The banks provided few details and said new terms will be decided on case-by-case basis
The Big Six banks say they are open to refinancing Canada Emergency Business Account loans for small businesses, though they provided few details and say new terms will have to be decided on a case-by-case basis.
Refinancing is an option for businesses that can’t repay their loans in full by Jan. 18, but still want the loan to be partially forgiven. The trade-off is this: Keeping the government terms means a larger loan at 5 per cent interest, or a smaller loan at an interest rate that will be higher than the current prime rate of 7.2 per cent.
National Bank also said it has been proactively reaching out to some customers with financing options. “We encourage our clients to discuss their specific situation with their account manager,” spokesperson Alexandre Guay said. Canadian Imperial Bank of Commerce said it will allow customers with CEBA loans to refinance them, but they will have to contact the bank for details.
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