Canadian Small Business Government Financing SBL 7 Park Avenue Financial

Header Graphic
Call Today For Canadian Business Financing Expertise tel 416 319 5769 !
Small Business Government Financing - 6 Things You Might Not Know About Canadian SBL Loans
You Might Have It Wrong On Government Small Business Loan Rates In Canada



 

YOU ARE LOOKING FOR THE SBL GOVERNMENT SMALL BUSINESS LOAN!

CANADA SMALL BUSINESS FINANCING LOANS

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

 

guaranteed government loans                   business financing in canada

Canadian small business government financing. There isn’t a day when we don't meet clients who are looking for information on the SBL loan in Canada.  What's worse, in many cases what they do know... well suffice to say... they've got it wrong. We think we can fix that in pretty short order, so let's dig in!

 

HOW DO YOU FINANCE A STARTUP IN CANADA? ONE WAY IS THE  GOVERNMENT OF CANADA SBL LOAN!

 

There are several methods of business loans and financing a start-up in the  SME sector in Canada.  Knowing what they are and preparing to address them is what the business owner/manager needs to deal with in planning business expansion activities.

 

IS BANK FINANCING GUARANTEED? NOT ALWAYS!

 

In many cases our clients often focus on their bank that they have always dealt with - that comes from the convenience of a past and current relationship more often than not.  Just remember though that convenience and a short walking distance are not always guarantors of small businesses being successful with Canadian chartered banks.

 

UNDERSTANDING TRADITIONAL BANK FINANCING OPTIONS

 

No Canadian chartered bank is going to bend rules or get involved in marginal situations, so it’s important to focus on a bank and banker that will deliver - many do, but not all. While things like fees, access to online services, etc are important they ultimately depend on getting your company the kind of credit and working capital you need.

 

SOME BASIC SOURCES OF BUSINESS FUNDING IN CANADA

 

Common sources of business financing in Canada also include unsecured business lines of credit, business credit cards, supplier financing, equipment and receivable financing.

 

But is that all? Definitely not, because today we're focusing on the Govt SBL loan and why it just might make sense for your firm. 

 

 

6 IMPORTANT ASPECTS OF THE CANADA SMALL BUSINESS ' SBL LOAN' 

 

So, here's 6 things you might not know about the BIL (that’s the formal name of the program) small business loan in Canada.

 

1. The loan has limited personal guarantees (for some reason our clients like that one!) A good credit history is required though.

 

2.  Pricing is very competitive given that many businesses that apply are in start-up or very early years of growing their business

 

3.  There are only 3 asset categories that can be financed - they are equipment assets (including trucks, etc), Leasehold improvements, and real estate.

 

4. The term  ' government ' is a bit of a misnomer - while the government runs the program and guarantees the loan to banks in actuality all loans are delivered through the chartered banking system. So as much as the Canadian business owner dreams about having a strong day-to-day relationship with the government and its business the reality is that its business as usual with no direct contact with the government! A nominal registration fee is a part of the program , and this can be bundled into the loan.

In certain cases, an authorized credit union might offer SBL loans.

 

5. Many clients imagine the application is cumbersome and involved. It isn’t. You need a business plan, some very normal info on your business - i.e. articles of incorporation, premises lease, etc - Voila... you're off to the races.  7 Park Avenue Financial prepares business plans on SBL loans that meet and exceed the requirements of banks and other commercial lenders - at a fraction of the price of others. Oh and by the way, while many business people choose to be incorporated you in fact can be a proprietorship or partnership. You should also ensure that your projections or actual revenues do not exceed the 10 Million dollar revenue cap on the loan . That covers a lot of businesses in Canada.

 

6. Even firms that are start-up in nature can be financed under the Small Business Financing program which provides a maximum loan amount  of $1,000,000.00 under certain conditions. That covers off a lot of business financing needs, and comes with attractive interest rates commensurate with this type of financing and that otherwise might not be achieved with another non-bank commercial lender.

Note that farming businesses are ineligible under the program, althought this part of the economy has a special agri-loan program from the government.

 

CONCLUSION

 

So, did you have it wrong on the challenge of small business financing and business growth finance options? Many do... so seek out and speak to a trusted, credible and experienced Canadian business financing advisor with business financing expertise who can assist you with your finance needs via small business government financing - aka the ' SBL '.

 

Click here for the business finance track record of 7 Park Avenue Financial
 

 

 




7 Park Avenue Financial/Copyright/2020/Rights Reserved


' Canadian Business Financing With The Intelligent Use Of Experience '

 STAN PROKOP
7 Park Avenue Financial/Copyright/2024

 

 

 

 

 

Stan Prokop is the founder of 7 Park Avenue Financial and a recognized expert on Canadian Business Financing. Since 2004 Stan has helped hundreds of small, medium and large organizations achieve the financing they need to survive and grow. He has decades of credit and lending experience working for firms such as Hewlett Packard / Cable & Wireless / Ashland Oil