The launch of the Highly Affected Sectors Credit Availability Program (HASCAP) will provide financial support to businesses that have been hardest hit by the pandemic and was initially tabled in the 2020 Fall Economic Statement.
It promises to assist businesses across the region, whether they are operating at limited capacity, switching to online-only services or suspending their operations entirely.
Through HASCAP, the Business Development Bank of Canada (BDC) will be working with participating Canadian financial institutions to offer government-guaranteed, low-interest loans of up to $1 million. HASCAP can assist with your day-to-day operating costs during COVID-19 and help you invest in your longer-term prosperity.
HASCAP is available to all businesses across Albert County that has been dramatically affected by COVID-19. This includes businesses in the tourism and hospitality sectors and those that rely on in-person service.
To be eligible, businesses need to show a decrease in your year-over-year revenue of at least 50% in three months, within the eight months prior to your application. You must also be able to demonstrate that you have previously applied for either the Canada Emergency Wage Subsidy or the Canada Emergency Rent Subsidy.
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.
More information is available at www.bdc.ca/hascap.
More info about this and other funding resources: https://www.atlanticchamber.ca/covid-19-resources