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Highly Affected Sectors Credit Availability Program – Launched

Highly Affected Sectors Credit Availability Program

Yesterday, details of the Highly Affected Sectors Credit Availability Program (HASCAP) were announced.

Highly Affected Sectors Credit Availability Program

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. Chains and multiple-location businesses could be eligible for up to $6.25 million.

HASCAP is available to businesses across the country, in all sectors, that have been hit hard by the pandemic. This includes restaurants, businesses in the tourism and hospitality sectors, and those that rely on in-person service.

Terms of loans:

  • Low interest with a repayment term of up to 10 years;
  • Up to a 12-month postponement of principal payments; and
  • Available until June 30, 2021

To be eligible: 

  • A year-over-year revenue decline of at least 50% in three months within the eight months prior to their application;
  • Have previously applied for either CEWS or CERS; and
  • Have been financially stable and viable pre-COVID

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.

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Should you have any questions or feedback, please reach out to myself or the team. As always, we are here to help and support you.

Caveat: The information in this publication is current as of the time it was written. This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact Deuzeman & Associates to discuss these matters in the context of your particular circumstances. Deuzeman & Associates does not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it.

 

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