Canada launches new interest-free loan program

In the wake of the COVID-19 pandemic, Canada has launched a new program to support small business owners – barbershops, included. The Canada Emergency Business Account will “provide interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.”

To qualify, your shop must demonstrate that you’ve…

      • Paid a total between $50,000 – $1 million in payroll during 2019

The program is slated to begin mid-April, and to begin the application process – business owners are instructed to reach out to their respective banks in Canada.

More details can be found here, under the “Access to Credit” subheading.

Apply for this loan through CIBC

Apply for this loan through TB Bank

Apply for this loan through RBC

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