TD Bank HASCAP Loans
TD Bank has been named as one of the first 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.
At the time of writing this post, TD Bank has not published any additional details on their website regarding the next steps to qualify for a HASCAP Loan.
It is likely that you will be required to book an appointment with your TD Small Business Banking representative as you had to with their other COVID-relief products, including CEBA, BDC’S Co-Lending Program, and
More details from TD
Canada Emergency Business Account (CEBA)
Request a $60,000 loan (interest free until December 31, 2022). Up to $20,000 may be eligible for loan forgiveness.
Business Development Canada (BDC) Co-Lending Program
TD works with the Co-Lending Program from the BDC together to co-lend term loans to small- and medium-sized businesses to help with operational cash flow requirements. Eligible companies may qualify to borrow up to $6.25M (depending on revenue) with 75-80% of the loan guaranteed by the government.
Many Highly-Affected Companies, particularly those in travel and tourism, had difficulties meeting the traditional banking lending requirements because… well… this is a pandemic and they are highly affected. The introduction of the HASCAP Loan Guarantee of 100% should alleviate a lot of the consternation.
EDC Business Credit Availability Program (BCAP)
TD works with Export Development Canada’s Business Credit Availability Program (BCAP) to offer their eligible customers with credit financing to help sustain operations impacted by COVID-19. The EDC BCAP includes:
- An operating credit of up to CAD $80 million.
- 75% to 80% of the loan guaranteed by the Federal Government through the EDC (dependent on financing amount).