Business Credit Availability Programs (BCAP)

If you're a Vancity business member in need of emergency support due to the impact of COVID-19, we can help. Please contact your Business Account Manager to determine which of the following programs best suit your needs.

 

HASCAP Guarantee

The Highly Affected Sectors Credit Availability Program (HASCAP) is offered through a partnership between Business Development Bank of Canada (BDC), along with the federal government and select financial institutions, including Vancity, in response to COVID-19. This program provides eligible Canadian businesses with access to a term loan of up to $1 million. This loan is designed for businesses that have been hit hardest by COVID-19 and were financially viable prior to the pandemic.

The HASCAP loan is

  • A term loan with a minimum principal of $25,000 and maximum of $1,000,000
  • Maximum 10-year term length
  • Fixed interest rate of 4% per annum
  • Option of interest only payments for up to the first 12 months
  • Repayable in full at anytime

How can I use this loan?

If you’re eligible, the loan can be used to continue or resume operations.

The loan cannot be used to pay or refinance existing lending.

Am I eligible?

In order to be eligible, the following requirements must be met without exception:

  • 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 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.
  • Other conditions may also apply.

Where can I find more information?

This loan is offered through a partnership between BDC, along with the federal government and Vancity. For more information, please refer to the BDC site.

How do I apply?

Please contact your Community Business Small Business Advisor or Account Manager, or complete this form. We’ll be in touch within two business days.

 

EDC BCAP Guarantee

This program is offered through a partnership between Export Development Canada (EDC), along with the federal government and select financial institutions, including Vancity in response to COVID-19. This program provides eligible Canadian businesses with access to an emergency short-term loan of up to $6.25 million in response to COVID-19. It’s designed to help you meet your short-term liquidity.

The EDC BCAP Guarantee includes:

  • 80% of the loan guaranteed by the EDC for up to a 5 year term.
  • Repayable in full up to the 5 year anniversary.

How can I use this loan?

If you’re eligible, the loan can be used for recurring operational expenses such as:

  • rent
  • payroll
  • buying inventory
  • meeting accounts payable
  • covering delayed receivables, or
  • any other needs due to cyclical cash flow
It is not for debt repayment, refinancing or dividend payments, or long-term asset purchases.

Am I eligible?

In order to be eligible, the following requirements must be met:

  • Current business member of Vancity (business can be of any size)
  • Loan must be used to finance operational business continuity, such as rent, payroll and other operational costs
  • Canadian business impacted by COVID-19 (export sales not required)

Where can I find more information?

This loan is offered through a partnership between EDC, along with the federal government and Vancity. For more information, please refer to the EDC site or the Government of Canada’s BCAP site.

How do I apply?

If you have not already reviewed the Vancity selector tool, please complete the quick questionnaire. The selector tool will provide information on other programs and help determine the best programs for your business. Please contact your Community Business Account Manager or fill out this form and we’ll be in touch.

 

BDC Co-Lending Program for Small, Medium Enterprises

This program is offered through a partnership between Business Development Bank of Canada (BDC), along with the federal government and select financial institutions, including Vancity in response to COVID-19. This program provides eligible Canadian businesses with access to short- and long-term financing based on annual revenues, where 80% of the loan is provided by BDC.

The BDC Co-Lending Program will support term lending with:

  • Repayments based on variable or fixed rates
  • Interest only for the first 12 months
  • Maximum term of 10 years
  • Maximum amortization of 20 years

How can I use this loan?

If your business is eligible, the loan is to be used exclusively to fund operational cash flow needs. The amount of the loan is based on annual revenue:

  • Revenues under $1,000,000: eligible for loans up to $312,500
  • Revenues from $1,000,000 to $50,000,000: eligible for loans up to $3,125,000
  • Revenues greater than $50,000,000: eligible for loans up to $6,250,000

Am I eligible?

In order to be eligible, the following requirements must be met:

  • Your Canadian based business has a revenue model built on commercial sources where revenue is generated from the sale of goods and/or services.
  • Vancity is your primary financial institution, and you have not benefited from this program at another financial institution.
  • Your business has been negatively impacted by COVID-19

Where can I find more information?

This loan is offered through a partnership between BDC, along with the federal government and Vancity. For more information, please refer to the BDC site or the Government of Canada’s BCAP site.

How do I apply?

If you have not already reviewed the Vancity selector tool, please complete the quick questionnaire. The selector tool will provide information on other programs and help determine the best programs for your business. Please contact your Community Business Account Manager or fill out this form and we’ll be in touch.