VICTORIA, B.C. – After reviewing the federal government’s announcement on Sept. 14 regarding changes to requirements for repayment of CEBA loans, the Greater Victoria Chamber of Commerce is joining our national chamber network as well as our many partner organizations to call for an extension to the repayment deadline while maintaining the forgivable portion.
“We’re thankful that the government appears to be listening, however, they’re only hearing part of the message. A lot of organizations are still fighting for survival and there is a real risk they could fail and never repay their loan,” Chamber CEO Bruce Williams said. “These are businesses that stayed open through the pandemic, kept people employed, and planned for better days. Unfortunately, they’re now facing a new struggle against rising costs and a challenging financing environment.”
Razor sharp margins and a steep increase in interest rates have created unfavorable conditions for doing business. The Chamber is calling for a two-year extension to give businesses and interest rates enough time to stabilize.
“Many organizations still need time, and extending the deadline for repayment of the loan is reasonable, however, that needs to be coupled with continuing to allow the forgivable portion of the loan,” Chamber Chair Kris Wirk said. “The reality facing many small businesses — especially those in hospitality, tourism and retail — is that they have a viable path to making a full recovery but it’s going to take longer than expected.”
The Chamber is also working to help businesses and non-profits better understand their options. It’s vital that these organizations seek expert guidance to know what their specific agreements require, and whether it makes sense to adapt their operations or consider existing alternatives for refinancing their loan.
Jim Zeeben, Policy and Strategic Communications
Greater Victoria Chamber of Commerce
250 360-3471 | firstname.lastname@example.org.
About Greater Victoria Chamber of Commerce
Since 1863, The Chamber has served Greater Victoria by working together to build good business and great community for all through advocacy, networking, professional development, and innovative services as changing times require. In 2020, the Chamber Champions initiative added a powerful resource to provide leadership and guidance to our organization. Current Champions are: BC Ferries, Berwick Retirement Communities, Big Wheel Burger, Camosun College, CHEK Media Group, CIBC, ColdStar Solutions, H2 Accelerator, Knappett Projects, Acera Insurance (formerly Megson FitzPatrick Inc.), Mike Geric Construction, MNP, PARC Retirement Living, RBC, Scotiabank, Seaspan Victoria Shipyards, Starlight Developments, Times Colonist, TD Commercial Banking, TELUS Business, Times Colonist and the University of Victoria. Find out more at Victoriachamber.ca.
Since 1863, The Chamber has served Greater Victoria by working together to build good business and great community through advocacy, networking, professional development and innovative services as changing times require.