Laurentian Bank of Canada

Like you, we’ve been closely monitoring the unique and ever-changing global health crisis. We are committed to being there for you, our customers, however the situation unfolds, and our team is ready to do whatever it takes to support you.

True to our mission to help our customers improve their financial health, our team of professionals is there to guide and assist you in understanding everything that is happening and help for a better financial future.

We’re here to advise you

Invest, borrow or cash in? It’s understandable to have questions about your investments right now. It’s also the perfect time to take stock of your financial health. Talk to an advisor to create or update your budget and discuss your investment strategy. Take advantage of personalized advice tailored to your situation so you can make informed decisions.

Book your phone appointment with an advisor today.

Consult our FAQs on personal finances and read the LBC News article on budget planning.

Financial measures to help you

Our commitment to support you financially

Laurentian Bank Financial Group (LBCFG) is committed to supporting its personal and business customers during the COVID-19 pandemic. Since everyone’s situation is unique, we will work to find solutions on a case-by-case basis, and customers may be eligible for relief measures.

Relief measures for personal customers [+]

Deferral of minimum Visa payments and reduced interest rate

Personal customers experiencing financial difficulties may be eligible to request a 3-month deferral of their minimum payments for their Laurentian Bank Visa credit card – at no fee. A credit limit increase is also available to clients that will request one.

To request a payment deferral, fill out this form.

Please note that postponing the minimum monthly payments will not reduce the amount of your balance, and you will still need to make payments towards the balance and accrued interest.

In addition, once your request to defer payments is accepted, the temporary reduced rate of 10.99% (valid for interest rates, purchases and cash advances) will be automatically applied to your next 3 account statements.

You have questions about our Visa relief measures?
Please consult our FAQs.

Mortgage and personal loans

During the COVID-19 crisis, Laurentian Bank is offering Principal and interest payment deferral and property tax payment deferral (if applicable) for three months.

In addition, no fees will be charged for payment deferrals or for debit card transactions that are refused due to insufficient funds.

For a mortgage payment deferral, please make a request.

To request a payment deferral for a personal loan, book a telephone appointment.

Government support measure
Canada Emergency Response Benefit (CERB) for Salaried and Self-Employed Workers [-]

Between March 15 and October 3, 2020, individuals who have lost their job due to the COVID-19 virus are entitled to receive temporary financial assistance from the Government of Canada. The benefit in the amount of $2,000 is deposited every four weeks into a bank account. This is equivalent to $500 per week over a maximum period of 16 weeks.
For more information

Receive your CERB faster by signing up for the Canada Revenue Agency’s (CRA) Direct Deposit through LBCDirect.
Find out more

Relief measures for business customers [+]

By specializing our teams over the years, we have developed solid knowledge of your sector that has allowed us to optimize our support during difficult times like we are currently experiencing. We are prepared to carefully evaluate which of the solutions available is best suited to your reality:

Depending on your situation, you could benefit from a capital moratorium.
We can also review with you the terms of your financing.
With the aim of reacting as quickly as possible to the situation’s evolution, we have deployed the most appropriate tools to accelerate the implementation of these relief measures.

Each situation is assessed individually and the measures offered will depend on the extent of the impact the COVID-19 situation has on your business.
We invite our business customers in immediate need to contact their Account Manager to discuss solutions tailored to each situation.

Government support measures

We are also working in partnership with other government entities such as EDC, Investissement Québec and the BDC to offer additional support options to our customers. We will keep you informed of the different programs available as they become official.

Canada Emergency Business Account [-]

The federal government announced the establishment of a new Canada Emergency Business Account. This initiative will allow businesses to obtain a loan of $40,000 interest-free for a period of 3 years government-guaranteed with a grant of 25% (maximum $10,000), if repaid in full by December 31, 2022. To qualify, these organizations will need to demonstrate they paid between $20,000 and $1,500,000 in total employment income in the 2019 calendar. This measure is to support businesses that are impacted by the COVID-19 so that they can pay immediate operating costs that cannot be deferred, such as wages, rent, utilities, etc.

Find out the eligibility criteria and how to apply for your business.

Export Development Canada Business Credit Availability Program (BCAP)

In partnership with Laurentian Bank, Export Development Canada (EDC) is launching the Business Credit Availability Program (BCAP). EDC guarantees the financing so that businesses can have access to additional credit facilities to finance operating costs such as salaries.

Characteristics

The financing will be available through a term loan. The maximum term of the loan is extended to 5 years (compared to 1 year initially). Loans with a term shorter than 5 years will be eligible for renewal, subject to approval.
The loan can now be used to honour debt obligations (interest payments, equipment financing contracts, etc.), as well as to cover everyday operating costs (rent, payroll, etc.).
The maximum loan amount is $6.25 million per business.

Eligibility Criteria

Existing and new Laurentian Bank clients are eligible.
The program is offered to all businesses, whether they have export sales or not.

Exclusions

The product cannot be used for the repayment or refinancing of debt, dividend payouts, shareholder loans, bonuses, stock buybacks, option issuance or increases to executive compensation.

Request Submission Process

For more details on eligibility criteria and to submit a request, please contact your account manager first.

You can also visit the EDC website.

If you do not know who your account manager is, please contact us at
servicesauxentreprises@banquelaurentienne.ca.

Canada Emergency Wage Subsidy (CEWS) [-]

The Canada Emergency Wage Subsidy (CEWS) program helps enterprises to prevent job losses and/or enable them to re-hire workers previously laid off as a result of COVID-19. Canadian employers, may be eligible for a subsidy of 75% of employee wages for up to 12 weeks, retroactive from March 15 to June 6, 2020.

Eligibility Criteria

Be an eligible employer
Have experienced an eligible reduction in revenue
Have had a CRA payroll account on March 15, 2020

For all the details on eligible employers and eligible reduction in revenue, please visit the Government of Canada website.
Learn more

Make a request

Visit the Government of Canada website to submit a request online.

Important: to submit a request through My Business Account, you need to select
Option 2 – Using a CRA user ID and password.

Register to Direct Deposit

Get faster access to your funds in your bank account by registering for Direct Deposit with one of the following two options:

Option 1 - available soon: LBCDirect [+]

Option 2 - CRA website [+]

Investissement Québec’s Concerted Temporary Action Program for Businesses [-]

In partnership with Investissement Québec (IQ), we are offering the Concerted Temporary Action Program for Businesses (PACTE). IQ is guaranteeing your financing so as to provide you with access to financial assistance aimed at helping you deal with temporary cash flow shortages.

Characteristics

The new financing could be offered to businesses in the form of a term loan or line of credit.
The amount of financing being offered is a minimum of $71,500.

Eligibility Criteria

Businesses operating in Quebec, including cooperatives engaged in commercial activities.

Eligible businesses must have a history of satisfactory profitability but are currently experiencing temporary difficulties related to COVID-19. They must also demonstrate the likelihood of returning to profitability once their commercial activities get back to normal.

Exclusions

Businesses cannot be under the protection of the Companies’ Creditors Arrangement Act or the Bankruptcy and Insolvency Act.
Businesses operating in certain industry sectors.

Application Process

For more details on eligibility criteria or to apply, please contact your account manager.

You can also visit the IQ website.

If you do not know who your account manager is, please contact us at businessservices@laurentianbank.ca.

Canada Emergency Commercial Rent Assistance (CECRA) [-]

The Canada Emergency Commercial Rent Assistance (CECRA) program is designed to help small business tenants experiencing financial hardship due to the COVID-19 pandemic.

The program provides eligible commercial building owners with forgivable loans allowing them to:

Reduce by at least 75% the rent owed by their impacted small business tenants, for the months of April, May and June 2020.
Cover operating expenses on commercial properties.

The program is administered by the Canada Mortgage and Housing Corporation (CMHC). Applications will be filed online directly on the CMHC website.

The deadline to apply is August 31, 2020.

We invite you to visit the CMHC website for more details about the program and its eligibility criteria.

Need additional credit?

Please talk to your advisor, account manager or contact us at 1-800-252-1846. We’ll evaluate which solutions are tailored to your situation.

You have questions, we’re here for you.

Consult our FAQ's.

For your financial services

Call us to talk it over

Personal Customers

Our teams are here and ready to help and advise you with your financial needs during regular business hours. Banking transactions, financial services and advisory services can now be completed by phone.

Book your phone appointment.
Use our branch locator tool to find out branch business hours and the phone number to reach your advisor.

Business Customers

Our teams are here and ready to help you and advise you with your financial needs during normal business hours. We have implemented several measures to facilitate your remote transactions.

If you do business with a branch:

Book your phone appointment.
Use our branch locator tool to find out branch business hours and the phone number to reach your advisor.

If you are doing business with an Account Manager at a business centre:

Consult the locator tool to find the phone number to join your Business Centre or write to:
businessservices@laurentianbank.ca.

Extension of reduced hours and limited access to certain branches

To protect the health and safety of our employees and clients, we will be maintaining our reduced business hours, from 10 a.m. to 2 p.m., across our entire network. In addition, all branches located in shopping malls will remain closed until further notice.

Use our branch locator tool to find out branch business hours and the phone number to reach your advisor or your account manager.

Use our electronic services 24/7

To ensure everyone’s safety, we strongly encourage you to do your banking transactions from the comfort of your own home using the following solutions:

LBCDirect electronic services, available online or by phone
Our Telebanking Centre can be reached by dialing 1-800-252-1846 every day, from 8 a.m. to 8 p.m.

You can conduct most of your transactions through Laurentian Bank and THE EXCHANGE^®
ABMs networks.

Due to the exceptional situation we’re experiencing right now, the wait time to talk to an agent may be longer than usual. We appreciate your patience.

FAQ’s

Find all the answers to your questions here

Beware of phishing scams

How to protect yourself from scams arising from COVID-19

During this pandemic, there are scammers looking to take advantage of the situation. Beware of fraudulent emails trying to trick you into revealing your personal information or clicking on links or attachments containing malware.

Here how to spot a scam to avoid becoming a victim:
https://bit.ly/2Qyig4O.

If you believe you have been a victim of fraud or phishing, please contact our Fraud Prevention Centre (514-284-7570 or 1-800-263-8980).

Also learn how to avoid the latest scams arising from government benefits

With government measures in place, including the Canadian Emergency Response Benefit (ECP), scammers are taking advantage of the situation by sending fake text messages or emails on behalf of the Canada Revenue Agency or a financial institution. The recipient is asked to click on a link to receive government assistance. Please be aware that official institutions will NEVER use this means to notify you that they will be depositing a benefit or that you must click on a link to receive it.

Find out more

Learn how to spot fraud

Latest updates

May 20, 2020 Canada Emergency Commercial Rent Assistance (CECRA) [+]

May 12, 2020 Changes to the Business Credit Availability Program (BCAP) [+]

May 05, 2020 Extension of reduced branch opening hours [+]

May 04, 2020 FAQs on personal finances [+]

April 28, 2020 Concerted Temporary Action Program for Businesses [+]

April 24, 2020 Canada Emergency Wage Subsidy (CEWS) [+]

April 21, 2020 Business Credit Availability Program (BCAP) [+]

April 16, 2020 Visa payment deferral [+]

April 15, 2020 Mortgage payment deferral [+]

April 13, 2020 Direct deposit enrolment is now available through LBCDirect [+]

April 09, 2020 Canada Emergency Business Account Program now available [+]

April 09, 2020 Our Visa relief measures [+]

April 06, 2020 Canada Emergency Response Benefit (CERB) [+]

March 31, 2020 Getting through these extraordinary times, together [+]

March 26, 2020 Reducing opening hours [+]

March 24, 2020 Increase in the payWave payment limit [+]

March 23, 2020 Temporary closure of some branches [+]

March 18, 2020 Measures to support our Personal and Business customers [+]

March 14, 2020 Message from President and CEO François Desjardins [+]

Our teams are here to help you

We’re here to advise you

Financial measures to help you

Our commitment to support you financially

Relief measures for personal customers [+]

Deferral of minimum Visa payments and reduced interest rate

Mortgage and personal loans

Government support measure Canada Emergency Response Benefit (CERB) for Salaried and Self-Employed Workers [-]

Relief measures for business customers [+]

Government support measures

Canada Emergency Business Account [-]

Export Development Canada Business Credit Availability Program (BCAP)

Characteristics

Eligibility Criteria

Exclusions

Request Submission Process

Canada Emergency Wage Subsidy (CEWS) [-]

Eligibility Criteria

Make a request

Register to Direct Deposit

Option 1 - available soon: LBCDirect [+]

Option 2 - CRA website [+]

Investissement Québec’s Concerted Temporary Action Program for Businesses [-]

Characteristics

Eligibility Criteria

Exclusions

Application Process

Canada Emergency Commercial Rent Assistance (CECRA) [-]

Need additional credit?

You have questions, we’re here for you.

For your financial services

Call us to talk it over

Personal Customers

Business Customers

Extension of reduced hours and limited access to certain branches

Use our electronic services 24/7

FAQ’s

Beware of phishing scams

How to protect yourself from scams arising from COVID-19

Also learn how to avoid the latest scams arising from government benefits

Helpful links

Government support measure
Canada Emergency Response Benefit (CERB) for Salaried and Self-Employed Workers [-]