Lending Solutions

We Are Here to Help

The impact of COVID-19 is impacting our world, our communities, our staff and you, our membership.  We are continually learning about the situation and we understand the regular routine for everyone has changed. Everyone’s scenario is different and we are committed to providing personalized, flexible solutions to help you through this challenging time.  

If you have been financially impacted by COVID-19, we encourage you to review the below options then reach out to your dedicated advisor or call your local branch to start the discussion. We ask for your patience as we work through high call volumes, but rest assured we will get to you and help you through this uncertain time.     

Read more about our COVID-19 response.

Canada Emergency Business Account (CEBA) Expand/Collapse

UPDATE December 4, 2020

The Government of Canada has expanded the CEBA program for new applicants and existing recipients!
 
The Canada Emergency Business Account (CEBA) launched earlier this year to help businesses cover operating costs during the COVID-19 crisis, where revenue could be reduced.

Effective December 4, CEBA support has been expanded from $40,000 to $60,000 in an interest-free loan.
This expanded financing is available to new applicants (who can apply for up to $60,000 in financing) and existing applicants (who can apply for an additional $20,000 in financing.) Members now have until March 31, 2021 to submit an application.
 
If you’re a sole proprietor, farmer, or a business owner that uses contractors or does not have payroll, you may qualify under the expanded CEBA program.
Use the CEBA Eligibility Tool  to see if your business is eligible before applying.
 
Are you a new applicant? You can now apply for $60,000 in financing through the CEBA program. Are you an existing recipient? Apply for $20,000 in additional financing through the CEBA program.
  • Available to new CEBA applicants who meet the eligibility for previous CEBA financing.
  • Get up to $20,000 forgivable if repaid by December 31, 2022.
  • Apply via Diamond North Credit Union at the application link on this page for new applicants.
  • Visit the CEBA website for eligibility requirements and other frequently asked questions.
  • Available to existing CEBA loan recipients (note that approval for a CEBA financing in the past does not guarantee approval under the expansion)
  • Increase in the forgivable portion to up to $20,000 of the total CEBA amount borrowed if repaid by December 31, 2022.
  • Apply at link on this page if Diamond North Credit Union distributed your original CEBA loan.
  • The CEBA expansion follows the same terms and conditions as existing loan, aside from forgiveness.

If you operate your business out of a personal account, you will be required to open a business account in order to be eligible as per the new CEBA guidelines from the Government of Canada.

How does CEBA work?

  • The Canada Emergency Business Account will be funded as a term loan for an amount up to $60,000 for new applicants and an additional $20,000 for existing recipients.
  • No interest will apply on the loan until January 1, 2023
  • 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 repay enough of your term loan to meet the repayment requirements for receiving forgiveness on or before December 31, 2022, the remaining balance of your term loan will be forgiven.
  • If you do not repay enough of your term loan to meet the requirements for receiving forgiveness on or before December 31, 2022, any outstanding balance will be converted into a 3-year term loan at 5% maturing on December 31, 2025, at which time the balance must be paid in full.



UPDATE October 26, 2020

There is no new information regarding the Government’s announcement on October 9, 2020, regarding access to additional $20,000 in funding and the expansion of the CEBA limit from $40,000 to $60,000.

Please continue to watch for updates as they become available. 

However, the Government of Canada has expanded the eligibility criteria for the Canada Emergency Business Account (“CEBA”).

  • All applicants now have until December 31, 2020, to apply for CEBA

  • Now small businesses that were active and operating as of March 1, 2020 but opened a Diamond North CU Business account after March 1, 2020 and meet the non-deferrable expense or payroll CEBA program requirements, may also be eligible to apply for CEBA. Opening a Business account is a requirement going forward to receive funding. Your Diamond North Advisor is available and happy to assist.


To see if you qualify for CEBA prior to submitting an application use the CEBA Pre-Qualification URL - https://verify-verifier.ceba-cuec.ca/ .
This tool is not compatible with Internet Explorer so use of other browsers such as Chrome, Firefox, Microsoft Edge, Safari is recommended.

More Information.


APPLY HERE







August 31, 2020
CEBA has been extended to October 31, 2020,
making the program accessible longer to Canadians.
If you have already applied for a CEBA loan and have questions, please contact the new CEBA Call Centre at 1-888-324-4201 for a status of your application. The Call Centre is open Monday to Friday from 8:00 am to 9:00 pm EST.

FAQ: Is there a deadline for completing an application at my primary financial institution and for uploading supporting documents?

  • You must complete the CEBA application at your primary financial institution by latest October 31st, 2020.
  • After completing the application with your financial institution, you must upload supporting documentation.
  • It is recommended that you provide your supporting documents through the application-demande.ceba-cuec.casite as soon as you are directed to do so by your financial institution.
  • Supporting documentation is a critical part of the application processes and delays in providing this information can result in a delay in the pre-funding eligibility validation and funding process.

Aug 26, 2020

We are pleased to share that there is now a CEBA call centre in place to support CEBA applicants.
The call centre is now up and running and can be reached at 1-888-324-4201.

  • The call centre was set-up in response to valuable applicant feedback.
  • The CEBA call centre is committed to investigating your concerns and ensuring you are made aware of the status of your application.
  • The purpose of the call centre is to provide live information about the status of an application, the CEBA program and the document upload website.



As of June 26, 2020, the Government of Canada expanded the eligibility criteria for the Canada Emergency Business Account (CEBA 3.0) so that more Canadian small businesses can apply for CEBA.

  • Businesses with a 2019 payroll between $20,000 and $1,500,000 are still eligible to apply for CEBA.

  • In addition, businesses with a 2019 payroll of $20,000 or less and eligible 2020 estimated non-deferrable expenses between $40,000 and $1,500,000 can now apply for CEBA.
Under these expanded government criteria, businesses such as sole proprietors, businesses that employ contractors, and family-owned businesses that pay employees through dividends, among others, may now be eligible for CEBA. 
The Government of Canada's Canada Emergency Business Account (CEBA) Application is available now. 

CEBA:
  • provides credit for small businesses to pay for immediate operating costs that cannot be deferred such as payroll, rent, utilities, insurance, property tax, or debt service

  • provides the ability for Diamond North Credit Union to provide interest-free loans of up to $40,000 to eligible businesses.

  • is available to Canadian employers with $20,000 to $1.5 million in total payroll in 2019, and operating as of March 1, 2020.

  • is available to Canadian employers with less than $20,000 in total payroll in 2019, and eligible 2020 estimated non-deferrable business expenses between $40,0000 - $1,500,000

  • is available to smaller (i.e., micro) businesses and other eligible employers such as not-for-profits.

  • If the loan is repaid by December 31, 2022, 25% (up to $10,000) will be forgiven.

  • If the loan is not repaid by December 31, 2022 the remaining balance will be converted to a 3 year term loan at 5% interest.   

To qualify, the following criteria must be met:

  • a Canadian operating company (not a holding company)

  • have between $20,000 and $1.5 million in payroll on your T4 Summary of Benefits Paid

  • Diamond North Credit Union must be the primary financial institution for the business.  This means that the account used for day-to-day transactions (including payments and cash management) has been with Diamond North Credit Union on or before March 1, 2020. 

Access the CEBA Application here. We look forward to working with our business community to assist in this time of need.

Short Term Solution - Skip A Payment  Expand/Collapse

This option is available to you; however, if you can make your current mortgage payment, you should. Paying off your debt is always going to be better for your finances overall.

Our skip-a-payment feature is intended to help you if you are unable to make a payment due to financial difficulties arising from COVID-19 and is available for commercial, agricultural and consumer loans. Get in touch with your Advisor to discuss skipping your personal, commercial or agricultural loan payments.

Long Term Solution - Defer Payments (up to 6 months) Expand/Collapse

For members who have experienced job loss or interruption as a result of COVID-19, we want to provide the ability for you to focus on your day-to-day needs. We can help you defer payments on your consumer mortgage or other loans for up to six months* so you can put your money where it’s needed most. 

To defer your mortgage or loan payments, please get in touch with your Business Relationship Advisor or contact your branch.

Start the Discussion

Get in touch with your Business Relationship Advisor directly or call your branch.