Canada Emergency Business Account launched
April. 10, 2020
Global Korean Post
Starting yesterday, the application for Canada Emergency Business Account has launched.
Small business owners can apply for support from the Canada Emergency Business Account through their banks and credit unions.
Businesses should access the Canada Emergency Business Account through their primary lender, where they have a pre-existing relationship. Businesses that are impacted can contact them by phone or email to find out about their application process.
Finance Minister Bill Morneau and Mary Ng, Minister of Small Business, Export Promotion and International Trade, issued the statement.
“Eligible small business and non-profit organizations can get interest-free loans of up to $40,000. If the loan is repaid by December 31, 2022, 25% of it will be forgiven, up to $10,000. These loans are fully funded by the Government of Canada.
“This initiative is being delivered as part of the Business Credit Availability Program (BCAP), which is providing a total of $65 billion through banks and credit unions in the form of loans to small and medium-sized businesses. By working closely with Export Development Canada and the Business Development Bank of Canada, these financial institutions will offer loans that fill gaps in market access and leverage additional lending by private sector institutions.”