YOUR COMPANY IS LOOKING FOR AN SBL LOAN !
Canada Small Business Financing
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
L6J 7J8
SBL loans. When it comes to the government business loan MAY THE FORCE BE WITH YOU! We're a bit biased perhaps, but we continue to maintain that the Canada small busienss financing program ' SBL loan ' is one of the best things that government does for the SME sector in Canada. That's why we think you should know about the program, and as importantly there are certain issues you absolutely need to know! And we're going to share them with you. Let's explain.
LOANS FOR COMPANIES WITH UNDER 10 MILLION DOLLARS
It might a debate whether SBL loans have in fact helped small businesses become larger companies, but the reality is that they have helped thousands of firms, every year, along the way to the entrepreneur’s goal of becoming larger and successful. As a key point we'll state also that this loan is limited to companies with fewer than 10Million dollars of revenue - that is small in the eyes of some people, not necessarily that small in Canada though where our landscape is populated by hundreds of thousands of this size of company.
MANY FRANCHISES UTILIZE THE SBL GOVERNMENT OF CANADA LOAN PROGRAM
And oh yes, the program also applies to start ups and franchises, who use the program a lot to ' kick start ' a business.
IS THE SME SECTOR UNDERSERVED IN IT'S BUSINESS FINANCING NEEDS
We certainly don't think the term ' mom and pop' businesses is derogatory, and the reality is that these firms, whether they are gas stations, restaurants, or other businesses all can utilize the government business loan. And oh yes, where else could they go by the way, as the SME sector continues to be underserviced when it comes to Canadian business financing.
WHO SPONSORS THE LOAN AND WHO ADMINISTERS THE LOAN ?
Industry Canada is the agency within the government that monitors and administers the programs. But the actual loans themselves are administered and applied and approved by your local bank / financial institution If you can find a banker that's interested by the way, but that's a subject for another day!
THESE ARE THE ASSETS THAT CAN BE FINANCED UNDER GOVERNMENT GUARANTEED LOANS
So who applies for these loans, which total in the billions every year in Canada? The answer is any business that requires financing for three categories - business assets, leasehold improvements, and even real estate, although the latter is used rarely from what we see. Working capital is not financed under the program
ONLY PARTIAL PERSONAL GUARANTEES ARE REQUIRED
Yes, similar to all other types of financing in Canada you do in fact have to provide a personal guarantee for the loan, but the good news is that it is only for 25% of the loan, which we've always felt is quite generous. But just to clarify on that guarantee item - your personal assets arent collateralized or liened; the guarantee is simply your 'promise to pay ' if things go awry, as they unfortunately sometimes do.
If there is one reason that our Canadian chartered banks like these loans it's simply that the government guarantees them a huge portion of the loan if the loan goes bad. So in effect the government has kind of co-signed your loan, which certainly is a better co signer than your brother in law probably!
The term ' government loan ' has all sorts of connotations to our clients that don’t have a lot of knowledge about the program. But the reality is that you need meet, speak to or correspond with anyone in the government, its all done through your loan proposal at the bank. At 7 Park Avenue Financial we prepare business plans and cash flow projections that meet and exceed the requirements of the program.
You also need to know that you can fast track your approval and make chances of approval a lot more successful if you have a good business plan/exec summary, some clear financial projections, and info on yourself and the items you wish to finance.
CONCLUSION
So will THE FORCE BE WITH YOU when it comes to the SBL... the government business loan? We hope so , so consider seeking out and speaking to a trusted, credible and experienced Canadian business financing advisor who can assist you SBL Loans - potentially making your small company into a larger great company!
Click here for the business finance track record of 7 Park Avenue Financial
Stan Prokop
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