As of February 4th, businesses banking with BMO will be able to access the Highly Affected Sector Credit Availability Program (HASCAP).
Co-Head, Canadian Commercial Banking, BMO Financial Group, Nadim Hiriji had this to say about the launch “The importance of supporting the industries that have been hardest hit by COVID – like tourism, hotels, arts and culture, and the airline sector – cannot be understated. These sectors have a significant impact on our economy, and these relief measures will help to mitigate the financial headwinds they have faced”.
Christine Cooper, Co-Head, Canadian Commercial Banking, BMO Financial Group backed up this statement by noting, “We continue to encourage our business clients to reach out to us to understand how we can support their needs. We want to help those operating in the industries hardest hit by the pandemic on their way back up,”.
For more details on the HASCAP program and information on how to access it via Bank of Montreal, please visit the link below or contact your BMO relationsip manager.
Program Details from HASCAP Loan BMO
BMO defers to the BDC for program eligibility criteria, meaning they will adhere to the guidelines as set out by the Government of Canada.
See below to determine whether you are eligible to access HASCAP financing via BMO.
Loan Terms and Details
- BMO Commercial Clients will be able to access a low-interest term loan of $25,000 to $1 million
- The loans come with flexible repayment terms of up to 10 years.
- Option for the loan to be interest-only for the first 12 months
- You’re a BMO client and they are your primary financial institution
- You operate a Canada based business
- You have received CERS, and or CEWS, or otherwise meet all other eligibility requirements as set out by the Government of Canada and BDC.
Additional business support from BMO
BMO continues to support Canadian businesses financially affected by COVID with a range of Government relief programs and private initiatives.
To learn about these additional business supports see the list below:
- Expanded Canada Emergency Business Account Loan Program
- BDC Co-Lending Program for Small and Medium Businesses
- EDC Loan Guarantee for Small and Medium-Sized Enterprises
- Canada Emergency Wage Subsidy
- Small business resource hub with specialized content and resources to help businesses navigate COVID-19 and better position themselves for future growth
Not eligible for HASCAP and need additional financing?
If you are not eligible for cash flow financing via the programs provided to your business by The Government of Canada and BDC, then you may want to consider other sources of small business funding.
We suggest checking out Lending Loop, for affordable small business loans with flexible repayment terms and low-interest rates.