Resources for Businesses

Canada Emergency Business Account Funding - CEBA

We are now accepting applications for the $40,000 Canada Emergency Business Account funding.  Your completed application package can be submitted electronically to Kelly Renz: krenz@heritagecu.ca

Download Application Form HERE

Criteria to be eligible for application at Heritage Credit Union (HCU):

  • Must have an established business account with HCU as of March 1, 2020
  • Membership and account must be in good standing a minimum of 90 days prior to application
  • Must have a Revenue Canada 15 digit Business Payroll number (see example)
  • Must have a 2019 Employee Income reporting in Line 14 of the T4Summary of $20,000 to $1,500,000 (see example)
  • Copy of 2019’s T4Summary of Renumeration Paid must accompany application for verification of information.
  • Must provide HCU account number for deposit of funds
  • Business name on account must match business name on T4Summary.

What you should know:

  • Funds will be directly deposited to your account in 3-5 business days;
  • If 75% paid back by December 31, 2022, 25% of funding is forgivable, if (ie; loan is $40,000, $10,000 is forgivable under this criteria);
  • If any of the loan is outstanding after December 31, 2022 an Extended Term Date will apply until December 31, 2025, with an Interest Only Monthly payment of 5% per annum, starting January 31, 2023;
  • By signing this application, you are attesting to the validity of your representation, authorization, and accuracy of information provided.
  • For your protection, please read the application, terms and conditions thoroughly.

If you have any questions or need clarification, please reach out to our Commercial Department who will be happy to assist you.

 
 

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