As Canadian businesses continue to navigate the economic uncertainties and operational limitations brought on by the pandemic, RBC is pleased to accept applications for the Government of Canada’s expanded Canada Emergency Business Account (CEBA) loan. Our online application process is now open to all RBC business clients who are either existing CEBA recipients seeking a $20,000 increase to their $40,000 CEBA loan, or new to the CEBA program and applying for the expanded $60,000 loan.
“Many business owners continue to face the financial implications of the prolonged COVID-19 pandemic, and the government’s expansion of the CEBA program comes at a critical time as Canadian businesses look for ways to persevere through these challenging times,” says Greg Grice, Executive Vice-President, Business Financial Services at RBC. “RBC remains committed to supporting our clients through every step of this journey, and we’re pleased to facilitate the government’s expanded CEBA program to provide more support to businesses during these difficult times.”
The deadline to apply for CEBA is March 31, 2021 and applicants must meet the Government of Canada’s eligibility criteria, as outlined online at https://ceba-cuec.ca/. All applications for new CEBA loans and increases to existing CEBA loans will be reviewed and decisioned by the Government of Canada.
To date, RBC has processed more than 177,000 approved CEBA applications through our self-serve, online process, representing more than $7 billion in total CEBA relief to support Canadian businesses.
In addition to CEBA, RBC continues to facilitate the delivery of critical government relief programs such as the BDC and EDC Business Credit Availability Programs (BCAP), the Canada Emergency Wage Subsidy (CEWS) and the Canada Emergency Rent Subsidy (CERS).
Rallying support for local businesses
The support of Canadians is critical to the successful recovery of Canadian small businesses and the resilience of our economy. In an effort to rally Canadians to ‘show local some love’, RBC launched its Canada United campaign in August. The initiative brought together more than 70 corporate brands, the national network of the Canadian Chambers of Commerce, business associations and 44 municipalities to encourage Canadians to shop, dine and source locally.
During the Canada United Weekend (August 28-30), RBC clients directed more than $1 billion in credit and debit card purchases to businesses across the country. The RBC-funded Points for Canada campaign helped drive customer engagement by providing RBC Rewards clients with more value when they shopped, travelled or dined locally.
The initiative also included the launch of the Canada United Small Business Relief Fund. With the Federal Government’s generous contribution, the Fund raised more than $14 million to provide thousands of eligible small businesses with grants of up to $5,000. This grant aims to cover expenses related to: personal protective equipment (PPE); renovations to accommodate re-opening guidelines; and developing or improving e-commerce capabilities.
Helping businesses adapt and plan for the future
“The way we live, shop and work continues to evolve rapidly and the effects of the pandemic have only accelerated this pace of change, with a profound impact on small businesses,” says Lori Darlington, Vice-President, Small Business and Strategic Partnerships at RBC. “As businesses adapt to be more agile, resilient and digitally-enabled, RBC remains focused on delivering the latest, most relevant solutions, and tailored advice to support the unique recovery journey and needs of each business.”
Solutions available to RBC business clients include:
- Ownr, a quick, affordable and online way to get a business registered or incorporated. In support of entrepreneurs during the pandemic, Ownr partnered with Shopify, Staples and Moneris to launch a $200,000 Canada Starts fund for aspiring entrepreneurs. Ownr also launched Ownr Grants – a $25,000 fund to help entrepreneurs cover some of the costs of their new ventures;
- RBC Insight Edge™ for Small Business enables clients in the retail sector to utilize real-time data around changing consumer spending habits, customer demographics and new purchasing patterns to help inform operational and strategic business decisions;
- A selection of business account packages that can be opened remotely by single or multiple business owners through a convenient, virtual advisor-assisted process, and award-winning digital payments solutions such as RBC PayEdge;
- NOMI™ Insights for businesses – a feature available through the RBC Mobile App to provide owners with valuable financial insights such as cash flow and spending analyses across various purchase categories;
- An integrated, all-in-one online payment, eCommerce and shipping solution through RBC’s partnership with Moneris, Bookmark and UPS to start and grow your online business;
- A partnership with Nextdoor to offer ‘Open for Business Powered by RBC’ – an initiative to help revitalize local businesses by connecting them to community members who are most likely to shop, dine and use the services offered by these establishments. RBC clients receive additional benefits on the Nextdoor platform;
- Digitally-enabled third-party solutions like Magnet, ADP, League and Wello to attract talent, effectively manage payroll and employee health and wellness benefits, and virtually support the mental and physical health of employees; and
- Entrepreneurs can access many of these tools, resources and business advice online through the RBC Small Business Navigator at https://www.rbcroyalbank.com/business/small-business-navigator/index.html.
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 86,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 34 other countries.
SOURCE: RBC (Royal Bank of Canada)