Highly Affected Sectors Credit Availability Program (HASCAP) Loan
Now Accepting Applications!
Call us at 1-866-800-ARTS (2787) for the details.
We’re here to help our business members with information and access to financial relief options needed to support their business through these challenging times. The new Government of Canada HASCAP loan offers eligible businesses that have been negatively impacted by COVID-19 access to loans from $25,000 to $1,000,000 to help with their recovery.
What is a HASCAP loan?
A HASCAP loan is designed to provide financial support to businesses that have been hit hardest by the COVID-19 pandemic. It provided access to a non-revolving government guaranteed term loan from $25,000 to a maximum of $1,000,000.
- Low annual fixed interest rate
- Repayment terms of up to 10 years
- No principal repayments for 12 months
Is my business eligible to apply for a HASCAP loan?
The federal government has outlined the eligibility criteria that must be met for a business to apply for a HASCAP loan.
Applicants must be Canadian-based businesses that:
- were financially stable and viable prior to March 1, 2020 (pre-pandemic)
- have no impaired loans as of March 1, 2020 (pre-pandemic)
- experienced, and can demonstrate, a minimum 50% revenue decline for at least three months (not necessarily consecutive) within the eight-month period prior to the date of a HASCAP loan application
- received payments from the Canada Emergency Wage Subsidy (CEWS) and the Canada Emergency Rent Subsidy (CERS) programs or applied for those programs and did not qualify
- will use the loan to continue or resume operations, not to pay or refinance existing loans
Creative Arts Financial business members must apply for a HASCAP loan through FirstOntario Credit Union. We will ask applicants for a number of documents and details, including three years of accountant prepared financial statements.
HASCAP is available until December 31, 2021.