MEMBER SUPPORT

• Existing Synergy Credit Union members where Synergy is your primary bank or primary lender;
• Canadian-based businesses;
• 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;
• Businesses that are eligible for CERS/CEWS must have applied for these relief programs before they can apply for HASCAP;
• The program is intended to exclusively fund the operational cash flow needs of the business or any of its operating subsidiaries (i.e. payroll, rent, utilities, taxes, scheduled debt repayments and other fixed costs) including any costs incurred in retrofitting its operations to ensure its continued viability.

Contact your Synergy Representative today at 1-866-825-3301 to begin the application process.

More details from the federal government are available here.

Please note, the following are not eligible:

• Businesses whose revenue model is predicated on non-commercial sources such as direct government funding or private donations;
• Government organizations or bodies (other than an indigenous entity or body) as well as entities in which a government organization or body (other than indigenous entities or bands) owns equity interests;
• Non-profit organizations, registered charities, unions, or fraternal benefit societies or orders, or a Person in which any such organization owns equity interests [except if it is actively carrying on a business in Canada (including a related business in the case of a registered charity) that earns revenue primarily from the regular supply of property/goods or services and not from non-commercial sources such as direct government grant funding or private donations];
• Religious organizations, or a Person* in which any such organization owns equity interests;
• Fundraising vehicles for charities;
• A Person in which equity interests are held by any single current member of the Parliament of Canada or any single current member of the Senate of Canada other than a Person* whose equity interests are publicly traded;
• Entities that operate any form of sexually exploitive business or promote violence, incite hatred or discriminate on the basis of race, national or ethnic origin, colour, religion, sex, age or mental or physical disability;
• Businesses that have been determined to have committed tax evasion.
• Other terms and conditions apply.