BMO HASCAP Loans
BMO – Bank of Montreal has been named as one of the first six Canadian banks to provide low-interest, long-term loans under the 100% guaranteed government program affecting Highly Affected Sectors. This includes hospitality firms, restaurants, arts, culture, and other Canadian businesses impacted by COVID.
While BMO provides little additional insight into their program particulars, they do advise their customers to contact their BMO Relationship Manager to get started and learn more about eligibility requirements.
BMO’s HASCAP Loan Program
BMO has described the loan program as follows: “The Government of Canada recently announced the creation of the Highly Affected Sector Credit Availability Program, or HASCAP, in connection with Business Development Bank of Canada (BDC), to help Canadian based businesses, such as those in the tourism, hotel, arts and culture and airline industries, who have seen their revenues decrease by 50% or more as a result of COVID-19.“
Under the HASCAP with BMO, eligible business clients may be eligible to receive:
- A non-revolving loan between $25,000 and $1 million
- Loans can be interest-only for up to 12 months
- Loans can have a maximum term and amortization of up to 10 years.