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Government Funding Programs
What is the HASCAP?
A program to help businesses that have been highly affected by the COVID-19 pandemic has been extended to December 31st, 2021. These loans low-interest loans of $25,000 to $1 million are for small and medium-sized businesses that have seen their revenues decrease by 50% or more as a result of COVID-19.
Up to $1 million
The guarantee covers amounts ranging from $25,000 to $1 million to ensure a degree of continuity for your business through the pandemic.
The Government of Canada has mandated BDC 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.
Flexible and competitive terms
Benefit from a 4% interest rate and a repayment term of up to 10 years.
Up to a 12-month postponement of principal payments at the start of the loan.
How to apply
Contact your Relationship Manager for details on how to get your application started.
Deadline: The HASCAP Guarantee is available until December 31, 2021
Neither BDC nor your financial institution has the authority to grant exceptions to eligibility criteria.
- Your business is Canadian based.
- Your business must have been financially stable and viable prior to the current economic situation.
- You must have received payments either from the Canada Emergency Subsidy (CEWS) or the Canada Emergency Rent Subsidy (CERS) by having demonstrated a minimum 50% revenue decline for at least three months (not necessarily consecutive) within the eight-month period prior to the date of the HASCAP Guarantee application.
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 will be used to continue or resume operations.
- The loan cannot be used to pay or refinance existing debts.
- Minimum risk ratings will apply, varying by size of new loan.
- 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.
If you have any further questions regarding your HASCAP loan or any other products Lakeland has to offer please contact your Relationship Manager.
CEBA Program Deadlines
For Applicants Required to Requalify Under the Non-Deferrable Expense Stream:
The deadlines have now passed for all other CEBA applicants.
Seeking Status Updates
• Applicants can check the status of their CEBA loan online at https://status-statut.ceba-cuec.ca/.
Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 33 percent (up to $20,000).
For further information on the CEBA go to https://ceba-cuec.ca/.
- Canada Recovery Sickness Benefit (CRSB) CRSB gives income support to employed and self-employed individuals who are unable to work because they are sick or need to self-isolate due to COVID-19, or have an underlying health condition that puts them at greater risk of getting COVID-19. The CRSB is administered by CRA.
- Canada Emergency Rent Subsidy (CERS) Businesses, eligible charities, and non-profits that experience a revenue drop would be eligible to claim a subsidy on eligible expenses.
- Canada Emergency Wage Subsidy (CEWS) Business employers of all sizes who have seen a drop in revenue due to the COVID-19 pandemic, may be eligible for a subsidy to cover part of their employee wages, retroactive to March 15. Subsidy can be used to re-hire workers, help prevent further job losses, and ease businesses back into normal operations.