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