Highly Affected Sectors Credit Availability Program

The Government of Canada recently announced a new program for businesses in sectors hardest hit by the Covid-19 pandemic. The program is a low rate (at 4%) Government-guaranteed financing up to $1,000,000 provided through Canadian financial institutions.

Please read the program details and eligibility requirements below. 
If you believe this loan is appropriate for your business and you meet the requirements, please connect with us.

Up to $1 million

The guarantee covers amounts ranging from $25,000 to $1 million to ensure a degree of continuity for your business through the pandemic.

Guaranteed loans

The Government of Canada has mandated BDC to provide a guarantee to your financial institution for 100% of the value of a new term loan, to increase your company’s ability to access new credit.

Flexible and competitive terms

Benefit from a 4% interest rate and a repayment term of up to 10 years.  

Up to a 12-month postponement of principal payments at the start of the loan.

Program dates

The HASCAP Guarantee is available until December 31, 2021.

Eligibility requirements Expand/Collapse

  • Your business is Canadian based.
  • Your business must have been financially stable and viable prior to the current economic situation.
  • You must have received payments either from the Canada Emergency Subsidy (CEWS) or the Canada Emergency Rent Subsidy (CERS) by having demonstrated a minimum 50% revenue decline for at least three months (not necessarily consecutive) within the eight-month period prior to the date of the HASCAP Guarantee application 
    • If your business does not qualify for CEWS and CERS, but otherwise meets all HASCAP eligibility criteria, you must provide financial statements that reflect at least three months (not necessarily consecutive) in which monthly year-over-year revenue decreased by at least 50% within the eight-month period prior to the date of the HASCAP Guarantee application.
  • The loan will be used to continue or resume operations.
  • The loan cannot be used to pay or refinance existing debts.
  • Minimum risk ratings will apply, varying by size of new loan.
  • You can apply for a loan under the HASCAP Guarantee for each legal entity you own, up to a maximum combined amount of $6.25 million (all legal entities combined).
  • Other conditions may also apply.


Neither BDC nor Eagle River Credit Union has the authority to grant exceptions to eligibility criteria.

  • Visit any our branch location
  • Call us at 1-877-377-3728
  • Email us at erlending@ercu.ca