Business Development Bank Of Canada Begins HASCAP Rollout
1 min read
As promised late last year, the Business Development Bank of Canada has begun its rollout of the Highly Affected Sectors Credit Availability Program (HASCAP) low-interest loan. The program will help relieve the financial stress of small to medium-sized businesses that have experienced a drop in revenue of 50% or more due to COVID-19.
Major financial institutions will begin the HASCAP loan rollout starting February 1st, with private lenders following suit within a few weeks. Once approved, loans will have a ten-year term at a 4% interest rate.
Minister of Finance Chrystia Freeland states (2021), “We know that the second wave of this virus continues to weigh on many workers and businesses. HASCAP gives those in highly affected sectors — like tourism, hospitality, arts and culture — new support so they can weather this storm and be ready for a robust recovery” (par.3).
To qualify, businesses must prove that they have been eligible for the Canada Emergency Wage Subsidy (CEWS) and the Canada Emergency Rent Subsidy (CERS) before submitting their application. Qualifying businesses can apply for the HASCAP loan up until June 30th, 2021.
Learn more about the Highly Affected Sectors Credit Availability Program (HASCAP) loan and how you can qualify.
References
HASCAP low-interest loan rollout now underway - REMI Network. (2021, February 01). Retrieved February 01, 2021, from https://www.reminetwork.com/articles/hascap-low-interest-loan-rollout-now-underway/
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