Canada's
#1 bank continues to provide critical resources, solutions,
national initiatives and government relief programs such as CEBA to
support the recovery and growth of Canadian businesses
TORONTO, Dec. 4, 2020 /CNW/ - 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.
For more details about CEBA, visit www.rbc.com/ceba.
About RBC
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. Learn more at rbc.com.
We are proud to support a broad range of community initiatives
through donations, community investments and employee volunteer
activities. See how at rbc.com/community-social-impact.
SOURCE RBC Royal Bank