CEBA Repayment
Canadian Emergency Business Account (CEBA) program
Administered by Export Development Canada (EDC), the CEBA program offers interest-free loans to eligible businesses, with a maximum amount of $60,000. By repaying the loan balance to the Government of Canada by December 31, 2023, a loan forgiveness of 33 percent (up to $20,000) can be obtained.
The loan carries no interest until December 31, 2023, and borrowers have the option to make voluntary principal repayments at any time without incurring fees or penalties.
Easy Application Process
At Kingsmen Capital our application process for CEBA repayment is quick and straightforward. We could save you up to $14,000
Flexible Payments
We have flexible terms and payments that we can work around to make sure your needs are met.
Quick Funding
We understand you need to pay back the CEBA loan and the deadline is fast approaching. We can get you approved within 48 hours!
For Ceba loans advanced for $60,000 borrowers may qualify for up to $20,000 loan forgiveness if they repay $40,000 by december 31 2023.
Similarly, for CEBA loans advanced for $40,000, borrowers may qualify for up to $10,000 loan forgiveness if they repay $30,000 by December 31, 2023.
If the loan balance is not settled by December 31, 2023, a 5% annual interest will be charged, payable monthly, starting from January 1, 2024.
The entire loan balance (including principal and interest) must be repaid no later than December 31, 2025.
Example:
If you have borrowed $60,000 and find it challenging to meet the minimum repayment requirement for your CEBA loan by 2023, the federal government will assign you to a 5 year repayment plan.
Here’s how it works:
You will need to repay the $60,000 principal amount over a minimum period of 3 years with a 5% interest rate resulting in a minimum of $6,000 in interest changes.
However, with Kingsmen Capital CEBA Program you can repay $40,000 of the loan over a period of 18 months which could be as low as $46,000. We could save you as much as $14,000.
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