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Resources for businesses in need

Resources for businesses in need

There are places you can turn to for advice and financial assistance.

As a business owner or self-employed entrepreneur, you are uniquely impacted by COVID-19. Not only does the pandemic continue to severely impact our local communities and economy, but it hits you close to home, creating anxiety over your personal and family’s health as well as your business.

We understand your situation and are here to help.

BlueShore is offering options for interim credit relief for you personally and for your business, managed on a case-by-case basis to ensure the solution fits your immediate and longer-term needs. You may benefit from flexible solutions on commercial credit facilities, such as interest-only payments, deferred mortgage payments or an extended amortization. We would like to emphasize that this temporary relief is intended for those clients directly impacted by COVID-19 and currently experiencing financial hardship.

Relief resources

As an organization, we are also keeping up-to-date on the various relief efforts being made available by the federal and provincial governments. These include the Canada Emergency Wage Subsidy, which just started accepting applications this week (April 27), the Canada Emergency Commercial Rent Assistance program (details are forthcoming) and the Canada Emergency Business Account, for which BlueShore is now taking applications. Be sure to visit our continually updated resource web page for details and links.

Applying for CEBA through BlueShore

CEBA is a new government-guaranteed program intended to help address immediate cash flow needs for organizations experiencing temporary revenue reductions. It provides a $40,000 interest-free loan for eligible small businesses and not-for-profit organizations. Those organizations with 2019 payroll expenses between $20,000 and $1,500,000 may be eligible.

BlueShore is currently accepting applications from our business clients through our Business Online Banking platform. The link to the application can be found under Account Services in the left-hand menu once you are logged in.

You can find more information on the loan, its eligibility requirements and how to apply on our CEBA web page.

Please do not hesitate to contact us if you need assistance with the CEBA application, help signing up for Online Banking, or guidance on other options available for financial relief.

Comments or suggestions? Please email us.

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