Members are encouraged to register online now
TORONTO, April 9, 2020 / CNW / – Meridian, from Canada second largest credit union and largest in Ontario, throw it Canada Emergency Business Account Loan Program (CEBA) with a secure digital solution available to eligible members. The CEBA loan program is part of the federal government program $ 25 billion program for Canadian small businesses.
Meridian’s secure online solution is designed to ease the application process by providing a fast, easy and paperless option for members. Launch of the CEBA loan program April 9, 2020 and Meridian business members can expect a secure digital app to be uploaded to their online banking platform over the weekend.
“We know that many businesses are in urgent need of financial assistance. Our priority is to give our members access to quick and rapid assistance,” said Kevin van kampen, Vice President, Commercial Banking Services, 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, as all applications for this program must be submitted. in line. ”
The CEBA loan program, administered by Export Development Canada (EDC), aims to help small and medium-sized employers meet their most pressing needs and prepare the economy for recovery. Here are the details:
- The Canada The Emergency Business Account will provide eligible 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 no later than Dec 31 2022.
To be eligible for the program, companies must have had a salary charge 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 opened accounts with us no later than March 1, 2020 and must not have been in default within the 90 days preceding March 1, 2020.
“Credit unions support more than 20% of from ontario small business environment, ”said Wade Stayzer, Chief People & Culture Officer, SVP, Business Banking, Meridian. “Meridian has over 75 years of banking experience as a field partner with businesses in communities across the province. We know the vital role they play for the economy and we do everything we can to facilitate and ensure that they can continue to function in these difficult times. Meridian is strong with small businesses thanks to COVID. “
Meridian, along with other members of the financial services industry, is actively working with the Government of Canada contribute to the additional relief measures announced on March 27, 2020. All programs offered through the Business Credit Availability Program (BCAP) will also be offered by our institution. Details and more information will be available in the near future.
Meridian Business Banking members who wish to apply for the CEBA loan program should register for online banking, continue to visit www.meridiancu.ca or contact their Meridian Business sales advisor to stay up to date with new information. Members interested in any other BCAP program should also be in contact with their account managers.
With over 75 years of banking history, Meridian is from ontario largest credit union and the second in Canada, helping to improve the lives of more than 360,000 members. The meridian has $ 23.9 billion in assets under management (as of December 31, 2019) and offers a full range of financial services online, by phone, 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 toll-free ATMs across Canada and 500,000 ATMs in United States. For more information, please visit: www.meridiancu.ca, follow us on Twitter @MeridianCU or visit our Facebook site.
SOURCE Meridian Credit Union
For further information: Teresa Pagnutti, Public Relations, Meridian, [email protected], 416-597-4444, ext. 2667; 416-275-3816 (m)