CEBA Refinancing Program

Save up to $20,000

in loan forgiveness when you repay your CEBA loan before March 28th 2024.

Refinance your CEBA loan

Take advantage of
loan forgiveness

Take full advantage of the CEBA program by ensuring you qualify for loan forgiveness.

Extend your
repayment timeline

Instead of paying down your CEBA loan balance as a lump sum, make small repayments over a longer period of time

Choose the type of financing that best fits your business

Choose from 3 different financing products designed for SMBs

Breaking Down CEBA Loan Forgiveness

As long as you have applied for a refinancing loan from the financial institution that funded your CEBA loan, regardless if you were approved or declined, you now have until March 28th 2024 to pay off your loan and qualify for loan forgiveness.


If you borrowed $40,000, repayment of your outstanding balance will result in loan forgiveness of 25%.

If you borrowed more than $40,000, repayment of your outstanding balance will result in loan forgiveness of 25% on the first $40,000 plus 50% on the amount above $40,000.

If you borrowed

$30,000


Available Loan Forgiveness: $7,500 Payment due by December 31 2023: $22,500

If you borrowed

$40,000


Available Loan Forgiveness: $10,000 Payment due by March 28 2024: $30,000

If you borrowed

$60,000


Available Loan Forgiveness: $20,000 Payment due by March 28 2024: $40,000

Get the funding you need in three simple steps

Apply online

Apply online to find out how much you qualify for. Access 3 financing products with 1 simple application. Applying is 100% risk free. There’s no obligation to continue and it will not affect your credit score.

Fast funding

Get up to $300,000 to support your business quickly. Your funds are deposited directly into your business bank account within 24 hours** and ready to use for whatever your business needs.

Automatic repayments

Consider repayment as one less thing to worry about because we setup convenient automatic repayments for you. Choose from daily or weekly repayment options.

or call us at (855) 704-7458

CEBA Refinancing Program FAQ

I didn’t repay my CEBA loan before January 18 2024, now what?

Scenario 1: You applied for refinancing with the financial institution that funded your original CEBA loan prior to January 18th 2024. You are still eligible for loan forgiveness if you repay your CEBA loan by March 28th 2024. If you fail to repay your outstanding CEBA loan balance in full by March 28th, 2024 then you will not be eligible for any loan forgiveness and will have to repay the full, undiscounted amount. Any outstanding balance will be subject to 5% interest per year, charged monthly.

Scenario 2: If you did not request a refinancing from your original CEBA provider before Jan 18th, then you are no longer eligible for any amount of loan forgiveness. You have to repay your undiscounted outstanding balance plus 5% interest per year, charged monthly. The principle is due in full by December 31 2026.

Am I eligible for the March 28th loan forgiveness extension?

As long as you applied for refinancing on or before January 18th with the financial institution that funded your original CEBA loan, you are eligible for the March 28th extension – regardless if you were approved or declined.

How much loan forgiveness am I eligible for?

– If you borrowed $40,000 or less, repayment of your outstanding balance will result in loan forgiveness of 25%. For example, if you borrowed $40,000, you only need to repay $30,000, receiving $10,000 in loan forgiveness.

– If you borrowed more than $40,000, repayment of your outstanding balance will result in loan forgiveness of 25% on the first $40,000 plus 50% on the amount above $40,000. For example, if you borrowed $50,000, you only need to repay $35,000, receiving $15,000 in loan forgiveness.

– If you borrowed $60,000, repayment of your outstanding balance will result in loan forgiveness of 33%, or $20,000.

Am I eligible for loan forgiveness?

As long as you meet CEBA eligibility criteria and are in good standing with the financial institution that funded your CEBA loan, then you are eligible for loan forgiveness if you repaid your principal by January 18 2024 or qualified for the March 28th 2024 extension.

What are the minimum qualifications for financing?

To qualify for business financing with OnDeck Canada: Your business must be based in Canada. You must have a business bank account with a Canadian financial institution. You must have business history of at least 6 months, with you as the business owner. You must make a minimum of $100,000 in annual sales.

How does a Line of Credit work?

Our Line of Credit is a form of revolving credit that allows you borrow money up to a certain limit and pay it back over time. Repayment can either be fixed, with a set weekly payment, or variable, with a weekly payment that comprises a percentage of your principal plus interest. The funds from a Line of Credit are deposited directly into your business bank account and are best suited for ongoing or unexpected expenses such as repairs or payroll. Learn More

How does a Fixed Term Loan work?

With a Term Loan, you receive the full amount of financing up front and repay with fixed installments (daily or weekly) over the course of the term. A Term Loan is best suited for investments such as purchasing equipment or financing an expansion. Learn More

How does Flex Funds work?

Flex Funds is an advance product that provides you with the full amount of financing up front and is repaid with variable, daily payments using a small percentage of your daily card sales. Flex Funds is best suited for seasonal businesses or those with more unpredictable sales cycles. Learn More

Where can I find more information about the CEBA program?

For more information about CEBA, please visit the Government of Canada website here.

Helping small businesses is what we’re all about

• Pricing for term loans ranges from 8% – 29%, cents on the dollar (for each dollar borrowed, the amount of interest paid ranges from $0.08 — $029). Lower rates are available and may be offered to businesses with strong creditworthiness.