Highly Affected Sectors Credit Availability Program (HASCAP)
January 26, 2021 Announcement: Canada’s Minister of Small Business, Export Promotion and International Trade, announced the launch of the Highly Affected Sectors Credit Availability Program. Source: https://www.canada.ca/en/innovation-science-economic-development/news/2021/01/minister-ng-announces-launch-of-highly-affected-sectors-credit-availability-program.html
January 26, 2021 Update: The Canadian Federation of Independent Business (CFIB) welcomes the launch of the Highly Affected Sectors Credit Availability Program, but is calling on the federal government to forgive a portion of each loan. Source: https://www.cfib-fcei.ca/en/media/news-releases/cfib-welcomes-new-hascap-program-calls-changes-address-rising-small-business
Under the Affected Sectors Credit Availability Program, businesses experiencing a reduction in revenue of 50 per cent or more for at least three months will be able to apply for a guaranteed loan of $25,000 to $1 million through their financial institution. The program opens at major financial institutions on February 1st. Hard-hit businesses, like a chain of hotels or restaurants with multiple locations under one related entity, could be eligible for up to $6.25 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.
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 at www.bdc.ca/hascap.