Applications open February 1, 2021
To assist the small and medium-sized businesses that have been heavily impacted by COVID-19, the Business Development Bank of Canada (BDC) has been mandated by the Government of Canada to provide government guaranteed loans to eligible businesses to help these businesses access additional funds and cover operating costs. Loans ranging from $25,000 to $1 million will be available to qualifying businesses.
Who can apply for HASCAP?
Any Canadian business that meets the following eligibility requirements may apply:
- Have been financially stable and viable pre-COVID;
- Have received payments under either the Canada Emergency Wage Subsidy or Canada Emergency Rent Subsidy;
- Have demonstrated a minimum 50% revenue decline for at least three months (not necessarily consecutive) within the eight months before the date of the HASCAP Guarantee application; and
- The loan will be used to continue or resume operations. The loan cannot be used to pay or refinance an existing loan.
Your primary financial institution will determine whether you qualify for this program based on the eligibility criteria established by the Government of Canada.
HASCAP Terms of loan
- Low-interest with repayment terms of up to 10 years;
- Up to a 12-month postponement on principal repayments at the start of the loan; and
- Available until June 30, 2021.
When and How to apply for HASCAP
Contact your primary financial institution to find out how to apply for the loan. Principal financial institutions will have the program available as of February 1, 2021. Other participating financial institutions will deploy the program over the days that follow.
For more information visit www.bdc.ca/HASCAP.
If you have questions on the details or the application to HASCAP, please contact your McCay Duff advisor.
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