Skip to main content

Borrowing for your business

REWITE THIS TO BE MORE FOCUSED ON THE BUSINESS' NEEDS - All businesses are not created equal. We know that there is no such thing as a cookie cutter solution when it comes to your business borrowing needs. Fortunately, all of decisions are made right here in Niagara and not sent up some Ivory tower on Bay Street, so you can trust that your financial needs are in the right hands. Not only that, but our Business Team knows the Niagara economy inside and out to give you tailored advice to help you make informed decisions.Whether you have your eye on some new commercial space, or you need financing to get your business to the next level, we’re here to listen and guide you in the right direction.

Canada Emergency Business Account (CEBA)

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, feel free to email us at 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 for more information about the program including eligibility requirements.

Business Lines of Credit

Plan for the possibility of a rainy day by securing a business or agricultural line-of-credit, - a revolving, pre-approved, competitive interest rate loan that provides money for working capital.

Business Loans

When you require some extra cash so you can kick-start a new small business or project, purchase a piece of farm equipment, vehicles or property or even refinance an existing loan, our Business and Agricultural lending specialists will set up the right fixed or variable rate loan that will keep your business humming.

Canadian Agricultural Loans Act (CALA)

The Canadian Agricultural Loans Act (CALA) program is a financial loan guarantee program that gives farmers easier access to credit. Farmers can use these loans to establish, improve, and develop farms; while Agricultural co-operatives may also access loans to process, distribute, or market the products of farming.

Tagline about commercial mortgages

Vulputate enim nulla aliquet porttitor lacus luctus accumsan tortor posuere. Malesuada fames ac turpis egestas sed tempus urna et pharetra. Porta lorem mollis aliquam ut porttitor leo a diam sollicitudin.