CEBA (Canada Emergency Business Account) Program Loans
North Valley Credit Union has begun processing and funding CEBA loans. Our lending personnel have reached out to all of our commercial accounts that we feel will qualify for a government CEBA loan. If we have not contacted your business and you feel you do qualify for a CEBA loan please feel free to contact our office. The criteria you must meet to qualify for a CEBA loan are:
- You must have been a member or account holder at North Valley Credit Union before March 1st , 2020 and this account must have been your primary business account.
- You must have paid out salaries to your employees of at least $ 20,000.00 and not more than $ 1,500,000.00, as confirmed in box 14 of your 2019 T4 summary.
- You must have a CRA business registration number.
- Your account must have been in good standing on March 1st, 2020.
CEBA loans are government subsidized and are in the amount of $ 40,000.00. They carry an interest rate of zero percent. If you repay the loan in full before December 31st, 2022 you will be eligible to receive up to $ 10,000.00 in loan forgiveness. If you do not repay the loan by the end of 2022 then the loan will be extended at the full amount of $ 40,000.00 until December 31st, 2025 at the rate of 5.00% per annum.
If you have any questions regarding this program, please contact our lending department. You can reach us at:
306-745-6615 or toll free at 1-888-533-6828