Federal Government introduces the Highly Affected Sectors Credit Availability Program (HASCAP)
Last week the Federal Government introduced the Highly Affected Sectors Credit Availability Program (HASCAP).
From the government release:
- Through HASCAP, the Business Development Bank of Canada (BDC) will work with participating Canadian financial institutions to offer government-guaranteed, low-interest loans of up to $1 million. HASCAP will help businesses with their day-to-day operating costs during the COVID-19 crisis and enable them to invest in their longer-term prosperity.
- HASCAP is available to businesses across the country, in all sectors (including tourism, hospitality, arts and culture) that have been hit hard by the pandemic.
- 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 principal financial institutions and more widely by February 15. Interested businesses should contact their primary lender to get more information and to apply. More information is available atwww.bdc.ca/hascap.