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Your business matters are important to Earl Grey Credit Union. 

We know that successful businesses help grow successful communities. Your business really does matter!

Flexible and convenient financing is available to support or expand your business. We can provide term loans, mortgages or revolving credit loans to assist with operating expenses or the purchase of land, equipment or other capital assets.

Our lending experts are committed to providing you with quick approvals.

Canada Emergency Business Account (CEBA)

CEBA Applications have now closed

*PLEASE NOTE: for help with CEBA, you can call 1-888-324-4201*

- Hours of operation are Monday to Friday, from 8am to 9pm EST

- The call centre can provide a live status of your application
- Call centre employees can also answer questions about codes or specific documents
- The call centre can provide callers with information about the status of their application, the CEBA program and the document upload website

* Or Inquire on line at https://status-statut.ceba-cuec.ca


  • $60,000 interest-free loan to help you cover operating costs you were not able to defer because of COVID-19
  • $20,000 (33%) of the $60,000 loan is eligible for complete forgiveness if $40,000 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 an interest rate of 5%
  • Once your loan application has been reviewed and submitted, the process for funding will take up to 7 days from completion.  
  • Applications will be close March 31, 2021


  • The loan will be funded as a $60,000 term loan, 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 the rate of 5% per annum, payable monthly on the last day of the month
  • If you pay 66% 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 $60,000 on January 1, 2021 and you repay $40,000 on or before December 31, 2022, the remaining $20,000 will be forgiven
  • If you do not repay the $40,000 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’s the eligibility criteria?

The eligibility criteria are as follows, per the Government of Canada’s requirements:

  • Have an existing Earl Grey Credit Union business deposit account opened and utilize it as your primary operating account
  • Your business has been a registered and operational business since on or before March 1, 2020
  • Your payroll expenses are between $20,000 and $1.5 million annually
  • You agree to use funds from this loan to pay for operating costs that cannot be deferred, such as payroll, rent, utilities, insurance, debt payments and property tax.
  • You have not previously used the program and will not apply for support at any other financial institution.
  • Your intention is to continue operating your business or to resume operations.
  • You agree to participate in post-funding surveys conducted by the Government of Canada.
  • You agree that the funds from this loan will only be used to pay non-deferrable operating expenses including, payroll, rent, utilities, insurance, property tax, regularly scheduled debt service and may not be used to fund any payments or expenses such as prepayment/refinancing of existing indebtedness, payments of dividends, distributions and increase in management compensation.

If you’re not sure if you qualify, we encourage you to discuss your application with your professional accounting partner prior to applying or click on the link below and look for eligability requirements.