The Highly Affected Sectors Credit Availability Program (HASCAP), originally announced as a part of the Fall Economic Statement in November of 2020, is now open for applications. This program allows small and medium-sized businesses that have experienced a minimum 50% revenue decrease due to the COVID-19 pandemic, to access guaranteed, low interest loans ranging from $25,000 to $1 million. Loans received through this program are guaranteed to the financial institution by BDC for 100% of the value of a new term loan. The terms of the loan include a 4% interest rate, a repayment term of up to ten years, and up to 12-months of postponement of principal payments from the start of the loan. Applications for this program are accessed through a business’s primary financial intuition and are available until June 30, 2021.
To be eligible for the HASCAP, a company must:
Other important information about the HASCAP:
More information on the HASCAP can be found here. To apply for this loan, you must contact your business’s primary financial institution. If you have any questions about the HASCAP or any other COVID-19 support programs for businesses, please reach out to your Bateman MacKay Business Advisor.
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