Canada Small Business Financing Regulations

11 (1) The lender and the borrower may, at any time, agree to revise the repayment terms of a loan.

(2) Where the lender and the borrower agree to revise the repayment terms of a loan by extending the loan term beyond the maximum period specified in paragraph 6(b), it is a condition of the Minister’s liability under the Act that the approval of the Minister must be obtained in writing prior to the extension. The Minister must give approval if the extension is likely to decrease the risk of default on the loan.