Businesses play a massive role in our local economy and PenFinancial is doing everything we can to facilitate and ensure that our business members can continue to operate during these difficult times. The Canadian Credit Union Association (our trade association) is working diligently with the Canadian Government to ensure that all credit unions can offer the Canada Emergency Business Account (CEBA) to their business members that qualify, by the end of April. PenFinancial is monitoring the situation closely and will ensure that we are in position to take our business member’s applications as soon as possible.
The Canada Emergency Business Account (CEBA) provides a $40,000 loan for eligible small businesses and not-for-profit members. This federal program is designed to help cover operating costs for organizations experiencing temporary revenue reductions. If you maintain your primary business bank account at PenFinancial, and the account was opened prior to March 1, 2020 and your business is eligible for the program (per the criteria listed on https://ceba-cuec.ca/), feel free to email us at email@example.com to be added to our waiting list. Please include the following info in your email: Legal Name of Business, PenFinancial Account Number, contact name, phone number & email address.
The Canada Emergency Business Account will provide a $40,000 loan:
- at 0% interest until December 31, 2022
- requires no minimum monthly principal payments until December 31, 2022
- principal repayments can be made at any time
- $10,000 loan forgiveness is available provided outstanding balance is fully paid on or before December 31, 2022.
Please refer to https://ceba-cuec.ca/ for more information about the program including eligibility requirements.