Advice

You may be eligible to borrow up to $1 million with the Government of Canada’s Highly Affected Sectors Credit Availability Program (HASCAP).
Rachel Salares Jul. 05, 2021 5 minute read

What is HASCAP?

Is my business eligible?

How do I apply?

What can I use the funds for?

What’s the difference between HASCAP and the BDC Co-Lending Program?

  HASCAP BDC Co-Lending Program
Loan amount
  • $25,000 up to $1 million, based on revenue and other borrowing criteria
  • Up to $12.5 million, based on 2019 revenue threshold
Interest rate
  • Fixed rate of 4%
  • Variable rate based on Canadian prime at market rates, loan size, and personal and business profile
Eligibility requirements
  • Canadian business that has experienced a minimum 50% revenue decrease
  • Already used CEWS or CERS unless ineligible for them
  • Other eligibility criteria apply
  • Canadian business that has been negatively impacted by COVID-19 
Repayment
  • Repayment period of up to 10 years
  • Option to pay only the interest for the first 12 months after the initial advance
  • Principal and Interest (P&I) monthly payments
  • Repayment period of up to 20 years
  • Option to pay only the interest for the first 12 months after the initial advance
  • Principal and Interest (P&I) monthly payments
Required documents
  • Financial statements prior to March 1, 2020
  • CEWS or CERS statements and proof of deposit
  • If ineligible for CEWS/CERS, additional documents are required
  • Other documents may be required during the application process

Required documents include:

  • 2 years of financial statements
  • For all guarantors:
    • 2 years of personal T1 General and NOA (Notice of Assessment) 
    • Personal net worth documents 
Set-up fees
  • None
  • Based on size of loan


Written by
Rachel Salares

Rachel Salares is a communications and change management professional based in Toronto with CIBC.  With previous experience in both the corporate and non-profit sectors, she now works in Business Banking creating content for entrepreneurs and financial advisors across Canada.