Whether you’re thinking about buying a new workspace, renovating your existing space, or paying off your bills, Advance Savings can help! We offer a wide range of business loan products to fit our member's particular needs.
Whether you are considering expanding your business, doing upgrades or renovations, or paying off some bills, Advance Savings can help move your business in the right direction with short or long term business loans and agricultural or fishery loans.
- Repay your loan faster with weekly or bi-weekly payments
- No penalty for extra payments or early repayment
- Competitive fixed interest rates
- Low cost life and disability insurance available
A Line of credit allows our member to borrow up to a certain amount without getting an individual loan. You apply once and can borrow against an approved limit. It allow our member to have access to money when they need it for any situation.
- You control how much you borrow
- The money is accessible with Interac debit, e-Transfer and cash or cheque withdrawal
- Competitive interest rates
- Flexible repayment options
Advance Savings is here to help our business members with their mortgage needs; whether you need help financing a new building or buying/developing other commercial properties. Pay off your mortgage anywhere between 1-20 years; we’ll even collect and pay your property taxes for you.
The Canada Emergency Business Account (CEBA) was made available by the Government of Canada and Export Development Canada (EDC) to support businesses and non-profits adversely affected by COVID-19. Through the program, eligible businesses and non-profits were provided financial support (through the form of a loan) to cover short term operating expenses, payroll, and other non-deferrable expenses to help sustain business continuity.
The Government of Canada has stopped accepting applications for the CEBA loans as of July 1, 2021, but we are continuing to provide support to members with funded and outstanding CEBA loans.
IMPORTANT INFORMATION:
The Government of Canada recently announced the loan forgiveness qualification and the interest free period have both be extended to December 31, 2023 for loans in good standing.
Members with funded and outstanding CEBA loans please note the following important information on repayment terms:
Repayment terms if made by December 31, 2023:
- 0% interest will apply before January 1, 2024.
- Loan forgiveness will apply if the CEBA loan balance is less the eligible forgiveness amount.
For example:
- If you are the recipient of a $40,000 loan: $10,000 will be forgiven if $30,000 of the loan balance is fully repaid by December 31, 2023.
- If you are the recipient of a $60,000 loan: $20,000 will be forgiven if $40,000 of the loan balance is fully repaid by December 31, 2023.
- If your CEBA loan is less than $40,000: 25% will be forgiven if 75% of the loan balance is fully repaid by December 31, 2023.
Repayment terms after January 1, 2024:
- A rate of 5% interest per annum will accrue on the balance of the loan.
- Full repayment (including principal and interest) is due and payable on December 31, 2025.
More general information about the program as well as frequently asked questions are available on Government of Canada CEBA page here.
The Government of Canada has stopped accepting applications for the CEBA loans as of July 1, 2021, but we are continuing to provide support to members with funded and outstanding CEBA loans.
IMPORTANT INFORMATION:
The Government of Canada recently announced the loan forgiveness qualification and the interest free period have both be extended to December 31, 2023 for loans in good standing.
Members with funded and outstanding CEBA loans please note the following important information on repayment terms:
Repayment terms if made by December 31, 2023:
- 0% interest will apply before January 1, 2024.
- Loan forgiveness will apply if the CEBA loan balance is less the eligible forgiveness amount.
For example:
- If you are the recipient of a $40,000 loan: $10,000 will be forgiven if $30,000 of the loan balance is fully repaid by December 31, 2023.
- If you are the recipient of a $60,000 loan: $20,000 will be forgiven if $40,000 of the loan balance is fully repaid by December 31, 2023.
- If your CEBA loan is less than $40,000: 25% will be forgiven if 75% of the loan balance is fully repaid by December 31, 2023.
Repayment terms after January 1, 2024:
- A rate of 5% interest per annum will accrue on the balance of the loan.
- Full repayment (including principal and interest) is due and payable on December 31, 2025.
More general information about the program as well as frequently asked questions are available on Government of Canada CEBA page here.
