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The Canada Emergency Business Account (CEBA) is an initiative of the Government of Canada.  The official Government website is

Alternative Lenders in Canada: Who is Providing CEBA Refinancing?

Alternative Lenders for CEBA Refinancing
Reading Time: 7 minutes

So you want the government forgiveness and need CEBA refinancing to get up to $20,000 for free – but you don’t have $40,000. Fortunately, many alternative lenders are lining up to provide CEBA financing to SMBs in need. Whether it’s through your financial institution or another lender, there are options available for business owners in need of cash – regardless of your credit score. Given the CEBA loan program changes, it’s not only financially prudent to seek out these opportunities if you think you’ll be approved, it can also buy you a couple of months of decision time if you aren’t.

Financial Institutions

Most banks and credit unions are providing CEBA refinancing for their clients. Because your financial institution knows you the best, it is always a good idea to apply for a loan from them before going to other lenders. It’s important to remember that if you apply for CEBA loan refinancing from your primary financial institution before January 18, 2024, the deadline for loan forgiveness is automatically extended to March 28, 2024. This, however, does not provide companies with an additional two and half months of interest-free lending. Interest on your CEBA loan begins to accrue on January 19, 2024 at a rate of five percent per year. However, these additional months of interest will cost a lot less than losing out the up to $20,000 in forgiveness on your CEBA loan. All businesses’ first port of call should be their existing financial institution. Even if you are quite certain that you do not qualify for a CEBA refinancing loan, you should still apply for one. This helps you by a) extending the forgiveness deadline to March 28, 2024, and b) allowing you more time to seek alternative financing.

Can I obtain CEBA refinancing through a different bank?

If you are interested in shopping for the best value for CEBA refinancing, you might be considering using a different financial institution from your primary one. It’s important to remember that to qualify for the forgiveness extension to March 28, 2024, you must apply for a loan via the financial institution that currently holds your CEBA loan. Applying for a CEBA refinancing loan through a financial institution that is different from the one where your CEBA loan is held will not change the government forgiveness deadline of January 18, 2024.

If you’ve already applied at your primary financial institution and been declined, it’s possible to shop around. However, financial institutions are generally not pursuing refinancing for CEBA loans held by other banks or credit unions. While it is possible to shop around at different financial institutions, it is not advisable. Most financial institutions are looking for long-term relationships with their clients. The relationship would include savings and or chequing accounts, foreign exchange, credit facilities and many other services provided by banks and credit unions. Therefore, it would be unlikely that a financial institution would provide a loan without the other services. In addition, the financial institution that is not holding the CEBA loan would understand that in most cases your financial institution declined to provide you with a CEBA refinancing loan. While the bank will do an independent assessment of your creditworthiness, it will be even more challenging to obtain CEBA refinancing if you go this route.

Alternative Lenders

The Canadian financial ecosystem is strong and vibrant, and credit options for SMBs have proliferated in the last decade. There is a lender for almost every situation. A key aspect for any lender is there being some type of collateral to support providing a credit facility. For any kind of loan, whether it’s borrowing money from a friend or taking money out at the bank, the lender needs to be comfortable with the risk.

Lenders must feel comfortable that the loan will be repaid as agreed. This is why most lenders will want a physical asset such as equipment as collateral, or evidence that your business has sufficient cash flow to repay the loan. Sufficient cash flow means that the borrower has enough profit (revenue minus expenses) to result in leftover money to repay the loan and make interest payments. Let’s look at which lenders are refinancing CEBA loans.

Greenbox Capital

Greenbox Capital

Greenbox Capital provides business loans up to $500,000 in as little as 24 hours. They have a significant presence in Canada, the United States and Puerto Rico. Similar to other lenders, application for a loan is done through a simple online form. Greenbox Capital has flexible approval requirements that allow more businesses to obtain financing, and fund companies in almost any industry across Canada. Because the CEBA program started a number of years ago, any business still operating with a minimum monthly revenue should qualify for financing. Even businesses with low credit scores can be approved.

OnDeck Canada

OnDeck Canada

OnDeck Canada is a national leader in online lending for small businesses. They focus on offering accessible and efficient loans, targeted specifically at Canadian small businesses. OnDeck offers a CEBA Refinancing Program built with flexibility in mind. The program allows small businesses to claim the loan forgiveness offered by the government as part of the CEBA program, as well as extend their repayment timeline. OnDeck has a wide variety of flexible credit options and repayment terms, including Lines of Credit and Term Loans. They also have an option for ‘Flex Funds’ advances, which gives business owners access to funds in as little as 24 hours. OnDeck has been in the alternative lending sector since 2009, when they pioneered the use of data analytics and digital technology to make real-time lending decisions and get funds out faster. Now, Canadian small business owners have an option to rapidly access funding through OnDeck in less than a day.

Merchant Growth

Merchant Growth

With over 14 years in the small business lending space, Merchant Growth is familiar with the challenges facing business owners. Merchant Growth’s mission is to bring the most convenient and accessible financing experience to Canadian SMBs, which is why they’re well suited to offer CEBA financing. Having worked with small businesses across Canadian industries, their approach blends customer care, complete transparency, and the latest technology.

For CEBA financing, the company has developed Canada’s first-of-its-kind end-to-end automated application to allow small businesses to apply, be adjudicated, review and sign loan documents, and have their CEBA refinanced in a single user experience. The process takes less than 10 minutes.

Merchant Growth’s goal is to support small businesses with these financing needs and help them continue to grow.


Driven specializes in small business loans done right. The company specializes in small business loans that are both fast and flexible. Whether you’re looking to expand your business, manage cash flows, or seize a new opportunity,’s digital-first approach simplifies the application process, ensuring your business gets the funds when you need them the most. With competitive rates and personalized support, is dedicated to propelling your business forward, and their loan offerings are a good fit for CEBA lenders.

2M7 Financial

2M7 Financial Solutions

2M7 Financial is Canada’s leading Fintech dedicated to small businesses. Founded in 2008 to meet the growing financial needs within the small and medium-sized business market. 2M7 is a proudly Canadian alternative to traditional funding providers, with a specialization in Merchant Cash Advances. 2M7 developed a proprietary system that can evaluate the risk and determine credit worthiness, to support small businesses across Canada, and have successfully been doing so for the past 15 years.

Their mission is to make your experience as easy and seamless as possible; we strive to

provide a simple and quick acquisition of your Merchant Cash advance with personalized support.


These five lenders provide a comprehensive solution to any business looking for CEBA refinancing, and CEBA.CA is the only comparison tool to find businesses the best lender for their specific needs. In less than 2 minutes a company can apply to multiple lenders and have a significantly greater probability of repaying the CEBA loan in time for the $10k to $20k government forgiveness. Using CEBA.CA’s loan comparison tool, companies can see the cost of continuing with the CEBA loan versus other lending alternatives. Making an informed decision about CEBA refinancing is a key component to growing your business.

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