asked questions.