Program Details:

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

  • A $40,000 loan that is interest-free and no payments required until December 31, 2022.

  • Beginning January 1, 2023, interest accrues on the balance of the term loan at the rate of 5% per annum, payable monthly on the last day of each month.

  • If you pay 75% of the balance of the loan (as of January 1, 2021), on or before December 31, 2022, the remaining balance of your term loan will be forgiven. For example, if your balance is $40,000 on January 1, 2021 and you repay $30,000 on or before December 31, 2022, the remaining $10,000 will be forgiven.

  • If you do not repay 75% of the balance of the term loan (as at January 1, 2021) on or before December 31, 2022, the full loan balance and all accrued and unpaid interest will be due and payable on December 31, 2025.

  • Once your loan application has been reviewed and submitted the process for funding will take up to 7 days from completion. 


Eligibility Criteria:

The eligibility criteria are as follows, per the Government of Canada’s requirements:

  • Have an existing Edam Credit Union business deposit account opened prior to March 1, 2020 and utilize it as your primary operating account.

    • If your everyday business banking account is held elsewhere, please apply for funding through the Financial Institution that holds your primary Business Operating Account.

    • Your account must be in Good Standing as an existing member.

  • Your business has been a registered and operational (not a holding company) business since on or before March 1, 2020.

  • Your payroll expenses are between $20,000 and $1.5 million annually.

  • You have not previously used the program and will not apply for support at any other financial institution.

  • Your intention is to continue operating your business or to resume operations.

  • You agree to participate in post-funding surveys conducted by the Government of Canada.

  • You agree that the funds from this loan will only be used to pay non-deferrable operating expenses including, payroll, rent, utilities, insurance, property tax, regularly scheduled debt service and may not be used to fund any payments or expenses such as prepayment/refinancing of existing indebtedness, payments of dividends, distributions and increase in management compensation.

**If you’re not sure if you qualify, we encourage you to discuss your application with your professional accounting partner prior to applying.

What information do I need to apply?

Before applying, we recommend you gather the following information:

  • Locate your 2019 T4 Summary of Remuneration Paid statement, you will need the following

    • Your employer account number, as reported at the top of your 2019 T4 Summary

    • Your employment income reported on box 14 of your 2019 T4 Summary

    • A copy of your 2019 T4 Summary of Remuneration Paid may be requested

Please contact one of our lenders at 306.397.2242 if you need assistance, as they would be more than happy to help you.

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Edam Credit Union is pleased to announce that we now accept applications for the Federal Government’s Canada Emergency Business Account (CEBA).  This program was developed in partnership with the federal government and Canadian financial institutions to provide up to $40,000 to small businesses and not-for-profits as an interest-free loan. The intention of this loan is to help cover operating costs during a period where revenue could be reduced.

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