Mainstreet is committed to helping our members through this unprecedented time as you may be facing difficulties or financial hardship as a result of COVID-19 like job loss, pay disruption, or other loss of income personally or as a business-owner.  To support you, we’re offering flexible financial and payment solutions. To learn more and discuss what is right for your unique situation and financial needs, speak to your Mainstreet personal or business advisor.

Canada Emergency Business Account (CEBA)

Please note that the deadline to apply closed on June 30, 2021.

Repayment: although the CEBA loan is interest free until Dec 31, 2023, you may wish to start making payments sooner. To make a repayment to your CEBA loan, please call or email Mainstreet Credit Union (1-866-380-8008, info@mainstreetcu.ca), contact your advisor or branch directly. Check out the Government of Canada site for additional information and frequently asked questions.

Questions? Please contact the CEBA call centre at 1-888-324-4201.

The Business Credit Availability Program (BCAP)

To help Canadian businesses obtain financing during the current period of significant uncertainty the BCAP will support access to financing for Canadian businesses in all sectors and regions. Through this program, Export Development Canada (EDC) and the Business Development Bank of Canada (BDC) will provide $65 billion in direct lending and other types of financial support at market rates to businesses with viable business models whose access to financing would otherwise be restricted. By working in close cooperation with financial institutions, this program will fill gaps in market access and leverage additional lending by private sector institutions.

Highly-Affected Sectors Credit Availability Program (HASCAP)

Some businesses have been more heavily impacted as a result of COVID-19 and are struggling more than others to access financing. This is why BDC will provide 100% guarantees of up to $1,000,000 to help qualifying businesses finance day-to-day business operating costs. 

Who can apply :
If you are a Canadian business that needs additional cash flow to cover operational costs, you may be eligible for the HASCAP Guarantee through your financial institution. 

Qualifying businesses must:
- have been financially stable and viable pre- COVID; 
- have received payments either from the Canada Emergency Wage Subsidy (CEWS) Program or the Canada Emergency Rent Subsidy (CERS) Program by having demonstrated a minimum 50% revenue decline for at least three months (not necessarily consecutive) within the eight-month period prior to the date of a HASCAP Guarantee application. 

How it works :
BDC has been mandated by the Government of Canada to provide a guarantee to your financial institution for 100% of the value of your loan, to help you access additional liquidity and cover operating costs, as follows:
- loans ranging from $25,000 to $1million to qualifying businesses; 
- low-interest loans and repayment terms of up to 10 years; 
- up to a 12-month postponement on principal repayments at the start of the loan. 

How to apply :
Connect with your advisor to find out whether the HASCAP Guarantee is a good choice for your business and how to apply for a loan. 

For more information visit: hascap.ca


Common Questions

Are there fees for changing my payments?

No, fees associated with deferred payments have been waived at this time.

What does it mean if I deferred a loan payment?
Payment deferrals (also known as skipping payments) can provide short term financial relief - allowing you to pay your debt later so that you can afford to pay for your essential needs now.

Deferring payments does not reduce your debt. You are still obligated to pay the amount of the skipped payment at a later date which is often accomplished by extending the remaining amortization or through a higher payment.

There are a number of things you’ll want to consider when looking at payment deferrals and our team is ready to help you understand your options. 

To book an appointment to discuss financial assistance options


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