RBC is proud to support the Government of Canada's program that will provide loans ranging from $25,000 to $1 million to help qualifying businesses finance day-to-day operating costs
TORONTO , Feb. 5, 2021 /CNW/ - As businesses across Canada continue to manage the fallout caused by COVID-19, RBC today announced that it is now accepting applications for the Government of Canada's Highly Affected Sectors Credit Availability Program (HASCAP). The program is available to eligible business clients that have been negatively impacted by COVID-19 and provides access to loan amounts between $25,000 and $1,000,000 .
"We know the coming months will continue to be hard for a lot of businesses across Canada and we remain committed to helping support them through these difficult times," said Greg Grice , Executive Vice-President, Business Financial Services, RBC. "HASCAP, combined with other relief and grant programs offered nationally and provincially, will go a long way towards helping some of Canada's hardest hit businesses in their recovery."
The eligibility criteria required by the Federal Government for businesses to apply for HASCAP loans include:
- Were financially stable and viable pre-COVID;
- Have experienced, and can demonstrate, a minimum 50% revenue decline for at least three months (not necessarily consecutive) within the eight-month period prior to the date of a HASCAP loan application; and
- Have received payments from the Canada Emergency Wage Subsidy (CEWS) and the Canada Emergency Rent Subsidy (CERS) programs or applied for those programs and did not qualify.
Business owners must contact their primary financial institution to assess if the program is right for them, as they can only apply via their primary lender. Once approved, qualifying businesses will benefit from a low interest rate, repayment terms of up to 10 years, and up to 12 months postponement of principal payments.
The program will be available until June 30, 2021 . For more information on eligibility criteria and how to apply, please visit www.bdc.ca/hascap .
And for clients looking to learn more about the business solutions available to them during these times, please visit www.rbc.com/businessrelief .
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 86,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada , the U.S. and 34 other countries. Learn more at rbc.com .
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact .
SOURCE RBC Royal Bank
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2021/05/c4799.html