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Call us at 1.888.517.7000 Mon-Sat, 8am-8pm; Sun, 9am-5:30pm.
We know that COVID-19 has impacted businesses in many ways. We're here to help our members navigate this financially challenging time.
Canada Emergency Business Account (CEBA)
Through this program, businesses and non-profits can access:
- A $40,000 loan to help cover non-deferrable operating costs while their businesses are affected by COVID-19. The loan would be interest-free until December 31, 2022.
- If at least 75% of the loan balance is fully repaid by December 31, 2022, the remaining 25% (up to $10,000) may be forgiven.
- If not repaid by December 31, 2022, the loan will be extended to December 31, 2025 at 5% interest.
Find out more
EDC Business Credit Availability Program Guarantee
We are partnering with Export Development Canada (EDC) to provide loans backed by the BCAP Guarantee. This program is open to businesses in need of short-term liquidity beyond the amount available in CEBA to sustain operations over the next 12 months.
The EDC BCAP Guarantee backs a loan with the following terms:
- Up to $6.25 million in financing for eligible and approved businesses
- Initial one-year duration that we may extend annually for up to five years’ total duration
- 80% guarantee from EDC to help with risk
- 1.8% guarantee fee, deferred for the first six months
You do not need to have export sales to qualify.
Find out more
For more details on the program, eligibility criteria, and application process, visit our BCAP Guarantee page.
BDC Co-Lending Facility
The federal government has announced a co-lending facility administered by the Business Development Bank of Canada (BDC) for businesses of all sizes that have been affected by COVID-19.
Details are still being finalized, but we anticipate that this program will include:
- Financing up to $6.25 million for eligible and approved businesses for operational costs like payroll and rent
- Differing maximum finance amounts based on business revenues
- 80% of financed amount provided by BDC and the remaining 20% by Coast Capital
Coming Soon
Further details on the program, eligibility criteria, and how to apply will be coming in the next few weeks.
Canada Emergency Wage Subsidy (CEWS) direct deposit
Coast Capital Savings is working with the Canada Revenue Agency (CRA) to make payments from the Canada Emergency Wage Subsidy (CEWS) more efficient through direct deposit. The CEWS provides eligible employers with a subsidy of 75% of an eligible employee's weekly earnings, to a maximum of $847 per employee per week for up to 12 weeks. Retroactive to March 15, 2020, the CEWS aims to prevent further job losses and encourage employers to re-hire workers previously laid off as a result of COVID-19.
We've made receiving CEWS payments easier, faster, and safer through direct deposit. Enrol for direct deposit today to receive payments directly into your business account. Learn more
Read the details on how to apply for the subsidy on the CRA website or read our Frequently Asked Questions.
IMPORTANT: When signing up for CEWS, be sure to use the same legal business name that is used in filing the business’ taxes. This information will be used to cross-reference applications. If the name on the application does not match, it may be delayed or rejected.
Canada Emergency Commercial Rent Assistance (CECRA)
This program is administered by the Canada Mortgage and Housing Corporation (CMHC).
CECRA for small businesses provides relief for small businesses experiencing financial hardship due to COVID-19. The program offers unsecured, forgivable loans to eligible commercial property owners to:
- Reduce the rent owed by their impacted small business tenants
- Meet operating expenses on commercial properties.
Property owners receiving this assistance must offer their tenants a minimum of a 75% rent reduction for the months of April, May and June 2020.
Business Member Financial Relief Program
To support our members through the financial hardships of COVID-19, we're now offering financial relief for business members on a case-by-case basis.
Support may include:
- Payment deferral for personal and business loans and lines of credit
- Increases to operating line of credit limits
Please note: interest will continue to accrue during the payment deferral period and will be added to the principal amount of the loan.
Get started
We'll be in touch as quickly as possible to help find the right financial solutions for you and your unique situation. If you need immediate assistance call us at 1.888.517.7000.
Coast Business Visa Relief Measures
Desjardins Card Services is temporarily offering payment deferrals and reduced interest rates on Coast Visa Desjardins credit cards for eligible business members affected by COVID-19.
These temporary measures include:
- Up to 6 months of deferred payments without penalty, without a negative impact on credit ratings
- Reduced interest rate on credit cards to 10.9% for the duration of the deferred payment for members that qualify for the payment deferral
Talk to Desjardins today
For more information and to apply call 1-800-224-7737 or visit the Desjardins website.
The relief measures and application outlined on the Desjardins page apply to business members as well as personal members. Eligibility and length of payment deferral will be determined on a case-by-case basis and, as Desjardins issues the card, can only be approved by contacting them.
Auto Finance Payment Deferral
Coast Capital Auto Finance Team is here to support you through the financial hardships of COVID-19. We’re offering auto loan payment deferral for up to 3 months on a case-by-case basis.
Please note: Interest is accrued to the outstanding balance of the loan and incorporated into your payments once they resume.
Talk to our Auto Finance Team
The fastest way to start the deferral process is by emailing us.
- List of Alberta Provincial Government support for individuals
- List of Alberta Provincial Government support for businesses
- Ontario Provincial Government support for families
- Ontario Provincial Government COVID-19 action plan
- Canada Emergency Response Benefit (CERB)
- List of Federal Government support for individuals
- List of Federal Government support for businesses
- List of BC Provincial Government support
- Small Business BC – COVID-19 Resources for Small Business
Resource Guide
Did you know there are some government support programs available to support our members, including businesses? We’ve put together a helpful guide.
You can also visit the Government of Canada’s COVID-19 Economic Response Plan page for the latest details on the types of financial support they are offering.
