Loans to a maximum of $20,000 with the following terms:
- Minimum interest rate of Prime plus 2% (currently 2.95%) or Equivalent to our minimum rate
- Interest only for up to 12 months
- No payments for up to first 6 months following approval
- Maximum amortization/term 60 months
- Waiver of application fee and admin fee of 2%
Application will consist of:
- Completed Application Form and Personal Overview Application
- Government issued picture ID (front and back)
- Provide a valid business license or approval to operate from the municipal or regional government
- 2 years of financial statements showing at least one year of profitability with most recent Corporate T2 or Personal tax filing
- Credit Check on owner(s) and business
- Personal Guarantees / Co-Borrower and General Security Agreement. In case of not for profit organizations or incorporated companies, an authorized director must sign on its behalf
Eligible Applicants are any business that:
- Was in operation when emergency commenced and has not been able to operate or has operated at a reduced level for more than 5 days due to the COVID-19 pandemic.
- Business must be able to demonstrate a loss or reasonably expectation of reduction of business due to the COVID-19 pandemic.
- Government including federal, provincial, municipalities and regional districts.
Download Full Application Form DOWNLOAD APPLICATION