Highly Affected Sectors Credit Availability Program (HASCAP)

The Federal Government’s Highly Affected Sectors Credit Availability Program (HASCAP) provides financial support to businesses that have been hardest hit by the pandemic.

Through HASCAP, the Business Development Bank of Canada (BDC) will work with participating Canadian financial institutions to offer government-guaranteed, low-interest loans of up to $1 million. The loan is intended to assist hard-hit businesses in the tourism and hospitality sectors, and those that rely on in-person service. Those with multiple locations under one related entity could be eligible for up to $6.25 million. HASCAP will help with day-to-day operating costs during the COVID-19 crisis and enable businesses to invest in their longer-term prosperity.

100% net loss is guaranteed for up to a ten year term at a 4% fixed interest rate (including the guarantee fee). Businesses must apply through their primary lending financial institution. Businesses who have received CEBA funding may still be eligible to apply.

To be eligible for HASCAP, businesses need to show a year-over-year revenue decline of at least 50% in three months, within the eight months prior to their application. They must also be able to show that they have previously applied for either the Canada Emergency Wage Subsidy or the Canada Emergency Rent Subsidy. These loans are subject to credit approval.

Kawartha Credit Union is pleased to make this loan available to members who use Kawartha as their primary lender. Please contact your Kawartha Commercial Account Manager.

More information is available at www.bdc.ca/hascap.