April 9, 2020 – Meridian, Canada’s second largest credit union and the largest in Ontario, is launching the Canada Emergency Business Account (CEBA) Loan Program with a secure digital solution available for eligible Members. The CEBA Loan Program is part of the federal government’s $25 billion program for Canadian small business.
Meridian’s secure online solution is designed to facilitate the application process by providing a quick, easy and paperless option for Members. The CEBA Loan Program is launching April 9, 2020 and Meridian Business Members can expect a secure digital application to be uploaded to their online banking platform over the weekend.
“We know that many businesses are in urgent need of financial relief. Our priority is to give our Members access to help with speed and expediency,” said Kevin VanKampen, Vice President, Business Banking, Meridian. “We are proactively reaching out to all Meridian Business Banking Members who may be eligible for a CEBA loan to ensure they are registered through one of Meridian’s online platforms because all applications for this program must be submitted online.”
The CEBA Loan Program, administered through Export Development Canada (EDC), aims to help small and medium-sized employers with their most pressing needs and position the economy to recover. Here are the details:
- The Canada Emergency Business Account will provide qualifying businesses with access to a $40,000 term loan at 0% interest until Dec 31, 2022.
- There are no minimum monthly principal payments until December 31, 2022.
- Principal repayments can be made at any time.
- $10,000 loan forgiveness is available, if the outstanding balance is fully paid on or before Dec 31, 2022.
To qualify for the program, businesses must have had a payroll expense between $50,000 to $1 million for the year 2019. They are required to identify a primary financial institution and, Meridian Business Banking Members must have accounts opened with us on or prior to March 1, 2020 and must not have been in default in the 90 day period prior to March 1, 2020.
“Credit unions support more than 20 per cent of Ontario’s small business environment,” said Wade Stayzer, Chief People & Culture Officer, SVP, Business Banking, Meridian. “Meridian has more than 75 years banking history of being on-the-ground partners with businesses in communities across the province. We know the vital role they play for the economy and we are doing whatever we can to facilitate and ensure that they can continue to operate during these difficult times. Meridian is standing strong with small business through COVID.”
Meridian, together with other members of the financial services industry, is actively engaging with the Government of Canada to provide input into the additional relief measures announced on March 27, 2020. All programs offered through the Business Credit Availability Program (BCAP) will also be offered through our institution. Details and more information will be forthcoming in the near future.
Meridian Business Banking Members who are interested in applying for the CEBA Loan Program should sign up for online banking, continue to check www.meridiancu.ca or reach out to their Meridian Business Advisor Relationship Manager to stay on top of new information. Members interested in any other BCAP Programs should also be in touch with their Relationship Managers.
With more than 75 years of banking history, Meridian is Ontario’s largest credit union and the second largest in Canada, helping to grow the lives of more than 360,000 Members. Meridian has $23.9 billion in assets under management (as at December 31, 2019) and delivers a full range of financial services online, by phone, by mobile and through a network of 92 branches across Ontario, and business banking services in 14 locations. Meridian Members also have access to THE EXCHANGE® Network, with 3,700 no-fee ABMs across Canada and 500,000 ABMs in the United States. For more information, please visit: www.meridiancu.ca, follow us on Twitter @MeridianCU or see our Facebook site.
Teresa Pagnutti, Public Relations, Meridian
416-597-4444 Ext. 2667; 416-275-3816 (m)