Montreal, March 16, 2020 - Desjardins understands that its members and clients are concerned about their finances during the COVID-19 pandemic.
Relief measures for personal members and clients
Desjardins is aware that some of its members and clients may temporarily lose their income as a result of COVID19 and wants to offer them support.
Personal members and clients who are having trouble repaying their loans can reach out to Desjardins to discuss their options. The financial cooperative will review each request on a case by case basis and suggest solutions that could go as far as giving members and clients payment relief for all of their financing products--an option that wouldn't have any negative impact on their credit rating.
Desjardins will also review credit applications on a case by case basis and offer support to members and clients who need quick access to cash.
The financial cooperative may expand these measures depending on how the situation unfolds.
Relief measures for business members and clients
Canada's entire economy and, specifically, small and medium-sized businesses are already feeling the financial repercussions of the COVID-19 pandemic. As their partner, Desjardins would like to assure them of its support.
Business members and clients directly impacted by COVID-19 can reach out to Desjardins to discuss their options. The financial cooperative will review each request on a case by case basis and provide options that could include relaxed credit terms and flexibility for loan repayment, such as a moratorium on principal debt repayment and payment deferrals on credit cards and Accord D financing.
Just as for personal members and clients, Desjardins is not ruling out expanding the measures depending on how the situation unfolds.
Desjardins Business and Desjardins Capital will stand by their members and clients in the business sector. In some cases, they'll even connect different businesses that may be able to help each other at this time.
"As a leader in socio-economic development, Desjardins has to be there to support Quebec's and Canada's economy. We hope the relief measures we announced today will help members and clients who are in financial trouble because of COVID-19," said Guy Cormier, Desjardins President and CEO.