HASCAP Loan TD Bank (Overview)

We put every effort into ensuring information on The Rise SMB is accurate. With that being said you should always perform your own research and verify details before applying or buying.

HASCAP loan TD Bank Blog Post Feature Image

The Rise SMB maintains editorial independence. While we may receive compensation when you click links to partners, this does not influence our content. (Advertiser Disclosure)

Table of Contents

HASCAP loan: TD Bank is one of the banks / financial institutions selected by the Government of Canada and the BDC to provide flexible, low-interest term loans to businesses deemed highly affected by the prolonged Covid-19 pandemic.

This program is currently available at TD bank to small-to-medium-sized Canadian businesses in the tourism and hospitality sector whose primary financial institution is TD.

As of February 25th, TD Bank is continuing to accept applicants for the HASCAP loan program, reiterating their… “support to Canadian businesses that have been highly affected by and are facing economic hardship as a result of the COVID-19 pandemic” (TD Bank, Newswire).

Learn more about the program details and how to access it via TD bank below.

Program Details from TD Bank

To access the HASCAP Guarantee program you will likely have to contact your TD Small Business Banking Representative via their appointment booking form, available here.

In addition to contacting your representative, you will have to meet the eligibility criteria for the Highly Affected Sector Credit Availability Guarantee Program

Loan Terms and Details

  • A low-interest fixed rate of 4% yearly; paid monthly.
  • A flexible business term loan between $25,000 and $1 million
  • Ability to postpone principal repayments for the first 12 months
  • Maximum term and amortization of up to 10 years.
  • The amounts provided to businesses will be determined on a case-by-case basis based on a range of factors relating to your business’s operations, performance, and needs.

Eligibility Requirements

  • Your primary financial institution/bank is TD
  • You are a Canadian business that has been directly impacted by the Covid-19 pandemic
  • You have experienced a minimum revenue decline of 50% in 3 months during an 8 month period. And have applied to either the Canada Emergency Wage Subsidy (CEWS) or Canada Emergency Rent Subsidy (CERS)
    • If your business has now applied for CEWS or CERS you must apply for these programs first.
    • If your business is not eligible for CEWS or CERS you must provide proof of the aforementioned eligibility requirement (i.e. 50% revenue decline in 3 months within an 8 month period).
  • The program and the funding it provides to recipients is to be used for day-to-day operational cash flow needs. It is not to be used by businesses to pay off existing debt that was outstanding prior to the start of Covid-19.

Other emergency financing offered by TD

  • Canada Emergency Wage Subsidy (CEWS)
  • The Canada Recovery Benefit
  • Canada Emergency Business Account (CEBA)
    • Access up to $60,000 via the CEBA program, interest-free until December 31, 2022
  • EDC Business Credit Availability Program (BCAP)
    • TD works with Export Development Canada (EDC) to provide larger businesses with capital under the Business Credit Availability Program (BCAP). In part to help businesses sustain their operations during Covid-19. This includes the provision of credit lines up to $80 million, with at least 75% of the financing being guaranteed via the EDC

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.

Lending Loop Banner Call to Action Image
Ryan Watkins

Ryan Watkins

Ryan is the Founder & Editor-in-Chief of The Rise SMB. He began this site as a way to help small business owners better understand the financial services, loans, and software available to them.

He has a Bachelor of Arts in Political Science from the University of Toronto and has served in various management & executive roles within the financial services industry, including most recently as the Head of Growth for leading Canadian Business Lenders, Loop & Lending Loop.

Much of Ryan's work has focused on providing accessible capital and credit building services to Canadian small business owners and entrepreneurs. In his spare time, Ryan loves bouldering, backpacking and drinking inordinate amounts of coffee.

Subscribe To Our Newsletter

Get the latest News, How-To's, Reviews, and Advice for Small Business Owners

Share This Post

Share on facebook
Share on linkedin
Share on twitter
Share on email

More To Explore

Retail POS System Examples Blog Post Feature Image
POS Systems

What POS Systems Do Retailers Use? (2021)

Curious about what POS systems are commonly used by retailers?  With so many retail point of sale systems available it can be tough to pinpoint