Get Acquainted With Government Small Business Financing SBL Loan For Your Funding Needs

YOU’RE LOOKING FOR THE GOVERNMENT SMALL BUSINESS FINANCE SOLUTION!

THE CANADA SMALL BUSINESS FINANCING PROGRAM SOLUTION

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Financing & Cash flow are the biggest issues facing business today

ARE YOU UNAWARE OR DISSATISFIED WITH YOUR CURRENT BUSINESS FINANCING OPTIONS?

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South Sheridan Executive Centre
2910 South Sheridan Way
Oakville, Ontario
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Government small business financing. The SBL loan program might well be one of the best business financing solutions that many Canadian business owners, managers and start-ups have... are you ready... not even heard of.

So what is in fact SBL loan power, and what might some of the reasons be that you aren't familiar with the program? Let's dig in!

IS THE GOVERNMENT OF CANADA SBL LOAN THE PERFECT SOLUTIONS FOR SMALL BUSINESS FINANCING?

We might be a little biased because we work with the program all the time, but top experts also agree that the SBL government small business financing program is one of the best things the good folks at the government actually do for the SME sector. The ' SME ' definition means different things to different people - so we should clarify that in the context of SBL loans the actual size of your company, from a sales/revenue perspective, must be less than 10 million dollars.

MANY FRANCHISES ARE FINANCED UNDER THE GOVERNMENT GUARANTEED LOAN PROGRAM

We're not 100% sure that the program helps a smaller business become a huge business, but it sure helps when financing is a challenge. A lot of businesses in a variety of industries, including franchises by the way are financed via the SBL loan.

WHO DO YOU DEAL WITH WHEN APPLYING FOR THE LOAN?

Part of the mystery of the government small business financing program is that there is no government for you to deal with! That is because all you have to do is visit, on your own, or with an experienced advisor a banker that is familiar and knows how to ' execute' on the program. Want to know a secret? In our experience at 7 Park Avenue Financial, only a small portion of business bankers like and have knowledge of the program.

In the last year, Canadian chartered banks in Canada would have approved almost 8000 loans under the program, for billions of dollars - and there is no reason you should not be ' on the program'!

THE LOAN HAS A LIMITED PERSONAL GUARANTEE

Business people are always thinking about personal guarantees, and in the course of Canadian business financing, unless you're a huge corporation that is doing incredibly well, personal guarantees are in fact required. But here's the good news, under the SBL program only a 25% guarantee is required. And by the way, you aren't putting up personal collateral, or having liens placed against your home - it’s simply a ' promise to pay ' without additional collateral being demanded.

WHO PROVIDES YOUR LOAN GUARANTEE - SPOILER ALERT - THE GOVERNMENT OF CANADA!

The two parties to SBLs are simply you and the bank. The government, via INDUSTRY CANADA, guarantees a large amount of the loan to the bank.

So what in fact is needed to properly get approved for the funding you need? It's not a long list - we're focusing on a business plan or executive summary, a proper cash flow forecast, a current personal net worth statement of the borrower, and an itemized list of what you wish to finance.

It's important to note that the SBL loan only finances equipment and leasehold improvements and real estate. This is not a cash flow, inventory or receivable loan. Business owners/borrowers should be able to demonstrate that they have reasonable personal credit. A nominal registration fee is required under the program but that can also be bundled into the loan. The current loan amount available is 1 Million dollars, with some restrictions on that loan cap. This is NOT a working capital or cash term loan, which is an often misunderstood point when we talk to new clients at 7 Park Avenue Financial.

CONCLUSION

Don't believe all the myths or negative things you hear about government financing via an 'SBL'. In many ways, it's the perfect financing solution for small businesses. And if you don't want to ' slow down ' the process seek out and speak to a trusted, credible and experienced Canadian business financing advisor who can assist you with SBL loan power! It just might be a financial solution you never heard of!