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TORONTO, Feb. 4, 2021 /CNW/ - BMO today announced that it is ready to discuss the Highly Affected Sector Credit Availability Program (HASCAP) – a new federal government loan program developed in collaboration with the Business Development Bank of Canada (BDC) – with business clients.
Under the HASCAP, eligible business clients can apply for a non-revolving loan between $25,000 and $1 million. Loans can be interest-only for up to 12 months, with a maximum term and amortization of up to 10 years. Business clients are encouraged to reach out to their BMO Relationship Manager to understand how this and other relief measures may help their business.
"The importance of supporting the industries that have been hardest hit by COVID – like tourism, hotels, arts and culture, and the airline sector – cannot be understated. These sectors have a significant impact on our economy, and these relief measures will help to mitigate the financial headwinds they have faced," said Nadim Hirji, Co-Head, Canadian Commercial Banking, BMO Financial Group. "We continue to encourage our business clients to reach out to us to understand how we can support their needs. We want to help those operating in the industries hardest hit by the pandemic on their way back up," said Christine Cooper, Co-Head, Canadian Commercial Banking, BMO Financial Group.
Full eligibility requirements can be found by visiting the Business Development Bank of Canada (BDC) HASCAP page.
Canada's Bank for Business
BMO continues to support Canadian businesses financially affected by COVID with:
Expanded Canada Emergency Business Account Loan Program
BDC Co-Lending Program for Small and Medium Businesses
EDC Loan Guarantee for Small and Medium-Sized Enterprises
Canada Emergency Wage Subsidy
Small business resource hub with specialized content and resources to help businesses navigate COVID-19 and better position themselves for future growth
"As a bank, we've been standing beside our business clients since the beginning of this pandemic and continue to do so now," said Mike Bonner, Head, Canadian Business Banking, BMO Bank of Montreal. "We're continuing to provide support by facilitating access to crucial funds to help our clients recover."
Commercial banking clients can stay updated with BMO on COVID-19 and find the latest insights from experts on the bank's commercial relief page.
Business banking clients are encouraged to visit BMO's dedicated COVID-19 small business support page for regular updates and to learn more about relief measures.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $949 billion as of October 31, 2020, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
Web: www.bmo.com Twitter: @BMOmedia
SOURCE BMO Financial Group
View original content: http://www.newswire.ca/en/releases/archive/February2021/04/c3603.html