Small Business Case Study: CN Law
Background
Transparent and supportive service
CN Law* provides a wide array of legal services that cover a variety of field of law, such as family law, commercial law, real estate transactions, criminal law, and more. Additionally, they provide a customized matching service that assist client by pairing them with the right lawyer based on the type of law required as well as the the specifics of the particular case.
During the exceptionally difficult times brought on by the pandemic, many businesses were severely affected by restrictions, shutdowns, in addition to changes in consumer habits. The Canada Emergency Business Account (CEBA) loan program offered by the government provided some relief to businesses, but the time eventually came to have to pay that loan back.
Challenge
Available funds and an approaching deadline
Paying back one’s CEBA loan has been a challenge for many businesses, even with things having picked back up following the worst of the pandemic. Having an available $40,000 in funds to pay back the loan is no small ask, even for profitable businesses. For many businesses, this can even mean having to make the choice between covering their operational expenses or paying back the loan.
With the $20,000 forgiveness incentive being offered by the government for those who paid back the majority of their loan coming due, CN Law was now facing this deadline in order to not miss out.
Solution
Securing CEBA loan forgiveness incentive
After being referred to us via partner business, CN Law was connected with our team here at Merchant Growth. We were able to support them throughout the whole process and address all of their questions and concerns, without excessive paperwork or lengthy delays.
Through our CEBA Refinance Program, we have been able to support thoughts of small business owners to take advantage of their partial loan forgiveness opportunity, in addition to the many businesses that we also work with via our standard business financing products.
Result
A Straightforward and positive customer experience with our team
Through Merchant Growth’s CEBA Refinance Program, CN Law was able to secure the necessary funding to pay off the require portion of their CEBA loan to take advantage of the forgiveness incentive. Additionally, their experience was a positive one, or as they put it, “5 star service”. As a satisfied customer they have indicated an interest in continuing to work with us in the future.
*name adjusted per customer confidentiality request
