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Highly Affected Sectors Credit Availability Program (HASCAP)


  • By Cory Crossman


ShArE


Highly Affected Sectors Credit Availability Program (HASCAP)

The Business Development Bank of Canada (BDC) has created a fund to help support businesses that are deemed to have been 'Highly Affected' by the impacts of COVID-19 and the mandatory closures and shutdowns that were required. HASCAP is a new COVID-19 relief program to assist the hardest hit businesses with financing with loans ranging from $25,000 up to $1 million.  Funding is made available at a 4% fixed rate with up to a ten year repayment term. It is important to also note that no personal guarentee is required to secure this loan.  

Canadian businesses must fall into one of the followin categories:

Business has received the Canada Emergency Wage Subsidy (CEWS) or
the Canadian Emergency Rent Subsidy (CERS)

- You must provide Canada Revenue Agency attestation forms demonstrating a minimum 50% revenue decline ,for at least 3 months, within the 8-month period prior to the date of your HASCAP Guarantee applications.
- Your financial institution will require this information to process your request.

Business did not receive CEWS or CERS and is eligible for it
- You must apply for CEWS or CERS.
- Your financial institution will require this information to process your request.

Business does not quality for CEWS or CERS
- You must provide financial statements that reflect at least three months (which do not need to be
consecutive) of monthly year-over-year revenue decrease of a minimum of 50% per month, within the 8-month period prior to the date of the HASCAP Guarentee application.
- Your financial institution will require this information to process your request.

A presentation by the Business Development Bank of Canada outlining the program can be found here

More information about the HASCAP can be found here.

 



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