Glenn's 2 Cents
Summer is finally here!
It feels like a while since we had a proper summer due to the pandemic. This summer feels extra special, and I'm filled with the excitement I felt as a child looking forward to trips to the lake.
This summer, Synergy has been a busy little bee. We just rounded off our annual member appreciation days at all the branches, and the turnout was spectacular. We also awarded 4 scholarships worth $4000 each. And more than 3.1 million dollars went going back to our members in the form of ProfitShares!
Look forward to even more activities from us this summer.
Recently, the banking industry experienced a major operational hiccup. The Rogers nationwide outage brought financial services such as ATM's, e-transfers and debit cards to a halt. This unprecedented event which lasted over 48 hours, highlighted our dependence on these services. While many of us might felt helpless, there are lessons we could learn from this experience. Always have a small amount of cash on hand for such emergencies and diversify your methods of payments by having both credit and debit cards. Synergy offers electronic wallet capabilities through Samsung Pay, Google Pay and Apple Pay. This function allows you to load your Synergy Credit Union Member Card debit card on your phone’s mobile wallet and can be used by just tapping your phone on a POS device. Find more about our mobile payment options.
Saskatchewan is known for its hot summers with endless blue skies. So, enjoy the summer, take in the sun (don't forget the sunscreen!), stay hydrated and see you later, alligator!
Glenn Stang (CEO, Synergy Credit Union)
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Financial Support for Members
- Canadian Emergency Business Account (CEBA)
- Canadian Emergency Response Benefit (CERB)
- Business Credit Availability Program (BCAP)
- The Highly Affected Sectors Credit Availability Program (HASCAP)
New applicants can no longer apply for a $60,000 CEBA loan or the $20,000 expansion at their financial institution.
To learn more, visit the government of Canada’s Canada Emergency Business Account (CEBA).
How does it work?
The HASCAP deadline is December 31, 2021.
The Highly Affected Sectors Credit Availability Program (HASCAP) is available to Synergy Credit Union business members. The program is intended support to Canadian businesses facing economic hardship demonstrated in revenue decline as a result of the economic environment due to COVID-19.
If you are a qualifying Synergy Credit Union Business member, HASCAP provides you with access to a non-revolving government-guaranteed amortizing term loan between $25,000 up to a maximum amount of $1 million.
- 4% annual fixed interest rate with a repayment term of 10 years.
- No principal payments for 12 months from the date of loan advance.
Who can apply through Synergy?
- Existing Synergy Credit Union members where Synergy is your primary bank or primary lender;
- Canadian-based businesses;
- Your business must have been financially stable and viable prior to the current economic situation;
- You must have received payments either from the Canada Emergency Subsidy (CEWS) or the Canada Emergency Rent Subsidy (CERS) by having demonstrated a minimum 50% revenue decline for at least three months (not necessarily consecutive) within the eight-month period prior to the date of the HASCAP Guarantee application;
- Businesses that are eligible for CERS/CEWS must have applied for these relief programs before they can apply for HASCAP;
- The program is intended to exclusively fund the operational cash flow needs of the business or any of its operating subsidiaries (i.e. payroll, rent, utilities, taxes, scheduled debt repayments and other fixed costs) including any costs incurred in retrofitting its operations to ensure its continued viability.
Contact your Synergy Representative today at 1-866-825-3301 to begin the application process.
More details from the federal government are available here.
Please note, the following are not eligible:
- Businesses whose revenue model is predicated on non-commercial sources such as direct government funding or private donations;
- Government organizations or bodies (other than an indigenous entity or body) as well as entities in which a government organization or body (other than indigenous entities or bands) owns equity interests;
- Non-profit organizations, registered charities, unions, or fraternal benefit societies or orders, or a Person in which any such organization owns equity interests [except if it is actively carrying on a business in Canada (including a related business in the case of a registered charity) that earns revenue primarily from the regular supply of property/goods or services and not from non-commercial sources such as direct government grant funding or private donations];
- Religious organizations, or a Person* in which any such organization owns equity interests;
- Fundraising vehicles for charities;
- A Person in which equity interests are held by any single current member of the Parliament of Canada or any single current member of the Senate of Canada other than a Person* whose equity interests are publicly traded;
- Entities that operate any form of sexually exploitive business or promote violence, incite hatred or discriminate on the basis of race, national or ethnic origin, colour, religion, sex, age or mental or physical disability;
- Businesses that have been determined to have committed tax evasion.
- Other terms and conditions apply.