The Refinace Meter shows how likely you are to receive a loan from this financial institution. It assumes that you don’t have the money to repay the loan and have an average credit score.
If you don't have the funds to repay the CEBA loan by January 18,2024, to qualify for the loan forgiveness, Canadian Western Bank will consider extending a business loan to customers that meet their credit criteria.
If you do not qualify for financing and still would like to take advantage of the loan forgiveness of up to $20,000, click here to understand your options.
The repayment deadline for CEBA loans to qualify for partial loan forgiveness is December 31, 2023, for all eligible borrowers in good standing. Outstanding loans will subsequently convert to two-year term loans with interest of 5 per cent per year commencing on January 1, 2024, with the loan fully due by December 31, 2025. Please refer to the CEBA website for more details about loan forgiveness and the repayment terms based on the amount of your loan.
You can repay the outstanding balance of your loan anytime on or before December 31, 2023 and be eligible for a portion of forgiveness. Please speak with your Relationship Manager for help determining a repayment strategy that works best for your business.