7 Park Avenue Financial / Market Watch / Dow Jones Press Release
FEB 2013 - In conjunction with our nomination at the CHAMBER OF COMMERCE/ROTARY we've been interviewed by a TORONTO STAR publication - Here is the text of that article/interview:
MAY / 2011 - Stan Prokop interviewed on www.evancarmichael.com
March / 2011 - Stan Prokop interviewed on ' Businesses for Sale ' - Listen to the interview by clicking the link below:
January / 2011 -
Stan Prokop was recently interviewed by Evan Carmichael - Here's a link to that interview:
OOPS, WE DID IT AGAIN! We've just been told unofficially that we have been nominated again as SERVICE PROVIDER OF THE YEAR - ( 2010) by the Chamber of Commerce. Again we are proud to have been nominated and we hope it re-enforces our commitment to bring our customers ' the financing they deserve '.
7 Park Avenue Financial has been nominated as Service Provider of the Year ( 2009 ) by the Chamber of Commerce
We are of course proud to have received this recognition from business peers in the community.
7 Park Avenue has been featured in the NATIONAL POST
See article below
Tony Wanless, Financial Post
Published: Monday, April 23, 2007
Two years ago, pre-press graphics house Rammgraph Graphics in Toronto realized the printing world was changing, and, if it was to grow, it had to change with it. The company rebranded itself as Novellus Graphics, a full-service graphics firm that includes design, creative and printing.
The rebranding included the acquisition of a printing company, which, of course, required financing -- about $250,000 for equipment and operating capital. But finding expansion funding can take some effort, and partners Ron Ricketts and Peter Rumball were busy planning and operating the rebranded firm.
"When you're running a business you don't have time to talk to lenders, prepare materials, and do presentations," Mr. Ricketts says. "So we went to someone who knows the scene better than we do."
Through referrals, Novellus found Oakville, Ont.-based 7 Park Avenue, a new kind of financial intermediary that helps Canadian businesses gain access to a hidden lending market. These "private" lenders are often independent financing firms, non-traditional banks, or boutique divisions of traditional lending institutions, and their numbers have grown in recent years to fill a gap created as traditional lenders restrict their small business financing portfolios in favor of larger financing deals that provide a greater return.
Also, for a few more interest points, these private firms will often forego the traditional "personal guarantee" -- usually a loan tied to (and limited by) the business owner's real estate assets --and be more creative with lending terms. The private lender may provide operating capital based on cash flow, for example, or receivables instead of simple assets. In that sense, they offer more flexibility to companies -- especially growing companies -- that need financing to fuel that growth.
"Traditional institutions almost always lend on assets and/ or personal guarantees -- taking a mortgage on your house, for example-- which has limits," says Stan Prokop of 7 Park Avenue. "But private lenders will be more creative and advance larger operating lines of credit and other forms of financing. It's an avenue most small- and medium-sized businesses don't know exists and rarely have access to. The system has become much more complex, and it can take a lot of time and effort to figure it out."
Intermediaries or agents such as 7 Park Avenue help position companies requiring growth financing or companies needing capital to get them through temporary "distress" periods to gain access to this hidden market. "An intermediary knows what lenders are looking for what kind of deals," says Mr. Prokop, who logged 20 years in banking, credit, finance, and equity venture for large technology and energy companies.
"For example, a large, traditional institution might have a boutique division that handles the small deals the institution doesn't do anymore, but you'll never hear about it. We tailor proposals that position a company's best strengths -- credit, character, and capacity -- to specific lenders who are looking for that kind of thing."
The best type of business for this market is a company that's exploding with growth but needs money to fulfill that potential," adds Mr. Prokop.
Intermediaries are usually compensated on a "success" basis. This means they are paid a percentage-- 7 Park Avenue takes between 1% and 4%, depending on the size and type of financing -- of any financing achieved. In that sense, they are something like mortgage brokers who receive a couple of points on each mortgage placed. The difference is the mortgage broker is compensated by the lender, while the lending intermediary is compensated by the borrower.
Mr. Ricketts, whose company has seen 30% growth since the rebranding, isn't sure if he would have received the same amount of financing from his traditional lender. But he is certain he saved time and money by going to the hidden market through an intermediary who customized his proposal. "It's outsourcing, and, with outsourcing, you can do more," he says. "When things run smoothly, you don't mind paying a little more. We were able to let someone else do the legwork and concentrate on growing the new business."
- - - - Tony Wanless of Knowpreneur Consultants www.knowpreneur.net is a management consultant who advises knowledge-based SMEs on marketing, financing, and organizational development.
7 Park Avenue Financial founder nominated as Entrepreneur of the Year
Oakville Chamber of Commerce and Rotary announce 'Entrepreneur of the Year' nominations
BriefingWire.com, 1/05/2010 - 7 Park Avenue Financial announces that Stan Prokop has been nominated as Entrepreneur of the Year by the Oakville Awards for Business Excellence, in conjunction with Rotary International.
The award recognizes exemplary models of business excellence in a number of business and community categories. The award ceremony will be held in Oakville , Ont on April 8 2010.
Commenting on the nomination Stan Prokop, Founder of 7 Park Avenue Financial said: ' I started 7 Park Avenue approximately 5 years ago in an effort to assist businesses with their business financing needs. To be recognized by the Chamber and Rotary and included in the nomination is a true honor.'
About 7 Park Avenue Financial :
Founded in 2004 7 Park Avenue Financial originates business financing for Canadian companies of all sizes. The firm specializes in traditional and alternative financing in areas such as asset-based lines of credit, working capital and cash flow solutions, equipment financing, SR & ED financing, and purchase order and inventory financing. The company has originated over $100 ,000,000 of financing for its client base since inception.
7 Park Avenue Financial Announces Acquisition Financing Completion
Of transaction For Commercial Catering Firm
BriefingWire.com, 1/03/2010 - 7 Park Avenue Financial announces completion of a successful acquisition financing on behalf of our client. 7 Park Avenue acted as advisor and arranger of debt financing to successfully complete a private acquisition of a successful and established commercial catering firm in Oakville, Ont .
'We are proud to have assisted on a client on a successful acquisition and look forward to working with the firm on subsequent growth financings ', said Stan Prokop, 7 Park Avenue Financial CEO.