January 27, 2020 – Brampton -
Yesterday, the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade, announced the launch of the Highly Affected Sectors Credit Availability Program, or HASCAP. This program will provide financial support to businesses in Brampton South, and across Canada, that have been hardest hit by the pandemic.
Through HASCAP, the Business Development Bank of Canada (BDC) will work with participating Canadian financial institutions to offer government-guaranteed, low-interest loans of up to $1 million. To be eligible, businesses need to show a year-over-year revenue decline of at least 50% in three months, within the eight months prior to their application. They 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.
This program will help businesses with day-to-day expenses and operating costs during COVID-19 and enable them to invest to ensure longer-term prosperity. Eligible businesses in Brampton South can start applying as early as February 1 at principal financial institutions and more widely by February 15.
Interested businesses should contact their primary lender and visit www.bdc.ca/hascap for more information.
Quotes:
“I’ve heard from businesses in our community having a hard time due to the pandemic- especially restaurants, and businesses in the tourism and hospitality sectors. That is why our Government has announced the launch of our new Highly Affected Sectors Credit Availability Program (HASCAP). Our Liberal Government is taking action and I’m focused on a strong recovery for Brampton that will create jobs and strengthen the middle class.” — Sonia Sidhu, Member of Parliament for Brampton South