To assist hardest-hit businesses with covering operational costs, the Business Development Bank of Canada (BDC) has been mandated by the Government of Canada to provide a guarantee to the financial institutions providing low interest loans ranging from $25,000 to $1,000,000 for qualifying businesses, called the Highly Affected Sectors Credit Availability Program (HASCAP) Guarantee. Repayment terms are up to 10 years, with principal repayments deferred for 12 months. Interest rates are expected to be 4%.
Applications are done directly through financial institutions, with the program being available until June 30, 2021.
To see if your business is eligible and to learn more about the program (including details on how to apply), please refer to the link below:
