Update March 31, 2021: the Government of Canada,in partnership withy the Export Development Canada (EDC) has launched  the Canada Emergency Business Account (CEBA) grant program to provide eligible business owners with an interest-free, government-backed loan of $60,000 to help ease the financial strain experienced as a result of the COVID-19 pandemic.

If you are a business member and have an existing CEBA loan administered through our credit union, and the loan is in good standing, you may apply by click here . For those who are eligible, $10,000 will be forgivable if repaid by December 31, 2022. For example if you are a business who has a current loan of $40,000 and are approved for the additional funds under the new criteria of $20,000 your total loan is $60,000 and of that, $20,000 is forgivable if repaid before December 31, 2022.

For those business members who do not have an existing CEBA loan or pending application, and meet the criteria outlined by EDC, you may be eligible for a loan up to $60,000 with the of $20,000 forgivable if repaid prior to December 31, 2022. New applicants must complete the EDC pre-screening tool here. and follow the other application requirements outlined below.

The application deadline has been extended to June 30, 2021.

To determine if you may meet the CEBA eligiblity requirements, please use the EDC CEBA pre-screen tool.

If it is determined that you may be eligible, contact us at 902-798-5286 or to open a business chequing/operating account and continue the application for the CEBA loan here. 

More information on the program as well as frequently asked questions are outlined below.

The Government of Canada and Export Development Canada (EDC) have launched the Canada Emergency Business Account (CENA) to support businesses and non-profits that have been adversely affected by COVID-19. Eligible businesses will receive a total of $60,000 loan for immediate financial support to cover short term operating expenses, payroll, and other non-deferrable expenses which are critical to sustain business continuity. 

We are accepting applications for the CEBA loan program on behalf of the Government of Canada and Export Development Canada (EDC) until March 31, 2021. To apply, please complete the following:

1. Complete and government pre-screening to see if you may be eligible for hte CEBA Program. If you may be eligible, you will receive a 10- digit pre-screen number.

2. Open a business account. A business account is required to qualify for the CEBA program. Contact us at 902-798-5826 or to open your business banking account.

3. Submit your application by clicking here.

Frequently Asked Questions:


What is the CEBA program? Expand/Collapse

The CEBA loan program provides interest-free loans of up to $60,000 to small businesses and not-for-profits that have been seriously impacted by the pandemic.

If the balance of the loan has been repaid on or before December 31, 2022, 33% of the loan ($20,000) will be forgiven.

As of October 26, 2020, eligibility for CEBA expanded by removing the previous March 1, 2020 condition for having an active business chequing/operating account. With this removal, eligible businesses can now apply after opening a business chequing/operating account with their primary financial institution. For more information about this new criteria see the secont below on "about the CEBA expansion."

As of December 4, 2020, approved CEBA appliciants can now receive a $60,000 loan. CEBA applicants who have received the $40,000 CEBA loan may apply the CEBA expansion, which provideds eligible businesses with an additional $20,000 of financing.

What are the eligibility requirements for the CEBA and how do I apply? Expand/Collapse

The CEBA application process follows one of two streams: (i) the Payroll Stream (Applicants with employment income paid in the 2019 calendar year between Cdn. $20,000 and Cdn. $1,500,000) or (ii) the Non-Defferable Expense Stream (Applicants with Cdn. $20,000 or less in total employable income paid in the 2019 calendar year).

Every applicant must meet the following criteria:
  • Has an active CRA Business Number (BN) with an effective date of registration on or prior to March 1, 2020.
  • Has an active business chequing/operating account with the Lender at the time of applying for CEBA. Note: If Borrower currently does not have a business chequing/operating account the Borrower must create one at their primary financial institution before applying for CEBA.
  • Has not previously used the Canada Emergency Business Account Program ("the Program") and will not apply for support under the Program at any other financial institution.
  • Intends to continue to operate its business or to resume operations.
  • If you fall inot the Payroll Stream and once you have completed the application with your financial institution, the Government of Canada will assess the application and inform your financial institution of the approval or decline of the loan. If approved, your financial institution will provide the funds into your business chequing/operating account.
If you fall into the Non-Deferrable Expenses Stream you must also meet the following criteria: have eligible non-deferrable expenses between Cdn. $40,000 and Cd. $1,500,000. Eligible non-deferrable expenses could include cost such as rent, property taxes, utillities, and insurance. Expenses will be subject to verification and audit by the Government of Canada.

Filed an income tax return with the CRA with a tax year ending in 2019, or, if its tax return for 2019 has not yet been submitted, 2018.

CEBA applications under the 2020 Eligible Non-Deferrable Expense Stream will follow a three-step process:
  • Step 1Complete the online Pre-Screen Tool. The Pre-Screen Tool is not a CEBA application and is solely intended to provide a non-binding indication of eligibility to inform your decision of whether to apply for a loan. If you anre declined at this step you can still apply for CEBA and therefore still need to complete the next two steps as identified.
  •  Step 2: Businesses will initiate applications directly through filling out the application Once we receive the application, we will be in touch to activate Step 3 of the application process.
  • Step 3 Once we've received your application, you will then be directed to a CEBA website to provide supporting documentation of the 2020 Eligible Non -Deferrable Expenses and to complete the application. 
The Government of Canada will assess application information submitted with the supporting documentation and information provided in Step 3. If successful, the Government of Canada will notify us and provide funding for your CEBA loan.


Who can apply for the $20,000 expansion? Expand/Collapse

Applicants with a $40,000 CEBA loan may apply for the $20,000 expansion. To apply, click here.

I already repaid my original CEBA loan. May I apply for the $20,000 expansion? Expand/Collapse

Yes, you may apply for the $20,000 expansion. To apply, click here.

What are the repayment terms for the $40,000 and $60,000 loan and the $20,000 expansion? Expand/Collapse

The following terms apply to all CEBA loans (original loan and expansion loan):


  • 0% per annum interest until December 31, 2022
  • 5% per annum interest starting on January 1, 2023; interest payments frequency to be determinded by your financial institution.
Repayments & Maturity:
  • No principle repayment required before December 31, 2022
  • If loan remains outstanding after December 31, 2022, only interest payments required until full principal is due on December 31, 2025.
Debt Forgiveness:
  • if the outstanding principal, other than the amount fo potential debt forgiveness, is repaid by December 31, 2022, the remaining principal amount will be forgiven, provided that no default under the loan has occured.

Can I apply for an amount other than $20,000 for the expansion? Expand/Collapse

Applicant;s applying for the expansion can only apply for the full $20,000. If you're a new applicant click here to fill out the EDC pre-screen tool to see if you may be eligible. For existing CEBA loan, click here to apply for the expanded program.

Can I still apply for a $40,000 loan instead of $60,000 loan once the expansion is available at my financial institution? Expand/Collapse

No. under the expanded program you may no longer apply for $40,000.

How can I apply for the $20,000 Expand/Collapse

As long as your existing CEBA loan is with Victory Credit Union and meets the eligibility criteria, you may apply here. 

Do I need to submit a new application for the $20,000 expansion? Expand/Collapse

Yes, you will need to submit a new application and attestation to the financial instistution that provided you with your original CEBA loan.

You will not need to resubmit your original application, or re-upload expense documents.

To apply, click here.

I applied for a CEBA loan before the expansion was announced. Can I cancel my existing $40,000 loan application and reapply for a $60,000 loan instead? Expand/Collapse

Please reach out to us directly at 902-798-5286 or by email at
for more information.

Note that choosing to cancel your application will reset adjudication timelines, adding additional processing time. An additional attestation will need to be submitted to apply for a $60,000 loan.

With respect to your existing $40,000 loan application, once you have applied, uploaded all necessary supporting documents (if applicable), and if pre-funding eligibility is sucessful, you should expect to receive funding within 10-15 business days.

Upon approval of your original loan application, you may then apply for an expansion and can do so by clicking here.

How long does it take to receive a $40,000 or $60,000 CEBA loan? Expand/Collapse

Once you have applied , uploaded all necessary supporting documents (if applicable), and if pre-funding eligibility validation is sucessful, you should expect to receive funding within 10-15 business days.

Will I automatically get approved for the $20,000 expansion if I have successfully received a CEBA loan, or is there a chance I will get declined? Expand/Collapse

Applicants who received a $40,000 loan must apply seperately for the $20,000 CEBA expansion.

In instances where additional information is needed from you relating to your original loan application, or if post-funding validation identified a descrepancy between your original loan application and CRA records, your expansion application may be declined.

Depending on the reason for decline, you may or may not be able to remedy your application.

I have been declined for the $20,000 expansion, how should I proceed? Expand/Collapse

Depending on the reason for decline, you may or may not be able to remedy your application. You will be notified with instructions on the next steps if any action or input is required from you.

What is the application deadline for the $20,000 expansion? Expand/Collapse

The deadline to apply for the $20,000 expansion at your financial institution is June 30, 2021.

How long does it take to receive the $20,000 expansion? Expand/Collapse

Once you have applied if pre-funding eligiblilty validation is successful, you should expect to receive funding within 10-15 business days.
For more information on the CEBA Program, visit the Government of Canada website.

If you have further questions, please connect with your Commercial Lending Represtentative directly at 902-798-5286 or by email at

Note: Please be advised that by clicking on the link below you will be taken to an external site.

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