RBC Temporary Credit Relief Program

What are the eligibility requirements to qualify for this relief?

• We know that many businesses will be experiencing cash flow shortfalls as a result of COVID-19 as such the program applies to all business clients with outstanding operating line facilities, term loans and leases (this includes the Canada Small Business Finance Loan, CALA & other government programs and Royfarm Mortgages). Loan facilities should not be delinquent as of March 2^nd, 2020.

There are two relief program options available – Option 1 or 2:

1)    Term Debt/Mortgage & Lease Facility Relief

Term Debt/Mortgage

• 6 month deferral of Principal payments on all existing term loans (including CSBFL, CALA and other government programs) and Royfarm Mortgages.
• waiver of principal payments on the eligible loans will commence at the Next Scheduled Payment Date
• interest payments will continue on the scheduled payment date at the existing frequency over the course of the relief period
• RBC will be continually monitoring the situation throughout this relief period and will evaluate any program changes on an ongoing basis.

Lease & Equipment Finance

• 6 month deferral on Principle and Interest payments lease deferred payment
• waiver of the full lease payments will commence at the Next Scheduled Payment Date
• RBC will be continually monitoring the situation throughout this relief period and will evaluate any program changes on an ongoing basis.

2)    Working Capital Facility

• 4 month temporary 10% increase on non-margined operating line facilities
• RBC will be continually monitoring the situation throughout this relief period and will evaluate any program changes on an ongoing basis.

Is there any documentation to be completed for the relief program and how can clients get this started?

• No, there will no documentation required to be completed by clients. Clients are advised to reach out to their account manager or connect with our business advisors in your branch.

Can clients access both options 1 and 2?

• Clients seeking both interest-only relief and an increase in their operating lines of credit are encouraged to connect with their account manager for more details. Submissions will be assessed on a case by case basis. However, clients can still take advantage of any one of the above options for immediate relief pending credit submission for a second option.

Additional available options:

• Business and Commercial Cards
• Waiver of minimum payments up to 6 months. Clients are advised to reach out to their account manager or connect with our business advisors in branch.
• Cash Management

Clients can log into their RBC Online Business Banking, RBC Mobile Banking App or RBC Express to easily access and manage their banking needs.

• View account balances, transaction history and RBC business credit card account information
• Send and receive money with simple and easy solutions like Interac e-Transfer and Interac Request Money.
• Make bill payments.
• And manage other banking needs

For any clients who are currently not digitally enabled and are looking to enroll in cash management/payment services:

• Waiver of set-up fees for all cash management services for the next 3 months
• Cheque Pro – waive the cost of units and all monthly fees for 3 months
• If clients require additional cash management support, please send request to moc.cbrobfsctd-87f08e@divocsfb

Personal Banking 

• Up to 6 month payment deferral for mortgages, and the opportunity for relief on other credit products. Clients are advised to connect with any of our advisors in branch.

During these difficult times, we all have questions and are looking for answers. As a result, clients may experience longer wait times so we ask for your understanding and patience, but know that we are committed to answering your questions. This is unchartered territory for all of us and as this issue continues to evolve, we remain committed to supporting you and keeping you informed. We’ll continue to share more updates as we have them.