The Small Business Loan through BDC is offered according to the following terms: The loan may be approved up to $100,000.00. The amount granted will be confirmed once an analysis is performed and the loan approved. The loans are repaid over 60 months. A capital postponement is offered for the first 6 months, and the initial six payments are interest only. Commencing on the 7th month, the loan is repaid in 60 monthly payments, and all payments are due on the 10th day of the month.
Please check: BDC Small Business Loan
The Canada Emergency Business Account (CEBA) provides interest-free, partially forgivable, loans of up to $40,000, to small businesses and not-for-profits, that have experienced diminished revenues due to COVID-19 but face ongoing non-deferrable costs, such as rent, utilities, insurance, taxes and wages.
Business owners can apply for support until December 31, 2020 through their banks and credit unions.
We have also recently proposed to expand the CEBA to include an additional interest-free $20,000 loan, 50% of which would be forgivable if repaid by December 31, 2022. Details for the expanded program will be announced soon.
As a business owner, you can access the financial relief you need via TD Helps. To contact one of our Account Managers, Small Business, use our Find an Account Manager tool to locate an Account Manager near you, and call or email them directly. You have a lot on your mind, and we want to be there for you. Here’s how:
- Canada Emergency Business Account (CEBA)
- Canada Emergency Wage Subsidy
- Small Business Banking Principal Payment Deferral
- Business Development Canada (BDC) Co-Lending Program
- EDC Business Credit Availability Program (BCAP)
- Investissement Québec (IQ) Programme d’actions concertée temporaire pour les entreprises (PACTE) – Quebec Only