YOUR COMPANY IS LOOKING FOR BUSINESS LOAN SOLUTIONS!
You've arrived at the right address! Welcome to 7 Park Avenue Financial
Financing & Cash flow are the biggest issues facing business today
ARE YOU UNAWARE OR DISSATISFIED WITH YOUR CURRENT BUSINESS FINANCING OPTIONS?
CALL NOW - DIRECT LINE - 416 319 5769 - Let's talk or arrange a meeting to discuss your needs
EMAIL - sprokop@7parkavenuefinancial.com
7 Park Avenue Financial
South Sheridan Executive Centre
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8
Business loan chances of success in Canada can be significantly improved, both in various options and success when the business owner/financial manager has some basics. That changes the ' amateur ' to the ' pro ' when working capital and financing your business for innovation and expansion in the Canadian marketplace. Let's dig in.
SMALL BUSINESS LOANS FOR YOUR CASH FLOW NEEDS
Although larger corporations, both private and public, don’t often require owners' personal guarantees, that certainly isn’t the case in the SME COMMERCIAL FINANCE area. In fact, both the actual issue of the guarantee and the business owner/owners' personal credit history will affect both rate and overall approval potential in the majority of ' traditional ' ( aka ' the bank ' ) financing.
UNDERSTANDING THE DIFFERENCE BETWEEN PERSONAL CREDIT AND BUSINESS CREDIT - TIP: FOR SMALL BUSINESS THEY ARE PRETTY WELL THE SAME!
Business owners are encouraged to ensure they can convey their personal financial issues to protect themselves to a degree and get financing approval at good rates. It is common for owners to avoid pledging personal assets - in effect, separating their business and personal finances - and that's a good thing!
The concept of ' Collateral ‘is critical to business loan success. In many cases, it’s either a key ' requirement ' or, in some cases, a ' driver ' of successful capital resolution.
MANAGING THE DIFFERENCE IN TYPES OF BUSINESS ASSETS
It's important to differentiate between different types of assets - in certain cases, it's fixed assets/equipment; in other cases, your collateral is your working capital accounts. These are receivables, inventory, and any tax credits that might be financeable. (The most common tax credit financed is the SR&ED refundable tax credit).
Don't forget that purchase orders and contracts are financeable under the right circumstances, allowing access to further working capital.
THE CANADA SMALL BUSINESS FINANCING PROGRAM MIGHT BE THE SOLUTION YOU ARE LOOKING FOR
What type of business loan' finances new or existing assets? It could be a bank term loan, a Government guaranteed Small business loan or even a bridge loan supported by hard assets. An equipment lease is not a ' loan ' per se but is always financing hard assets, including technology. The Government Small business loan provides up to 350k in asset and leasehold financing to thousands of businesses in Canada every year. Let 7 Park Avenue Financial help you through the application process on government loans.
RECOMMENDED WORKING CAPITAL AND CASH FLOW FINANCING SOLUTIONS FROM 7 PARK AVENUE FINANCIAL
And those ' Current Assets' on your balance sheet. Financing of those should be done via:
A/R Financing
Bank revolving credit lines
Asset-based non-bank business lines of credit
SR&ED Tax credit financing
Ensure you understand the interest rate and structure and repayment terms around any of those financing possibilities - that is critical - they are all designed to help your firm access the business capital you need.
If there is one ' tip ' around loans, it understands the concept of cash flow. Proving you have positive cash flow allows you to be eligible for unsecured cash flow loans. Business plans you might prepare to show your business's merits of loan financing must emphasize cash flow generation and repayment ability. Business owners should be able to demonstrate a good credit score and personal credit history. A 7 Park Avenue Financial business plan meets and exceeds the requirements of Canadian banks and commercial lenders.
SPEND TIME ON UNDERSTANDING THE TYPE OF SMALL BUSINESS FUNDING YOU NEED
The ability to recognize and identify the financing your firm is eligible for is key to capital funding success. It also saves a lot of wasted time. Identifying the right ' traditional' or, in some cases, ' alternative ' lender in a timely and credible fashion is key. A good analogy is that you wouldn’t go to a fast-food restaurant expecting ' Haute cuisine ' food and service.
CONCLUSION - BUSINESS LOANS AND BUSINESS FINANCING
If you're looking to change ' amateur' to ' pro ' status around your business needs when it comes to business loan and asset finance solutions, seek out and speak to 7 Park Avenue Financial, a trusted, credible and experienced Canadian business financing advisor who can assist you with capital needs.
Click here for the business finance track record of 7 Park Avenue Financial
Stan Prokop
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