Scotiabank ready to support Canadian businesses in highly impacted sectors through the HASCAP program


TORONTO, Feb. 1, 2021 /CNW/ - Scotiabank announces that it is ready to accept applications for the new Highly Affected Sectors Credit Availability Program (HASCAP) developed in connection with Business Development Bank of Canada (BDC). Canadian businesses whose revenues have been deeply impacted by the pandemic can now apply for HASCAP, providing low-interest loans of up to $1 million dollars for up to ten years, helping qualifying businesses finance day-to-day business operating costs.

"Scotiabank is proud to collaborate once again with the BDC and the Canadian government to make programs like HASCAP available to those businesses that have been most impacted by the pandemic," said Dan Rees, Group Head, Canadian Banking for Scotiabank. "Scotiabank remains committed to supporting the economic recovery of Canadian businesses as we look to a future beyond this pandemic with confidence and optimism."

HASCAP is available to eligible businesses across the country, in all sectors, that have been hit hard by the pandemic. Building on the support available through the BDC programs announced in 2020, this assistance program is structured to extend support to those who previously applied to the Canadian Emergency Wage Subsidy (CEWS) and/or the Canadian Emergency Rent Subsidy (CERS). The HASCAP is structured as a term loan of up to $1 million dollars, 100% guaranteed by BDC. For more details on eligibility criteria, clients are asked to contact their Scotiabank Small Business Advisor or Business Banking Relationship Manager.