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

On May 19, 2020 the Government of Canada announced changes to the Canada Emergency Business Account (CEBA).
The details for these changes have not yet been finalized by the Government of Canada.
As details become available, we will update this page with information.


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 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.