Banks Stand Ready to Deliver Small Business Relief

TORONTO, April 8, 2020 /CNW/ - Banks are dedicated to helping Canadians during the significant economic challenges brought on by COVID-19 and are pleased to deliver fast access to the Canada Emergency Business Account (CEBA) program for small businesses. Under this new federal plan, small and medium-sized companies that need help to meet their operational cash flow requirements can access interest-free loans of up to $40,000 to manage through the financial impacts of the pandemic.

Starting tomorrow, Canada's banks will begin enrolment for their own business clients and funds will begin to flow shortly thereafter. Customers are encouraged to visit their own bank's website for information about the online process to apply for and receive CEBA funding and other relief. Business owners are encouraged to register for online banking services if they have not done so already. 

"The majority of business customers served by banks in Canada are small and medium-sized, and we understand the drastic effect of COVID-19 on these hard-working Canadians," said Neil Parmenter, President and CEO of the Canadian Bankers Association. "Banks have personal relationships with their small business customers and are working closely with the federal government to ensure clients have the support they need right now."

Learn more about how Canada's banks are standing by Canadians: cba.ca/canadian-banks-are-standing-by-canadians 

About the Canadian Bankers Association
The Canadian Bankers Association is the voice of more than 60 domestic and foreign banks that help drive Canada's economic growth and prosperity. The CBA advocates for public policies that contribute to a sound, thriving banking system to ensure Canadians can succeed in their financial goals. www.cba.ca.

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SOURCE Canadian Bankers Association