The Credit Union Emergency Business Loan (CUEBL) is a new loan program designed specifically to support businesses who have been adversely affected by COVID-19, but do not qualify for any of the COVID-19 related Federal or Provincial credit programs.
Eligible businesses will receive loans up to $20,000 to cover short term operating expenses, payroll and other non-deferrable expenses which are critical to sustain business continuity.
• CUEBL is a variable rate term loan, available in amounts up to $20,000 to help eligible businesses pay for operating expenses, payroll and other non-deferrable expenses which are critical to sustain business continuity.
• The special interest rate is a variable rate, set at Prime + 1.50% until December 31, 2021 to help minimize costs and keep more money in your business.
• Payments will be interest only until December 31, 2021 and automatically debited from your Operating Account.
• After December 31, 2021, any outstanding balance on the loan will be converted into a regular business loan with the option of a 24 or 36 month repayment term at the normal interest rate at that time.
• The CUEBL cannot be used to pay any existing credit facilities at a credit union. If you’re struggling to make your payments for any credit facilities you have with the credit union, please call us to discuss our deferral programs.
• A credit application will be required to qualify for the CUEBL. CUEBL is available on approved credit.
• Existing business members as of April 1, 2020 who can demonstrate their business has been adversely impacted by COVID-19.
• Is in good standing with the credit union.
• Is not eligible for any Provincial or Federal loan program. You can see a complete list of all the government relief programs here.
Call your credit union to start the CUEBL application process.
You may start repaying the loan in part or in full at any time without penalty. No principal repayments are required until December 31, 2021. Monthly interest only payments are required each month and will be debited automatically from your Operating Account. Any unpaid balance after December 31, 2021 will be converted into a 24 or 36 month term loan at the current market interest rate.