Highly Affected Sectors Credit Availability Program (HASCAP)

Description

To support businesses affected by COVID-19, the Government of Canada has announced Highly Affected Sectors Credit Availability Program (HASCAP). Eligible Business may apply from $25,000 to up to $1,000,000, depending on qualifying criteria.

  • Loan amount available from $25,000 up to $1,000,000
  • 4 % Fixed Interest Rate
  • Maximum term of 10 years
  • Principal repayment may be deferred for the first 12 months
  • HASCAP funds must be exclusively used for the purpose of continuing business operation, and for no other purpose
  • Program end date is March 31st, 2022
    (Please apply at least 2 weeks before the end date to ensure the application gets properly processed)

Eligibility

  • Business must have received CEWS or CERS due to 50% revenue decrease for at least 3 months during the 8 months prior to application date.
    • Canada Emergency Wage Subsidy (CEWS)
    • Canada Emergency Rent Subsidy (CERS)
    • Canada Recovery Hiring Program (CRHP)
    • Tourism and Hospitality Recovery Program (THRP) – Wage Subsidies
    • Tourism and Hospitality Recovery Program (THRP) – Rent
    • Hard Hit Business Recovery Program (HHBRP) – Wage Subsidies
    • Hard Hit Business Recovery Program (HHBRP) – Rent
    • if Business is eligible for any of the programs above, please apply to the respectful program first before applying for HASCAP
  • If your business is not eligible for any of the government program above*, you must provide accountant prepared financial statement that states a monthly year-over-year revenue decrease of a minimum of 50% per month for at least 3 months during the 8 months prior to the application date.
    *Only the following cases will be permitted:
    1. CERS: Your business did not have a CRA Business Number on September 27, 2020 or did not have a CRA payroll account on March 15, 2020
    2. CEWS: Your business did not have a CRA payroll account on March 15, 2020
    3. CHRP: Your business did not have a CRA payroll account on June 6, 2021
    4. THRP – Wage/Rent, HHBRP – Wage/Rent : Your business did not have a CRA payroll account on Oct 24, 2021
  • The business was financially viable prior to COVID-19
  • The business is Canadian Business affected by COVID-19
  • Please be advised that the following businesses are not eligible to apply:
    • Business that economically relies on non-commercial sources such as government funding or donations
    • Government organization or body (Other than an indigenous entity or body)
    • Non-profit organization, charity, union, fraternal benefit society, fundraising vehicle for charity, unless revenue is generated outside of non-commercial sources such as donations or government grand funding
    • Religious Organization
    • Business owned by any current member of Parliament of Canada or Senate of Canada, except for business which equity interest are publicly traded
    • Business that promotes violence, incite hatred or discriminate on the basis of race, national or ethnic origin, colour, religion, sex, age or mental or physical disability
    • Business or Affiliates has been determined that they have committed tax evasions or except as disclosed, been subject to any assertion or assessment to have engaged in tax evasion

For more information, please visit www.bdc.ca/en/special-support/hascap or contact one of our branches.

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