Highly Affected Sectors Credit Availability Program (HASCAP)

Some businesses have been more heavily impacted as a result of COVID-19 and are struggling more than others to access financing. That is why BDC (Business Development Bank of Canada) will provide 100% guarantees of up to $1 million to help qualifying businesses finance day-to-day business operating costs.

Who can apply

Qualifying businesses must:

  • have been financially stable and viable pre-COVID;
  • have received payments either from the Canada Emergency Wage Subsidy (CEWS) Program or the Canada Emergency Rent Subsidy (CERS) Program by having demonstrated a minimum 50% revenue decline for at least three months (not necessarily consecutive) within the eight-month period prior to the date of a HASCAP Guarantee application.

How it works

BDC has been mandated by the Government of Canada to provide a guarantee to your financial institution for 100% of the value of your loan, to help you access additional liquidity and cover operating costs, as follows:

  • loans ranging from $25,000 to $1 million to qualifying businesses;
  • low-interest loans and repayment terms of up to 10 years;
  • up to a 12-month postponement on principal repayments at the start of the loan.

How to apply

Please contact your Vision Credit Union branch to find out whether the HASCAP Guarantee is a good choice for your business and how to apply for a loan.

For more information, visit bdc.ca/HASCAP.
 

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