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Loan Program for Small Businesses
For Information about this topic in English, please read below:
What are the details for this Loan?
- A $40,000 loan provided from the Government of Canada facilitated through financial institutions to help small businesses pay their fixed expenses such as rent, payroll, utilities, insurance, property tax, etc.
- It is an interest free line of credit loan until December 31, 2022, with no monthly principal payment required.
- If loan is paid off by December 31, 2022, $10,000 will be forgiven and only $30,000 has to be returned.
- If this loan is not paid off by December 31, 2022, the loan will be converted to a term loan for 3 years with 5% interest rate payable to EDC (Export Development of Canada).
Who is Eligible?
- Companies who have a payroll between $50,000 and $1,000,000
- Operational and registered company on or before March 1, 2020
Required Documents to Apply
- T4 Summary (which can be provided by your accountant or payroll department)
- Business Name (located on the T4 Summary)
- Business Account Number (located on the T4 Summary)
How to Apply
- Please visit your banks online banking portal to apply.
- For any questions please contact your business advisor or bank directly.
- Please do not visit a bank to apply, the application must be completed on online.
- If you need any help to avail this loan, you can contact us at info@jaggiaccounting.com