Federal Government Launches Highly Affected Sectors Credit Availability Program (HASCAP)
The federal government has launched the “Highly Affected Sectors Credit Availability Program” (HASCAP).
The HASCAP program is designed to provide financial support to businesses that have been hardest hit by the pandemic. HASCAP is available to businesses across the country in all sectors.
The program will be facilitated by the Business Development Bank of Canada (“BDC”) who will work with Canadian financial institutions to offer government-guaranteed, lower interest loans of up to $1 million with repayment terms of up to 10 years.
To be eligible for HASCAP, businesses need to show a year-over-year revenue decline of at least 50% in three months, within the eight months prior to their application. They must also be able to show their financial institutions that they have previously applied for either the Canada Emergency Wage Subsidy or the Canada Emergency Rent Subsidy.
Eligible businesses can start applying as early as February 1 at some principal financial institutions and more widely by February 15. Interested businesses should contact their primary lender to get more information and to apply.
Please visit the BDC HASCAP webpage for more information on the eligibility requirements and program details.
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