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Company News

Canadian banks to hand out interest-free loans to small businesses

April 9 (Reuters) - Small and medium-sized businesses in Canada, which have been affected by the ongoing coronavirus crisis, will be able to access interest-free loans of up to $40,000 to meet their cash requirements, according to the Canadian Bankers’ Association.

Under the new federal plan, businesses will be able to apply for loans online and receive funding as part of the Canada Emergency Business Account (CEBA) program for small businesses.

In March, the “big six” lenders - Royal Bank of Canada , TD Bank, Scotiabank, Bank of Montreal, CIBC and National Bank of Canada - announced a coordinated effort to offer mortgage relief to customers suffering pay disruption as businesses grind to a halt. (Reporting by Anirban Sen in Bangalore; Editing by Shailesh Kuber)

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