Scotiabank to support Canadian businesses through expanded CEBA program
by CM Staff
Scotiabank to provide support of eligible Canadian Business Banking and Small Business clients affected by COVID-19
PHOTO: ScotiaBank via Twitter
TORONTO — Scotiabank announced on June 26 that it is ready to accept applications for the next phase of the Canada Emergency Business Account (CEBA), with expanded eligibility that enables broader groups of businesses to apply for the financial relief program.
“We’re pleased to see the government introduce phase three of the CEBA program and open eligibility up to more businesses in need of support during this challenging time,” said Dan Rees, group head of Canadian banking for Scotiabank, in a prepared statement. “We’re excited to help even more small businesses gain access to relief funds and continue providing advice and solutions to help them come out of this even stronger.”
As part of this third phase of CEBA, the federal government set out new terms that require Export Development Canada (EDC) to approve eligibility before funding is released. While Small Business and Business Banking clients will still be required to provide an attestation to Scotiabank as part of the application process, EDC will also request additional documentation before a loan can be approved.
Relief measures in support of eligible Canadian Business Banking and Small Business clients affected by COVID-19 include:
- Deferral of payment on small business credit cards and credit lines;
- Payment deferral on business loans;
- Online application for the Canada Emergency Business Account (CEBA);
- Online application for the Canada Emergency Wage Subsidy (CEWS);
- Support through the Business Development Bank of Canada (BDC) financial relief program;
- Support through the Export Development Canada (EDC) financial relief program;
- Continued access to Small Business Advisors and Business Banking Relationship Managers for customized advice.
