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It's always about the bank. Well... Not always... It seems that Canadian business financing continues to evolve and Canadian ABL services via asset based financing credit facilities are slowly getting to the top of the popularity pile.
Why this type of financing work well and why does is it becoming the accepted alternative to traditional Canadian chartered bank financing? We think we know why.
Although it might seem that the Canadian business and economic environment changes quickly these days we maintain that for the last two or 3 years the one thing that hasn’t changed is the ability for Canadian business owners and financial managers to get 'traditional' financing from those great folks at the bank.
Skepticism and bank regulations in Canada seem to eliminate more and more qualified business borrowers every day. So it’s a struggle and if you are a small or medium-sized firm in Canada the ability to grow or change your business is difficult.
Enter ABL lending in the Canadian marketplace. This type (we call it non-bank) of revolving credit facility is the new ' band-aid ' for almost any size business, filling the void between traditional financing.
So why an asset is based lending facility able to work for your firm when a bank facility might not even is attainable. We guess it’s about risk and reward, in that for the same or higher cost almost any decent-sized business has the ability to qualify for ABL services and financing.
The other side of the coin is also that the whole approval process is often quicker, in that there is only one key agenda item to review - your assets. Typically these assets are receivables; inventory and equipment, with real estate a borrowing possibility also, included right in your asset based lending facility.
We speak of the 'power' of ABL. The true power lies simply in the fact that the assets we mentioned that are used as collateral are margined significantly higher than in the manner that a bank would margin those same assets. So it isn’t the strength of your financial statement that has the power - it’s those 'assets' within the financials!
The broad appeal of asset based lending also lies in the fact that it’s flexible, that the other side of our ABL power equation. Your firm doesn’t necessarily have to be profitable (it helps... but is not required) and even if you face current financial challenges and setbacks, you are still eligible. Even special loans clients can use ABL to escape from the restrictive claws of a special loans environment.
So what's our bottom line - it is simply that if the Canadian banking environment continues to be unable to serve the demands of fast-growing or challenged business... well... ABL financing services will step in and nicely fill that gap.
Ultimately it still might be your business goal to obtain a ' traditional ' facility. That’s ok of course. In the meantime though consider the true power of asset based lines of credit as a funding option that will meet all your financing needs... Today! Speak to a trusted, credible and experienced Canadian business financing advisor to eliminate that uphill financing battle you've been facing.