Latest Updates
Last updated: May 30, 2020

On May 19, the Canadian government expanded the Canada Emergency Business Account program to include businesses with payrolls lower than $20,000. The Government of Canada is still finalizing the details.  Please keep an eye on this page, as we will update it when we have more information.

Export Development Canada (EDC) has announced changes to the EDC Business Credit Availability Program (BCAP) Guarantee.  The guarantee now is available for up to five years. More information on this program and the other BCAP loans is below.

We will be participating in the Business Development Bank of Canada (BDC) Co-Lending Facility. Further details on the program, eligibility criteria, and how to apply will be coming soon. Please check this page for updates.

We’re here to help you get through these uncertain times with minimal financial impact. Coast Capital is dedicated to working with our business members on a case-by-case basis to provide flexible solutions through hardships caused by these circumstances.

There are a lot of programs available to help support businesses and minimize the impact of COVID-19.  There is help available through loan payment deferrals and short-term government subsidies, as well as various types of loans meant to help with operating expenses during the COVID-19 pandemic. 

Our business relationship managers are here to help you navigate these programs and determine the right solutions for your business during this time. Your business is our business. We’re in this together.

Coast Capital is offering the following types of relief:

The federal government has made these different loan programs available to meet business’ needs for liquidity to sustain operations during the COVID-19 pandemic.

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

For more information on the program, eligibility criteria and application, check out our CEBA page.

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.

The government has announced subsidies to assist with paying employee wages while revenues are reduced due to COVID-19.  Where possible, Coast is working to make receipt of these payments easier through direct deposit and rent.

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.

To learn more and apply, visit the CMHC website.

Coast Capital and our partners have made available a number of options for payment deferrals and temporary relief during the COVID-19 pandemic.

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.

Have more questions?

Call us at 1.888.517.7000 Mon-Sat, 8am-8pm; Sun, 9am-5:30pm.

For information about the complaints handling process, click here.

*Terms and conditions apply. Applications subject to approval and to funding availability and eligibility criteria of the Canada Emergency Business Account program. Program details may change.