Help available for businesses struggling to repay CEBA loans

Never bet against the ingenuity of small business, especially when entrepreneurs and employers work together.

The Chamber was among 240 organizations that sounded the alarm last year about the looming Jan. 19 deadline for the Canada Emergency Business Account.

The federal government has committed to reviewing, on a case by case basis, the circumstances of businesses still struggling to pay back their loan. However, the Canadian Chamber of Commerce reports that more than three-quarters of businesses that accessed the loan were able to repay in time.

Additionally, a company specializing in small business financing recently announced it has secured $300 million to help businesses that need to refinance their CEBA loans.

BC-based Merchant Growth is working with financial advisor Raymond James to help businesses that need to refinance their CEBA loans.

“Help is available for businesses who continue to be impacted by the effects of the pandemic and the rise in inflation and interest rates,” Chamber CEO Bruce Williams said. “If you’re ever facing a situation where you are not sure what to do, please know that The Chamber is here for you and we will do everything in our power to help.”