CEBA Expansion to $60,000.



CEBA Expansion to $60,000.                          

Business financing and investment advice you can bank on.

Business can be unpredictable, but your investments don’t have to be. With professional advice, business insurance, and commercial financing options, we can help you plan for success.

What can we help you with?

Business Financing

Learn More 

Investment Advice

Call us

Commercial Lending

Learn More 

Our 4-step approach:

  • Personalize. We’ll sit down and talk about where you want to go, so we can help get you there.
  • Plan. Together, we create a plan that considers all the various aspects of your business.
  • Prosper. With a curated mix of investment products and services, we put your plan into action. 
  • Perfect. When new opportunities arise, we’ll revise your plan to help you take advantage.

 Canada Emergency Business Account

The CEBA expansion to $60,000 is now available.

COVID-19 is affecting our community. We want to help. We’re now accepting applications for the Federal Government’s Canada Emergency Business Account (CEBA), a government-guaranteed, interest-free loan of up to $60,000 that covers operating costs for small businesses.

New applicants may apply for a $60,000 loan, while eligible previously approved applicants may apply for the $20,000 expansion. Information on how to apply is below.This program will be open for applications through March 31, 2021.

Get started ​​ 

Call 778-883-5727 

Details

Through the CEBA program, eligible businesses and non-profits can access:

  • A $60,000 loan to help cover non-deferrable operating costs while their businesses are affected by COVID-19. The loan is interest-free until December 31, 2022
    • Applicants who originally received $40,000 are now eligible to apply for a $20,000 expansion loan if they continue to be affected by the COVID pandemic
  • If $40,000 of the loan balance is fully repaid by December 31, 2022, the remaining $20,000 may be forgiven
    • Businesses receiving only the original $40,000 loan will have $10,000 forgiven if $30,000 is repaid by December 31, 2022
  • If not repaid by December 31, 2022, the loan will be extended to December 31, 2025 at 5% interest

Eligibility

You can submit an application to Community Savings if you:

  • Were an existing, active business member on March 1, 2020 and currently have a Business operating account
  • Have a registered business chequing/operating account with Community Savings, which is your primary financial institution. This account can not have been in arrears under any existing credit facilities, if applicable with Community Savings for 90 days or more as of March 1, 2020;
  • Have a Federal tax registration as of March 1, 2020;
  • Have a Canada Revenue Agency Business Number (BN, 15 digits), as reported at the top of your 2019 T4 Summary of Remuneration Paid (T4SUM) as of March 1, 2020;
  • Have not previously used or applied for any other support under such program at any other financial institution; and
  • Have the authority to attest on behalf of that organization, and bind the organization to the terms of the CEBA loan agreement.
  • The program includes unions, charitable, religious or fraternal organizations, or clients owned by such an organization if it is a T2 or T3010 corporation that generates a portion of its revenue from the sales of goods or services
  • Have the authority to attest on behalf of that organization, and bind the organization to the terms of the CEBA loan agreement.

How to Apply

To submit an application or learn more about CEBA, contact us. We offer online appointments to keep banking socially-distanced and safe.

By Phone:

Tony Sandhu   604-341-3654

Kevin Tan          778-883-5727

Frequently asked questions

​​ Business loans

Commercial financing built on choice and tailored to your unique business needs. With options for terms, rates, securement, and repayment, you’ll get exactly what you need.

Apply Now

Questions? We’d be happy to help.

Contact Us  

Products:

  • Construction financing
  • Commercial loans and mortgages
  • Operating lines of credit

​​ Lines of credit

Do you have a high-interest credit card? Save money with a flexible business line of credit attached to your chequing account. You’ll spend less money on interest, and have more money on hand.

Learn More  

Details

  • Low annual fee
  • Funds are accessible at all times (up to the credit limit), through:
    • Cheques
    • ATMs
    • Pre-authorized debits
  • Funds can be used and paid back at your leisure
  • Interest rates are lower than most credit cards
  • Interest is only charged on the money you use, while you use it
  • Transactions appear on the All-in-One statement
  • Overdraft protection saves you from incurring extra service fees
  • Life and Disability Insurances are available (and recommended)

​​ Letters of credit

A letter of credit is a guarantee to third parties that you have enough funds to cover a purchase. Use it to build strong business relationships, give your suppliers peace of mind, secure approval from a creditor, and provide monetary support for payments and agreements.

Contact Us  

Benefits

  • Liquidity. You’re never forced to make upfront payments.
  • Expansion. Work with vendors you couldn’t have otherwise.
  • Customization. Create a letter of credit for a specific purpose or time period.

​Getting started is easy.

Online appointments put your business on the path to financial security as soon as possible.


​Getting started is easy

Online appointments put your business on the path to financial security as soon as possible.