The Highly Affected Sectors Credit Availability Program, or HASCAP, is a new program that has been launched by the Canadian government to provide extra support to businesses affected by the Covid-19 pandemic.
It was first mentioned in the economic statement in fall 2020, and provides 100% guaranteed loans of up to $1 million with competitive terms and flexibility built in. If an entity has multiple locations, up to $6.26 million is available in support.
HASCAP Loans will be offered through financial institutions, with a decision framework provided by the Business Development Bank of Canada (BDC). You can view a list of institutions here.
“Canada’s banks and the federal government are here to support our hardest-hit businesses, bridge them through the crisis and help pave the way to a stronger future,” said Neil Parmenter, President and CEO, Canadian Bankers Association. “The sectors targeted through HASCAP are important to Canada’s economy and will help drive future growth. Just as they have through existing relief programs, banks are standing by Canadian businesses and households to position them for a strong, sustainable recovery.”