Act Now for Financial Relief with the CEBA Repayment Program!

Been rejected by your bank for refinancing your CEBA loan? You still have the chance for partial CEBA loan forgiveness with Driven before March 28th.

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Act Now for Financial Relief with the CEBA Repayment Program!

Been rejected by your bank for refinancing your CEBA loan? You still have the chance for partial CEBA loan forgiveness with Driven before March 28th.

Thinking Capital is Now Driven

Seize Your Financial Future

Are you a CEBA loan holder seeking partial loan forgiveness before the March 28th, 2024 deadline but have been denied by your original financial institution? Time is running out, but Driven is here to guide you towards financial relief. Refinance with us and secure your chance for partial loan forgiveness.

How Driven Can Help

Maximize the Benefits of Loan Forgiveness:

Optimize your utilization of the CEBA program by confirming your eligibility for loan forgiveness.

Tailored Financing Solutions:

Select the ideal financing product that aligns perfectly with the needs of your small or medium-sized business from our range of offerings.

Streamlined Application Process:

Enjoy a hassle-free application process for the CEBA loan forgiveness and business financing options. Our dedicated team will guide you through the necessary steps, ensuring a smooth and efficient experience.

Unlock Even More Savings With Our Promotion

Right now when you apply for our CEBA program financing, we’re offering an additional discount of up to $1,000 on your loan*, taking your savings to a whole new level. This is the chance you've been waiting for to take control of your finances and achieve your business goals with ease. Don't let this amazing opportunity slip through your fingers.

*Please be aware that this promotion is subject to change or discontinuation at any time, without prior notice. Additionally, meeting certain loan criteria does not guarantee your approval for any loan or for this promotion, as loan decisions are made at the sole discretion of Driven and are based on individual creditworthiness and risk assessments. Discount savings are only available on 12-month terms.

What are the conditions for loan forgiveness under the CEBA program?

If you borrowed $40,000 or less, here's what you need to know:

To qualify for loan forgiveness, all you have to do is repay the outstanding balance of the loan (excluding the forgivable portion) by January 18, 2024. By doing so, you'll be eligible to have 25 percent of the loan amount forgiven, which could be up to $10,000.

Let's take an example to better understand it: Suppose you borrowed the maximum amount of $40,000. If you repay $30,000 of that loan by January 18, 2024, you'll be entitled to forgiveness of up to $10,000. That means you won't have to repay that $10,000.

If you borrowed more than $40,000 but no more than $60,000, here’s what you need to know:

Under the CEBA program, the terms of loan forgiveness are slightly different. Here's what you need to know if you received a $40,000 loan and later obtained an additional $20,000 through the expansion:

To qualify for loan forgiveness, you must repay the outstanding balance of the loan (excluding the forgivable portion) by January 18, 2024. The forgiveness amount will be a single tranche of up to $20,000, determined by a blended rate.

Here's how it works:

  • 25 percent forgiveness applies to the first $40,000 of the loan amount.
  • 50 percent forgiveness applies to the remaining amount between $40,000 and $60,000.

It's important to note that the forgiveness based on the rates of 25% and 50% is combined into a single tranche. This forgiveness will only be granted if all other outstanding amounts are repaid by the January 18, 2024 deadline. Let's clarify with an example:

Suppose you borrowed $60,000. In this case, no forgiveness is available unless you repay $40,000 of the loan. Only then would you be eligible for forgiveness up to the maximum amount of $20,000.

How to Qualify

Step 1: Gather Your Proof

Locate and gather the necessary documents that confirm your CEBA loan details. This may include the official CEBA loan approval letter, bank statements, bank rejection letter, or any other supporting evidence.

Step 1: Gather Your Proof

Step 2: Learn How Much You Can Save

Step 2: Learn How Much You Can Save

Visit our website and use the provided calculator to determine how much you can save by paying off your balances by January 18, 2024.

Step 3: Get Pre-Approved and Set Up a Loan

Locate and gather the necessary documents that confirm your CEBA loan details. This may include the official CEBA loan approval letter, bank statements, bank rejection letter, or any other supporting evidence.

Step 3: Get Pre-Approved and Set Up a Loan

Step 4: Unlock Savings and Support

Step 4: Unlock Savings and Support

Once you are pre-approved or an existing customer, you can set up a loan and view your cost of borrowing before submitting the loan request. If you are satisfied with the terms, submit your request. Upon approval, you'll gain access to the exceptional savings and resources offered by the Driven CEBA Repayment Program. Our team will be there every step of the way, providing support and guidance as you propel your business towards success.

Frequently Asked Questions

How do I qualify for the extended forgiveness deadline of March 28, 2024?

CEBA loan recipients who submit a refinancing loan application to the same financial institution that issued their CEBA loan before January 18, 2024, and need additional time to complete the disbursement of their CEBA loan, remain eligible for partial loan forgiveness. This qualification applies as long as the remaining principal of their CEBA loan, excluding any potential forgiven amount, is settled by March 28, 2024.

Applying for refinancing with other lenders is allowed, provided that you initially applied for refinancing at the same financial institution that issued your CEBA loan. To be eligible for partial loan forgiveness, it is essential that your CEBA loan is repaid by March 28, 2024.

I applied for refinancing before January 18, 2024, but my CEBA loan is still outstanding on January 19, 2024. Will I incur interest even if my refinancing application is under review or the funds from an approved refinancing loan are yet to be applied?

Yes, please note that if your CEBA loan remains unpaid on January 19, 2024, interest at a rate of 5% per annum will commence. This applies regardless of whether your refinancing application is currently under review or you are awaiting the disbursement of funds from an approved refinancing loan to be applied to your CEBA loan balance.

Take your business forward

Fast funds are ready for you, from $5,000 to $300,000, for whatever your business needs. Got 10 minutes to find out your limit?