Published On: April 13, 2021|By |Categories: Blog, News|

JUDI.AI Processes Over $750 Million in CEBA Loans

Proud to be helping Canadian credit unions facilitate federal COVID-19 loans faster

A recent article published by The Edge talks about nine Canadian fintech start-ups that have made an impact during the pandemic. JUDI.AI feels so darn proud to be acknowledged as one of those companies “doing great things”.

JUDI.AI has been recognized for our work with Canadian credit unions to seamlessly support online applications for the Canada Emergency Business Account (CEBA) and the Business Credit Availability Program (BCAP). Our goal is to reduce the time and effort it takes to get money into the hands of those small businesses that are struggling to hang on through COVID-19. The federal government has recently extended CEBA small business loan application deadline to June 30, 2021.

CEBA provides interest-free loans of up to $60,000 for small businesses, to help cover their operating costs such as payroll, rent, utilities, property tax, regularly scheduled debt service and insurance. Companies that repay the balance of the loan on or before December 31, 2022, will receive loan forgiveness of up to $20,000.

Engineered to be agile, the JUDI.AI platform was quickly adapted to support CEBA and BCAP loan programs. This was done at no charge for Canadian credit union customers – JUDI.AI just felt a huge urge to do whatever we could to help small businesses clear the pandemic hurdle. Over $750 million worth of CEBA funds have already been processed through the JUDI.AI small business lending platform to date, with the Company expecting to see close to $900 million by the end of June.

JUDI.AI is also assisting with loans for operational and liquidity needs through the Business Development Bank of Canada’s co-lending program, providing the automated underwriting and application visibility that credit unions need to streamline government reporting.

What JUDI.AI’s amazing customers had to say:

Servus Credit Union Logo“Our partnership with JUDI.AI has been instrumental in Servus being able to provide our members quick and easy access to the Canadian Emergency Business Account (CEBA) program. Our members access the JUDI.AI portal from their homes and businesses which keeps them and our staff safe during this time of social distancing. JUDI.AI reacted promptly when the CEBA payroll parameters changed to ensure all eligible members can apply for the program. The JUDI.AI team is responsive to our many questions and focused on providing a great experience for Servus and our members.” – Elsa Pendergast, Senior Manager Loan Systems, Servus Credit Union

First Ontario Credit Union Logo“The JUDI team quickly mobilized to help FirstOntario offer our Members a critical financial solution. No matter what the time, their team was always accessible to answer questions and support our requests. Strong Collaboration on both sides created a successful partnership that delivered exactly what our Members needed, sooner than we expected.” – Joanne Battaglia, VP Marketing, Communications and Community Partnerships, FirstOntario Credit Union

Duca Credit Union Logo“I was very impressed with both the speed and the attention to detail the JUDI.AI team displayed during our on-boarding process with them. They played a key role in helping DUCA launch our CEBA program in just under 2 weeks.”  M.A. (Mo) Mauri, Senior Vice President, Commercial Banking, DUCA Credit Union Ltd.

Conexus Credit Union Logo“ A true business partner is one who’s absolutely obsessed with your success – they’re not simply interested in your dollars…They know mutual success is about long-term sustainability. That is how I would define the relationship between JUDI.AI and Conexus. When COVID-19 arrived on our doorstep in Saskatchewan, and there was a need to find a very quick solution to support our business members, one text message and a zoom call with the JUDI.AI team was all it took. There was no hesitation about how they could help and the support they could provide to us. The care and flexibility they had in working with us to provide this solution in less than 2 weeks was remarkable. Today, we have funded in excess of $117 million in CEBA loans to Saskatchewan businesses – that is over 12% of all CEBA funds in Saskatchewan. And JUDI.AI has been instrumental in our ability to do so.” – Maggie Sinclair, Executive Vice President, Business Banking, Conexus Credit Union

We would also like to acknowledge the other eight companies that have been recognized by The Edge for their efforts to help Canadians during these “new times”: Helcim, KOHO, Manzil, Moka, Nest Wealth, Ownest Financial, STACK and Talem Health Analytics.

If you are a credit union that would like to learn more about JUDI.AI, and how we can quickly adapt to meet your existing SMB lending needs, please do not hesitate to book a demo. JUDI.AI pledges 1% of equity, revenue, time & product pledged to not-for profits of our customers’ choice.

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