Les organisations professionnelles au cœur du développement
Le Cedap Association loi 1901 créée en 1969 Aujourd’hui, le Cedap c’est 240 DG d’organisations professionnelles représentant tous les secteurs d’activité Présentation du Cedap Point presse 02/10/1 2 Un des acteurs de référence sur les corps intermédiaires que sont les Organisations Professionnelles
(page 2) du Cedapa
observations, ces expériences du terrain qui ont construit et alimentent le Réseau Agriculture Durable depuis près de vingt ans, souligne Benoît Drouin, paysan dans la Sarthe et président du RAD « €» Le développement du CEDAPA doit aussi beaucoup au soutien des collectivités, et en particulier du Conseil Général des Côtes d’Armor
Highly Affected Sectors Credit Availability Program (HASCAP)
presentation contains confidential financial and commercial information that belongs to BDC, is being provided on a confidential basis and is intended to remain confidential The presentation and contents within can not be shared or discussed with any other party without the written permission of BDC Presentation & Program Recitals
PowerPoint Presentation
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Highly Affected Sectors
Credit Availability Program
(HASCAP)HASCAP Guarantee
January 2021
2HASCAP Guarantee
Agenda1.Presentation and recitals
2.Context
3.Key program features
4.Eligibility
5.Role of financial
institutions6.Other requirements
7.Examples
3HASCAP Guarantee
Recitals
withoutthewrittenpermissionofBDC.Presentation & Program Recitals
4HASCAP Guarantee
The Highly Affected Sectors Credit Availability Program (HASCAP) Guarantee is a new COVID -19 relief program to help hardest-hit businessesfrom all sectors with additional financing.BDC will provide a 100% net loss guarantee to increase these businesses' ability to access additional liquidity.
Proceeds of the loan (up to $1 million) are exclusively meant to fund the operational cash flow needs of the business and ensure a degree of continuity of operations.
As a first step, business owners will be invited to contact their primary financial institution to determine whether the program is appropriate for them.
Business owners can only apply to one financial institution, their primary lender. If their primary lender is not participating in the program, only then may they apply via another financial institution.Context
5HASCAP Guarantee
Principles are broad access and predictable decisioning Loan amount between $25,000 and $1 million per legal entity Maximum combined exposure of related legal entititiesof $6.25 million Loan proceeds cannot be used to pay down an existing debt/lease facilityUp to 10-yearrepayment term
4% fixed interest rate
Up to 12-month postponement of principal repayments at the start of the loan No personal guarantee will be taken to secure the loanProgram will be available until June 30, 2021
Key program features
6HASCAP Guarantee
An applicant business must:
be a commercial enterprise whose intent is to generate revenue from the sale of goods or services that is at least sufficient to cover its operating expenses and service its debt have been financially stable and viable prior to the current economic environmentnot have an impaired loan (as determined in accordance with International Financial Reporting Standards) as at March1,2020, or the eligible loan closing
date Other conditions/requirements apply; see appendicesEligibility
7HASCAP Guarantee
If your business has received the Canada Emergency Wage Subsidy (CEWS) or the Canadian Emergency Rent Subsidy (CERS)
You must provide Canada Revenue Agency attestation forms demonstrating a minimum 50% revenue decline ,for at least 3 months, within the 8-month period prior to the date of your HASCAP Guarantee applications.
Your financial institution will require this information to process your request. If your business did not receive CEWS or CERS and is eligible for itYou must apply for CEWS or CERS.
Your financial institution will require this information to process your request. If your business does not qualify for CEWS or CERSYou must provide financial statements that reflect at least three months (which do not need to be consecutive) of monthly year-over-year revenue decrease of a minimum of 50% per month, within the 8-month period prior to the date of the HASCAP Guarantee application.
Your financial institution will require this information to process your request. Companies must also fall into one of the following categories:Eligibility (cont'd)
8HASCAP Guarantee
Adjudicationcriteria based on loan amount:
Segment 1
Eligible loans between $25,000 and $100,000: Borrower (collectively with the other obligors, if required) meetsthe probability of default requirementprior to March 1, 2020Segment 2
Eligible loansbetween $100,001 and $250,000:Borrower (collectively with the other obligors, if required); (a)meets the probability of default requirementand (b) generated a minimum of $500,000 in gross revenues in the 12-month period ending as atthe date of the most recent annual financial statements of the relevant obligors prior to March 1, 2020Segment 3
Eligible loansbetween$250,001 and $1,000,000:Borrower (collectively with the other obligors, if required) meetsthe minimum debt service coverage ratio requirement of 1.10x (including the HASCAP loan) as of the most recent financial statements of the relevant obligorsprior to March 1,2020 and as a minimum S&P CCC+ rating prior to March 1, 2020
Eligibility (cont'd)
9HASCAP Guarantee
Originate, authorize and manage eligible loans as per the terms and conditions of the programEnsure that all documentation (including a completed HASCAP GuaranteeOnline ID Form and the business's CERS or CEWS number/payment
proof) is provided by the client and retained by the financial institution Administer, service and monitor eligible loans as per standard practices and processes Manage all obligor requestsas per the decision rights outlined in the HASCAPGuarantee Agreement
Report monthlyon transactions
Enforce and realize onthe financial institution'ssecurity and the loan security prior to requesting a payment under HASCAPRole of financial institutions
10HASCAP Guarantee
Loans must meet the lender's standard lender processes, including but not limited to all anti-money-laundering and know-your-customer requirements, as required by FINTRAC, regulatory requirements, and the lender's policies and processes.Proceeds are to be an advance of a new term loan that is incremental to the lender's current exposure with the business and not to replace or refinance any of the business's
existing credits. Normally scheduled monthly (i.e., excluding balloon) and not-yet-due principal and interest payments on the business's existing debt, as well as ordinary course -of-business lease, equipment or supplier financing payments, are permitted. Proceeds are not to be used to pay dividends, distributions, management fees, bonuses or similar instruments, except for a maximum of $200,000 of distributions that are paid in lieu of a salary to the shareholders (and as per historical practices).Other requirements
11HASCAP Guarantee
Segment 1: Loan amount $100,000
Example: Jill, retail store owner
Financial institution
(FI) representative (rep) speaks with the client to confirm a working capital need related to COVID -19 liquidity challengesFI rep confirms thatproceeds ofloan
will be used to sustain operations, not for purposes such as dividend payout or refinancing of existing debtFI rep confirms that the client: meets FI's anti-money- laundering and know- your-client guidelines meets probability of default requirement applied and was eligible for CEWS or CERS FI rep sends HASCAP Guarantee Online ID Form link to the client Client provides high-level company information on the application form Client receives an email confirmation with a unique ID code from BDC Client sends confirmation and unique ID code to FI rep Alternatively, FI Rep can complete form with clientFI rep follows all normal credit submission procedures for an operating loan or term loan, per defined FI processes
FI rep indicates that loan includes HASCAP Guarantee andattaches unique ID code email confirmation FI manager includes client's CEWS/CERS number, as well as proof of payments (3 months)FI risk management adjudicates credit submission, ensuring an acceptable standard of care is undertaken on transaction
Guarantee does not require BDC underwriting approval and relies directly onFI's underwriting and due diligence processes FI back office completes document preparation, including loan agreementDocuments are sent to FI rep for client signature
FI rep gets client to sign all documents, including loan agreementFI reports transaction details, including unique ID code, to BDC per its internal process for HASCAP Guarantee reporting
Client
conversationInitial eligibility verifiedHASCAPGuarantee
Online ID FormCredit
submissionRisk management approvalDocument preparationDocument signing and submission12HASCAP Guarantee
Segment 2: Loan amount $200,000
Example: Alli, advanced manufacturer
FI rep speaks with the
client to confirm a working capital need related to COVID -19 liquidity challengesFI rep confirms that proceeds of loan will
be used to sustain operations, not for purposes such as dividend payout or refinancing of existing debtFI rep confirms client: meets FI's anti-money- laundering and know- your-clientguidelines meets probability of default requirementgenerated a minimum of $500,000 in gross revenues for 12 months ending as at date of last recent financial statement prior to March 1, 2020
applied and was eligible for CEWS and CERS FI rep sends HASCAP Guarantee Online ID Form link to the client Client provides high-level company information on the application form Client receives an email confirmation with a unique ID code from BDC Client sends confirmation and unique ID code to FIAlternatively,FI Rep can
completeform withclientFI rep follows all normal credit submission procedures for an operating loan or term loan, per defined FI processes
FI rep indicates that loan includes HASCAP Guarantee and attaches unique ID code email confirmationFI manager includesclient's
CEWS/CERS number,
as well as proof of payments (3 months)FI risk management adjudicatescredit
submission, ensuring an acceptable standard of care is undertaken ontransaction Guarantee does not require BDC underwriting approval and relies directly onFI's underwriting and due diligence processes FI back office completes document preparation, including loan agreementDocuments are sent to FI rep for client signature
FI rep gets client to sign all documents, including loan agreementFI reports transaction details, including unique ID code, to BDC per its internal process for HASCAP Guarantee reporting
Client
conversationInitial eligibility verifiedHASCAPGuarantee
Online ID FormCredit
submissionRisk management approvalDocument preparationDocument signing and submission13HASCAP Guarantee
Segment 3: Loan amount $750,000 for three properties, total of $2,250,000Example: Sally, hotel owner
FI rep speaks with the
client to confirm a working capital need related to COVID -19 liquidity challengesFI rep confirms that proceeds ofloan will
be used to sustain operations, not for purposes such as dividend payout or refinancing of existing debtFI rep confirms client: meets FI's anti-money- laundering and know- your-client guidelines meetsminimum debt service coverage ratio requirement of 1.10x as atdate of most recent financial statements prior toMarch 1, 2020
applied and waseligible for CEWS andCERS FI rep sends HASCAP Guarantee Online ID Form link to the client Client provides high-level company information on the application form Client receives an email confirmation with a unique ID code from BDC Client sends confirmation and unique ID code to FI repAlternatively,FI Rep can
completeform withclientFI rep follows all normal credit submission procedures for an operating loan or term loan, per defined FI processes