Financial Support for BC Unions



Community Savings Credit Union (CSCU) is fully committed to supporting our union business members through this difficult and challenging period. 
 
The Federal Government recently introduced the Canada Emergency Business Account but unfortunately many union organizations are excluded. CSCU realizes that union organizations play a vital role in advocating for workers’ rights, work safety and that strong union leadership is required more so than ever during this pandemic. CSCU will not let financial hardship curtail the important work of union organizations.
 
To help union organizations that are facing financial challenges, Community Savings is pleased to announce that we have exclusively created the UNION BUSINESS SUPPORT LOAN. This loan is interest-free, up to $40,000, for eligible B.C. union organizations that have been impacted by Covid-19.
 
As the Unions’ Credit Union, Community Savings has maintained a very clear mandate throughout this crisis – support workers and our member unions who protect and promote their rights.

UNION BUSINESS SUPPORT LOAN Details


• The loan will remain interest-free until December 31, 2022.

• Requires no minimum monthly principal payments until December 31, 2022.

• Principal repayments can be made at any time.

• If not repaid by December 31, 2022, the loan will be extended to December 31, 2025 at 5% interest.

• If at least 75% of the loan is repaid by December 31, 2022, the remaining 25 percent (up to $10,000) may be forgiven. Please contact Par Sihota or Lisa Langan for loan forgiveness program details.

To be eligible, you must be a B.C. union organization, who meets all of the criteria for the program, as follows:

• You have an account or will open an account with Community Savings Credit Union
• You have a Canada Revenue Agency Business Number (BN) (15 digits), as reported at the top of your 2019 T4 Summary of Remuneration Paid (T4SUM);
• You have a total employment income paid in the 2019 calendar year between $20,000 and $1,500,000, as reported in Box 14 of your 2019 T4SUM;
• You have not previously used CEBA in connection with any credit facility established with Community Savings or any other financial institution, and you are not applying for CEBA support under such program at CSCU or any other financial institution.

How to Apply

For more information on the UNION BUSINESS SUPPORT LOAN or how to register, please call or email:

Par Sihota  604-637-5017

Email: psihota@comsavings.com
or
Lisa Langan  604-637-5015
Email: Llangan@comsavings.com

 
Frequently Asked Questions

Are there rules around what the UNION BUSINESS SUPPORT LOAN funds can be used for?
The loan proceeds can only be used to pay non-deferrable operating expenses including, without limitation, payroll, rent, utilities, insurance, property tax and regularly scheduled debt service. It may not be used to fund any payments or expenses such as prepayment/refinancing of existing indebtedness, payments of dividends, distributions, investments and increases in management compensation.

Can I enrol for CEBA and the Union Business Support Loan?
No, the Union Business Support Loan has been designed for unions who are not eligible for the CEBA loan.

What if I haven’t submitted/received a T4 summary?
At this time, you would not be eligible for this program. If you have not received it or have lost it, please contact the Canada Revenue Agency to have them reissue your 2019 T4 summary of remuneration paid (T4SUM)

What if I don’t have a Community Savings account?
Please contact us to join CSCU and you are then eligible to apply.


 
*Terms and conditions apply. Applications subject to approval and to funding availability and eligibility criteria of the UNION BUSINESS SUPPORT LOAN program.