CEBA Financing

Canada Emergency Business Account

The Government of Canada, alongside its partners EDC and Canada’s have expanded the Canada Emergency Business Account (CEBA) loan program to provide additional financial support to those eligible Canadian small businesses and non-profits who continue to be impacted by the unprecedented economic challenge brought on by the COVID-19 pandemic.

Under this expansion, the CEBA program will now provide access to an additional $20K to eligible borrowers who already received a $40,000 loan and $60,000 for new applicants to CEBA.

If you are a business member and have an existing CEBA loan administered through our credit union, and the loan is in good standing, you may apply for the additional $20,000. For those who are eligible, $10,000 will be forgivable if repaid by December 31, 2022. For example, if you are a business who has a current loan of $40,000 and are approved for the additional funds under the new criteria of $20,000 your total loan is $60,000 and of that, $20,000 is forgivable if repaid before December 31, 2022.


For those business members who do not have an existing CEBA loan or pending application, and meet the criteria outlined by EDC, you may be eligible for a loan up to $60,000 with a total of $20,000 forgivable if repaid prior to December 31, 2022. New applicants must complete the EDC pre-screening tool here and follow the other application requirements outlined below.

The application deadline has been extended to March 31, 2021

To determine if you may meet the CEBA eligibility requirements, please use the EDC CEBA pre-screen tool.


If it is determined that you may be eligible, contact us at 902-543-3921 or to open a business chequing/operating account and continue the application for the CEBA loan here


More information on the program as well as frequently asked questions are outlined below.

The Government of Canada has launched the Canada Emergency Business Account (CEBA) to support businesses and non-profits that have been adversely affected by COVID-19. Eligible businesses will receive a $40,000 loan for immediate financial support to cover short term operating expenses, payroll, and other non-deferrable expenses which are critical to sustain business continuity.

We are accepting applications for the CEBA loan program on behalf of the Government of Canada and Export Development Canada (EDC) until December 31, 2020. To apply, please complete the following:

  1. Complete a government pre-screening to see if you may be eligible for the CEBA Program. If you may be eligible, you will receive a 10-digit pre-screen number.

  2. Open a business account. A business account is required to qualify for the CEBA program.
    Contact us at 902-543-3921 or to open your business banking account.

  3. Submit your application by clicking here.

Frequently Asked Questions:

What is the CEBA program?
Up to $40,000 interest-free loan to help you cover operating costs you were not able to defer because of COVID-19.

25% (up to $10,000) of the loan proceeds is eligible for complete forgiveness if loan is repaid on or before December 31, 2022.

If the loan cannot be repaid by December 31, 2022 it can be converted into a 3-year loan with a fixed interest rate of 5% per annum.

How does the CEBA loan work?
The loan will be funded as a term loan (up to $40,000), 0% interest and no payments until December 31, 2022.

No interest will apply until January 1, 2023.

Beginning January 1, 2023, interest accrues on the balance of the term loan at a fixed rate of 5% per annum, payable monthly on the last day of the month.

If you pay 75% of the balance of the term loan on or before December 31, 2022, the remaining balance of your term loan will be forgiven. For example, if your balance is $40,000 on January 1, 2021 and you repay $30,000 on or before December 31, 2022, the remaining $10,000 will be forgiven.

If you do not repay the 75% of the balance of the term loan on or before December 31, 2022, the full loan balance and all accrued and unpaid interest will be due and payable on December 31, 2025.

What are the eligibility requirements?
The CEBA application process follows one of two streams:

(i) the Payroll Stream (Applicants with employment income paid in the 2019 calendar year
between Cdn. $20,000 and Cdn.$1,500,000)

(ii) (ii) the Non-Deferrable Expense Stream (Applicants with Cdn.$20,000 or less in total
employment income paid in the 2019 calendar year).

Regardless of your stream, every applicant must meet the following criteria:

  • Has an active CRA Business Number (BN) with an effective date of registration on or prior to March 1, 2020.

  • Filed an income tax return with the CRA with a tax year ending in 2019 or, if its tax return for 2019 has not yet been submitted, 2018.

  • Has an active business chequing/operating account with the Lender at the time of applying for CEBA. Note: If Borrower currently does not have a business chequing/operating account the Borrower must create one at their primary financial institution before applying for CEBA.  

  • Has not previously used the Canada Emergency Business Account Program and will not apply for support under the Program at any other financial institution.

  • Intends to continue to operate its business or to resume operations.

Note: a non-profit organization, registered charity, union, or a fraternal benefit society or order, or an entity owned by such an organization, is excluded from CEBA unless the entity is actively carrying on a business in Canada (including a related business in the case of a registered charity) that earns revenue from the regular supply of property/goods or services;

If you fall into the Non-Deferrable Expenses Stream you must also meet the following criteria: 

  • Have eligible non-deferrable expenses between Cdn. $40,000 and Cdn. $1,500,000. Eligible non-deferrable expenses could include costs such as rent, property taxes, utilities, and insurance.
    Expenses will be subject to verification and audit by the Government of Canada.
For more information on the CEBA Program, visit the Government of Canada website.

If you have further questions, please connect with your Commercial Lending Representative - Kate Gorman at  (902) 543-8542 or

Note: Please be advised that by clicking on the link below you will be taken to an external site.

Online Application – Apply Now

Find Branch/ATM

Enter address, postal code or branch name