Earlier this week the government announced the launch of the Highly Affected Sectors Credit Availability Program. The program will provide low-interest loans of up to $1 million to businesses that have been hit hard by the pandemic.
Key terms of the loans
- Government-guaranteed, low-interest loans of up to $1 million with a repayment term of up to 10 years
- Up to 12 months postponement of principal payments.
Who is eligible?
- The program is open to businesses in all sectors, provided your business:
- Has a year-over-year revenue decline of at least 50% in three months, within the eight months prior to your application
- Has previously applied for either the Canada Emergency Wage Subsidy or the Canada Emergency Rent Subsidy; and
- Was financially stable and viable before the pandemic.
When can I apply?
Eligible businesses can start applying as early as February 1, 2021. The program will be available until June 30, 2021.
Further information and how to apply
The program will be administered by participating Canadian financial institutions. For further information, including how to apply, please contact your financial institution.