Personal Finance By Reuters 146 Views

National Bank has provided $800 million in interest-free loans to small businesses in the past two weeks

TORONTO — National Bank of Canada has provided $800 million in interest-free loans to about 20,000 small business and not-for-profit applicants since it began offering them on April 9, the lender’s chief executive said on Friday.

The smallest of Canada’s Big Six banks has also granted 3,000 moratoriums on repayment of principal for up to 6 months, CEO Louis Vachon said at its annual shareholder meeting.

Canadian banks have processed about 710,000 mortgage deferrals or skipped payments, accounting for 15% of their home loan portfolios, the Canadian Bankers Association said on Twitter on Thursday.



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