Thousands of Canadian small businesses are in financial jeopardy as they approach the deadline to repay Canada Emergency Business Account (CEBA) government loans obtained during the pandemic.
As of June, only one-fifth of the nearly 900,000 approved businesses have repaid their CEBA loans.
While the government has offered an opportunity for businesses to refinance their loan with a financial institution, many are not being approved or are grappling with a time-consuming and archaic application process.
Vancouver’s Merchant Growth specializes in small business financing and has a solution for some of these businesses.
Merchant Growth has announced a collaboration with Fortress Investment Group for a $300 million forward flow facility tailored to refinance CEBA loans.
Recognizing the importance of helping businesses navigate their financial obligations, Merchant Growth has collaborated with Fortress to put in place this program dedicated to CEBA refinancing.
Small businesses will be able to leverage funding via Merchant Growth to refinance their CEBA obligations, therein benefiting from the government’s forgiveness offering.
“This significant financing program with Fortress reinforces our commitment to supporting small businesses. We understand the challenges businesses face, particularly with the approaching CEBA loan forgiveness deadline, and this funding will help empower businesses to navigate these financial obligations effectively,” said David Gens, Founder & CEO at Merchant Growth.
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