The federal government kicked off a Highly Affected Sectors Credit Availability Program (HASCAP) Tuesday morning.
Canada’s Minister of Small Business announced that HASCAP, as outlined in last year’s Fall Economic Statement, will offer government-guaranteed, low-interest loans of up to $1 million.
Mary Ng says hard-hit businesses with multiple locations under one related entity, could be eligible for up to $6.25 million.
HASPAC will be provided through the Business Development Bank of Canada working with Canadian financial institutions.
To qualify for the program, a year-over-year revenue decline of at least 50 percent in three months, within the eight months prior to their application must be shown.
In addition, businesses must also be able to show their financial institutions that they have previously applied for either the Canada Emergency Wage Subsidy or the Canada Emergency Rent Subsidy.
Ng says those eligible can start applying as early as Monday at principal financial institutions and more widely by February 15.
To apply for HASPAC contact your primary lender and for more information click here.