Government Relief Program - BDC Highly Affected Sectors Credit Availability Program (HASCAP):

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Government Relief Program - BDC Highly Affected Sectors Credit Availability Program (HASCAP):

Government Relief Program - BDC Highly Affected Sectors Credit Availability Program (HASCAP):

The HASCAP Guarantee is available until June 30, 2021. BDC has mandated by Government of Canada to provide a guarantee to your financial institution for 100% of the value of a new term loan, to increase your company’s ability to access new credit. The guarantee covers amounts ranging from $25,000 to $1 million to ensure a degree of continuity for your business through the pandemic. The interest rate of term loan is 4% and repayment term is up to 10 years and you can postpone up to a 12-month of principal payments at the start of loan payments.

The HASCAP Guarantee is available until June 30, 2021. BDC has mandated by Government of Canada to provide a guarantee to your financial institution

Eligibility Criteria:

Eligibility Criteria:

• Your business is Canadian based and must have been financially stable and viable prior to the current economic situation.

• If your business is eligible for the CERS or CEWS, you must apply for these relief programs before you can apply for HASCAP.

• Your business must have experienced a 50% revenue decrease in any three of the past eight months, which can be evidenced through your application and receipt of Government subsidies under either CERS or CEWS.

• If your business does not qualify for CEWS and CERS, but otherwise meets all HASCAP eligibility criteria, you must provide financial statements that reflect at least three months (not necessarily consecutive) in which monthly year-over-year revenue decreased by at least 50% within the eight-month period prior to the date of the HASCAP Guarantee application.

• The loan cannot be used to pay or refinance existing debts.

• You can apply for a loan under the HASCAP Guarantee for each legal entity you own, up to a maximum combined amount of $6.25 million (all legal entities combined).

• Other conditions may also apply.