MEMBER SUPPORT
Message from CEO, Glenn Stang
As a local, member-owned credit union, we take pride in stepping up for our communities when they need us. Considering recent world events, we feel it’s appropriate to extend that support outside our traditional geographic area.
I am proud to announce we are donating $10,000 to the Canada-Ukraine Foundation through our Synergy Shares program to support the day-to-day needs of Ukraine during the ongoing conflict with Russia.
We have had members inquire about where to donate to help this cause and I would encourage them to do so through the Canada-Ukraine Foundation. If you plan to donate elsewhere, please be cautious, there are reports of scams taking advantage of this crisis.
This has been an incredibly difficult situation to watch unfold and we join everyone in extending our empathy to those impacted here at home and abroad. We join with others spreading a message of hope for a solution to happen soon and have peace restored.
If you have any questions, please drop me a note with our Speak to the CEO feature.
Glenn Stang
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Benefits of Financial Health

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Benefits of Financial Health
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?
Next steps:
- Learn more information about the program.
- Reach out to your Synergy representative to help decide if the BCAP program is a good fit for your cash flow needs.
- Fill out the form on the EDC website.
- Your Synergy representative will follow up with the next steps with you.
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.