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If you don't have the funds to repay the CEBA loan by December 31, 2023, to qualify for the loan forgiveness, Meridian Credit Union 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.
You could be eligible for a new Meridian loan of up to $40,000 that you can use to repay your outstanding CEBA balance and obtain up to $20,000 in CEBA loan forgiveness from the government.
High-level terms of the Meridian loan:
A one-time $250 loan fee applies.
Interest rate would be Prime +1.25%.
Full repayment of principal and interest made over 36 months.
Qualified loans disbursed the last week of December 2023.
Loan amount would be no greater than your outstanding CEBA balance at the time of funding, less the applicable forgiveness portion.
To find out if you are eligible for this loan, please fill out this updated Personal Net Worth statement and e-mail it to [email protected]