The Government of Canada’s Highly Affected Sector Credit Availability Program (HASCAP) Guarantee helps provide businesses with accessible capital for day-to-day operating expenses.
As one of Canada’s largest banks, CIBC has been included in the list of financial institutions in which you can access a HASCAP loan.
As per CIBC’s press release, existing CIBC business clients may be eligible for fixed-rate loans of up to $1million with interest-only payments, pending the business meeting specific eligibility criteria as defined by the BDC.
As Laura Dottori-Attanasio, Group Head, Personal and Business Banking notes, “We’re here and ready to continue our support for Canadian entrepreneurs through financial impacts from the pandemic,”…”This additional loan program from the Government of Canada is another way to ensure a degree of continuity for hardworking small and medium-sized businesses across the country that have been hard hit by COVID-19. We’re committed to continuing to be there for our clients, including facilitating access to these key additional funds.”
To begin your application with CIBC, contact your CIBC Advisor or have their team contact you at your earliest convenience by requesting a call via this link.
Program Details from CIBC
To learn more about how to access the HASCAP Loan CIBC and get a general overview of the info CIBC provides to its clients read below.
Loan Terms and Details
- Access fixed-term loans ranging from $25k up to $1 million on extended terms of up to 10 years
- Interest-only payments for the first 12 months
- Designed to help businesses access much-needed liquidity to cover operational cash flow requirements that may have been impacted due to Covid-19
- To be eligible CIBC clients will need to have experienced a 50% decline in revenue or greater and have already used the Canada Emergency Rent Subsidy (CERS) or the Canada Emergency Wage Subsidy (CEWS). That is unless they were otherwise unable to access these programs.
- Additionally, clients will also need to be able to provide documentation upon request as required by the government. If you have not applied for CERS or CEWS you can still do so as a CIBC client and apply for HASCAP afterwards.
- CIBC defers to the BDC’s website for full program requirements.
- Businesses that do not meet the eligibility requirements set out above and as defined by the BDC will not be eligible for funding under the HASCAP Loan Guarantee.
How to apply for a HASCAP Loan CIBC?
- To begin your HASCAP application with CIBC, contact your CIBC Advisor or have their team contact you at your earliest convenience by requesting a call via this link.
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.