YOU ARE LOOKING FOR SUCCESS UNDER CANADA GOVERNMENT SMALL BUSINESS LOANS – AKA THE ‘SBL'!
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Financing & Cash flow are the biggest issues facing business today
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Canada government small business loans - can they give you a sense that you have just achieved an ' A ' grade in Canadian business financing? We think so, and here is why the SBL loan makes solid sense for your firm, whether you are a start-up, or if you fall under the 5 Million dollar sales level criteria which are one of the parameters of the program.
Whether you're the 'start-up' or simply looking for capital to expand your business the SBL loan probably makes sense, at least from a viewpoint of checking it out.
In many ways, the Canada government SBL loan is the perfect vehicle for helping start-up and small businesses achieve finance success. Why is that? Simply because traditional Canadian chartered banking is unable to facilitate the needs of much of those two business categories without the backing of the government on the loan.
Industry Canada, via the CSBFL program guarantees to those the banks that participate in the program 90% of your loan. Typically the type of firm that is looking for financing cannot meet the underwriting guidelines of a normal financial institution.
We have always been somewhat mesmerized by the Canadian business owner and entrepreneurs fixation on the rate. Even before the loan is submitted the proverbial 'what’s the rate?' issue always seems to come up. In the case of Canada government small business loans the good news actually is that the rate and repayment terms are... quite frankly... great.
Those rates include a 3% over prime core rate on your transaction, and with a selection of a variable rate you can pre-pay the loan, at any time, without penalty. If the truth were to be told many clients talk about pre-payment but are rarely in a position to do so... but we can dream can’t we.
Is there any aspect of the program that isn't an ' A' grade. We've got our own opinions on that - what we will say is that while the program itself has minimum guidelines each of the participating institutions within the program in fact have a few of their own policies and guidelines. That's why it is critical to align yourself with an experienced person or firm that understands how various institutions in fact inflict their own rules on the program.
Those rules and guidelines, which vary often include some key ratios that have to be met, or perhaps and additional contribution requirement over and above the 10% equity component you are required to put in on the transaction.
Simply speaking then, if we consider business financing a game, (it’s actually serious stuff) then you as a borrower or entrepreneur need to know how that game is played!
Your own kind of personal ' hell ' or frustration often begins when you don't follow the simple steps to SBL loan success. Those steps include a business plan, cash flow projections that are reasonable, and some very basic supporting documents that you would think would be attached to any business finance application.
So, can you expect to get an ' A ' in SBL small business loans in Canada? You certainly should if you investigate the requirements and focus on satisfying them in a complete and timely manner. Speak to a trusted, credible and experienced Canadian business financing advisor who can help you fast track through the valuable program for entrepreneurs of new and existing businesses in Canada.
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