CUA Financial Assistance Program


We understand this can be a time of financial uncertainty.  For individuals, businesses and community organizations whose income or livelihood have been affected by the global COVID-19 pandemic, CUA wants you to know we are here to help.  In recent weeks, we have connected with many members about their concerns.  Their questions and stories support the measures we have developed to help affected members through this situation.  As an organization, we are committed to taking the necessary steps to ensure those in need are supported and on that basis, CUA is introducing the following financial assistance measures:

For Individuals

Mortgages: A number of options are available for homeowners who require assistance during this period, depending on the type of mortgage and the associated terms. Eligible members may be able to defer up to an equivalent of six months, including the principal and interest amount.

Overdraft: Members who do not currently have an overdraft on their chequing account may qualify for up to $1,000. For those members who already have an overdraft facility in place, a maximum total of $2,000 may be available.

Term Loans: Qualifying members with a term loan product may be eligible to defer up to an equivalent of six months or opt for an interest-only payment for up to six months.

Unsecured Lines of Credit: Depending on the term and payment schedule of your line of credit, members with an existing unsecured Line of Credit may be eligible for an interest-only payment for up to six months. Members may also be eligible to increase their Line of Credit. Individuals looking for a new Line of Credit may be eligible for up to $3,000.

For Businesses and Community Organizations

Deferral of Payments: Businesses and community organizations may be eligible to defer up to an equivalent of six months on their CUA Commercial loan products (Line of Credit, term loan, mortgage).

Extending Amortization: Businesses and community organizations may be eligible to extend the amortization period by six months on any CUA Term Loan or mortgage product.

Increasing Lending Amount: Qualifying businesses and community organizations may increase the amount of their existing CUA Commercial Loan by up to 10% of the existing approved amount, up to a maximum of $75,000.

There are additional measures available to our members depending upon their unique needs and circumstances.  We encourage any member in financial distress during this time to reach out to us.

Government Programs

The Nova Scotia Government has announced a number of supports for individuals and businesses. To learn more about Government Programs, visit their website. Businesses who have an existing loan under the Nova Scotia Small Business Loan Guarantee Program may qualify to defer principal and interest payments for 90 days, until June 30, 2020. If you are a current CUA business member looking to access assistance related to new or existing loans, complete the form below or phone CUA’s Customer Contact Centre at 902.492.6500.

Frequently Asked Questions

What is a deferral? Expand/Collapse

A deferral is a measure that enables individuals to postpone or pause a particular activity, with intention to revisit and resume that activity at a later date. With respect to deferring a payment, there are typically two portions that make up your full payment. First, the principal, which is the amount that goes directly toward your balance owing. Second, there is an interest portion, which is the cost of having the loan for the period of time you are paying it off.  When you request a deferral, it is important to understand what you can pay later and what you are required to continue paying now.

My income has been affected by COVID-19 but I think I can continue to make my loan payments. Should I get a deferral? Expand/Collapse

The short answer is no.  A deferral should only be pursued if you can’t make your loan payments or you have some other kind of cash crunch and can’t pay your bills.  When you do a loan deferral, you eventually are going to have to pay it and the interest portion of your payment will get added to your total loan.  You will end up increasing the amount you owe and if you don’t need to do that, you shouldn’t.      

What’s the benefit of doing a deferral if I’m going to have to pay it later? Expand/Collapse

For individuals who are currently facing financial hardship, usually associated with reduced or no cash-flow, deferring  payments can help you get through a difficult time.  The benefit of deferring payments is the temporary relief of knowing you do not need to pay right now when you don’t have the money to do so.

I’m a business owner and need financing. What should I do? Expand/Collapse

CUA continues to provide loans to Nova Scotia businesses through a variety of flexible programs we offer or administer.  Specific to recent news, on March 20th the Provincial Government announced several initiatives to address cash flow and access to credit for small and medium sized businesses in Nova Scotia.  Changes to the Small Business Loan Guarantee Program, administered through CUA and similar banking institutions across the province, were also announced. If you are a small business in Nova Scotia and need access to capital during this uncertain time, submit a brief online form and a member of our team will respond to you as soon as possible.

Contact Us

To learn more or to access CUA’s Financial Assistance Program, please call our Customer Contact Centre (902.492.6500) or toll free (North America) 1-800-474-4282. We are open 8:30 a.m. to 6:00 p.m., Monday to Friday.  As we are currently experiencing higher than normal call volumes, we encourage you to send us a message using the form below.  A member of our team will respond to your message within one business day.   

Our team is standing by — ready and here to help.
 

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