Highly Affected Sectors Credit Availability Program (HASCAP)
On Tuesday, January 25, 2021 the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade, announced the launch of the Highly Affected Sectors Credit Availability Program (HASCAP). As first outlined in the 2020 Fall Economic Statement, HASCAP will provide financial support 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.
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. 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.
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.
Read the full news release here.