The HASCAP Guarantee provides a guaranteed, low-interest loan to small and medium-sized businessess that have experienced a 50% or greater loss of revenue due to the COVID-19 pandemic.
Terms and conditions of the loan:
- Amount ranging from $25,000 to $1M
- Interest rate of 4%
- Repayment term of up to 10 years
- 12-month postponement of principal payments at the start of the loan
Company's main eligibility requirements:
- Be based in Canada
- Have been financially stable and viable prior to the current economic situation
- Have received payments either from the CEWS or the CERS
- Not use the loan to pay or refinance existing debts.
The HASCAP Guarantee is available until June 30, 2021.
Application for the loan must be made through your financial institution.