YOU’RE LOOKING FOR A GOVERNMENT BUSINESS LOAN FINANCE SOLUTION!
GOVERNMENT OF CANADA SMALL 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
Oakville, Ontario
L6J 7J8
The ' SBL’ is the common name for Canadian government small business loans. It's a solid way to start or grow a business, and in its case small is relative, as the revenue cap on the program is 10 Million dollars in projected or actual revenue.
WHO IS THE CANADA SMALL BUSINESS FINANCING PROGRAM BEST SUITED FOR?
In our experience with our clients, the loan is best suited for start ups, acquisition of a franchise, or adding equipment and leasehold improvements to an existing business.
WHAT IS A COMMON MISCONCEPTION ABOUT GOVERNMENT GUARANTEED LOANS
There are numerous misconceptions around the program, one of which is that the loan is in the form of cash or working capital financing. Bottom line, not the case! As we noted, borrowers should also note that revenues for your business must be less than 10 million dollars annually.
IS THE GOVERNMENT LOAN A SUBSTITUTE FOR TRADITIONAL BANK FINANCING?
Can an SBL loan avert a financing crisis for the owner/entrepreneur? Quite often if can as it’s a substitute for traditional bank financing which comes with a higher level of criteria for approval.
WHO RUNS AND SPONSORS THE GOVERNMENT LOAN PROGRAM
While business owners think of our Canadian chartered banks as still the lowest cost and trustworthy type of financing it is comforting to know that it is the banks themselves that administer the program for industry Canada. That’s the department that administers and manages the program.
In fact, the ' bank' is in fact the ONLY place to get an SBL loan- although some credit unions participate in the program
WHAT IS ONE OF THE BIGGEST CHALLENGES OF THE PROGRAM - YOU'LL BE SURPRISED! LET 7 PARK AVENUE FINANCIAL HELP YOU OVERCOME THAT OBSTACLE
We find it somewhat ironic that often the biggest challenge in getting Canadian government small business loans is the challenge of finding a banker that understands and fast track the program. As the majority of bank lending in Canada, if not all, has moved to major commercial centers or the head offices of the banks themselves it's difficult to find a banker that is ' on board ' with getting your financing approved under the program. In this case, consider seeking out an expert advisor in this area that has a track record under the program.
Successful loans under the program happen when you can articulate a thought out need for the financing, and demonstrating you will have the cash flow to make payments.
HOW MUCH CAN YOU BORROW UNDER GOVERNMENT LOANS IN CANADA
The loan cap for the program is 350k, and amortizations are typically 3-7 years. Two quite incredible features of the program are the limited personal guarantee, as well as prepayment without penalty. Why is that incredible... simply because even larger corporations can't escape those terms and conditions when financing assets. Real estate purchases for business can be financed up to 1,000,000.00$ - There is a 2% registration fee under the program.
3 KEY ELEMENTS OF APPLYING FOR THE PROGRAM
If we had to summarize for our clients the entire process it would come down to:
1. Ensuring you understand program criteria
2.Preparing back up documentation
3.Presenting the request in a positive manner, outlining management experience and company potential - Here a business plan and cash flow projection is required. 7 Park Avenue Financial business plans meet and exceed the requirements of banks and other commercial lenders
CONCLUSION
Small businesses will always have business funding challenges. A financing crisis can often be averted via a successful SBL loan financing. Seek out and speak to a trusted, credible and experienced Canadian business financing advisor who can assist you with your loan needs in this program.
Click here for the business finance track record of 7 Park Avenue Financial
Stan Prokop
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