Changes to Credit Union Regulations Help Businesses Access Federal Relief

The Provincial Government has amended the Credit Union Regulations, to allow credit unions to avail of the Canada Emergency Business Account (CEBA) program in an effort to help alleviate financial hardship on businesses in Newfoundland and Labrador during COVID-19.

The federal initiative, announced on March 27, provides up to $40,000 in commercial loans to businesses to alleviate unusual financial pressures during the COVID-19 pandemic. Funding is provided to qualifying businesses through an application process designed by Export Development Canada and must be made through the business’s primary financial institution.