With Meridian's new Commercial Owner-Occupied Lending (COOL) Program, loans may go as high as 100% loan to value for eligible Members

TORONTO, Oct. 27, 2020 /CNW/ - Meridian, Ontario's largest credit union and second largest in Canada, is introducing an attractive new lending option for business owners looking to finance the mortgage for their business premises. Meridian's Commercial Owner-Occupied Lending (COOL) Program can provide full financing for a loan-to-value ratio up to 100%, competitive rates and up to 25-year amortizations for businesses who meet the Program's eligibility criteria.

"This lending program will help more businesses obtain support and access to competitive capital," says Kevin VanKampen, Vice President, Business Banking, Meridian. "We're committed to helping our Members grow their business, despite the exceptionally intense and challenging circumstances presented by COVID.  Now, more than ever, they require a financial services partner that will help them deepen their financial capacity. We're here for our 20,000 strong Business Banking Members."

COOL is available for owner-occupied premises only. Business owners must use at least 75% of the floor space to be eligible and account for 75% of the gross revenue required to apply for the COOL loan.

Potential borrowers might range in diversity from businesses looking to refinance high interest rate private debt, seeking to leverage an existing facility for working capital purposes, refinancing maturing bank and Vendor Take Back debt, or expanding their footprint and requesting financing to purchase a new location, and more.

"We're excited by the potential of this Program to help Meridian better service the manufacturing and industrial sectors for companies of all sizes," says Kevin. "We're encouraged that some Members have already expressed their interest. It's a win-win proposition for both our organization and for small and medium sized businesses in Ontario."

Businesses interested in getting more information about Meridian's COOL program can speak with a Business Banking Advisor or visit our COOL site.

About Meridian

With more than 75 years of banking history, Meridian is Ontario's largest credit union and the second largest in Canada, helping to grow the lives of 370,000 Members and customers. Meridian has $26.6 billion in assets under management (as at September 30, 2020) and delivers a full range of financial services online, by phone, by mobile and through a network of 89 branches across Ontario, and business banking services in 15 locations. Meridian Members also have access to THE EXCHANGE® Network, with more than 3,600 no-fee ABMs across Canada and 500,000 ABMs in the United States. For more information, please visit: meridiancu.ca, follow us on Twitter @MeridianCU or see our Facebook site.

SOURCE Meridian Credit Union

Media Contact, Teresa Pagnutti, Senior Manager, Public Relations, Meridian, [email protected], 416-275-3816