YOUR COMPANY IS LOOKING FOR GOVERNMENT SMALL BUSINESS LOAN FINANCING!
THE CANADA SMALL BUSINESS FINANCING PROGRAM
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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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7 Park Avenue Financial
South Sheridan Executive Centre
2910 South Sheridan Way
Government loans in Canada, specifically the ' SBL Small business Loan ' program often seem ' unattainable' to clients we meet who don't understand the program. So if there is a key, or in our words, a 'foolproof' formula for success in financing here it's understanding eligibility. Let's dig in.
DO YOU QUALIFY FOR THE CANADA SMALL BUSINESS LOANS PROGRAM?
We feel that because the program is so straight forward the only reason you can not be successful with such financing is simply because you didn’t know if you or your firm/project qualified. So let's review some of those key qualifiers.
WHAT IS THE KEY BENEFIT OF THE PROGRAM?
The true benefit of the program is of course the ' government guarantee ' that the Canadian government loans come with. So your ability to put forth a solid proposal hinges on ensuring that guarantee is available.
WHAT DOES THE SMALL BUSINESS LOAN PROGRAM FINANCE?
That goes for every use of the program, which predominantly finances assets and leaseholds, and in some cases actual real estate. Franchisees contemplating entry into the Canadian franchise financing industry also make maximum use of the program.
It's also critical to understand the ' sizing' of the program. This loan program maxes out at $1,000,000.00, and finances 90% of all items up to and including this cap. That means two things of course:
WHAT AMOUNT OF MONEY DO YOU HAVE TO PUT IN AS A DOWN PAYMENT?
You will need a minimum personal equity investment, aka the ' down payment' of a minimum of 10%. You should ensure that you should be able to meet two other key criteria of the program - a debt to equity ratio that is reasonable, and a positive ' current ratio ‘. That item simply signifies your need to show that a combination of cash, inventory and prepaid is able to meet 1st-year debt repayments.
A great way to look at your potential success in Small business loan financing is simply to walk a mile in your banker/lender's shoes. That's because unlike the suppliers that supply you with goods and services your financing sources are lending with the sole expectation of loan repayment, with interest income as their only profit.
DO YOU NEED A BUSINESS PLAN FOR A GOVERNMENT LOAN IN CANADA
Here's where a solid business plan and cash flow kick in, as your ability to demonstrate realistic cash flow repayment becomes a key critical element in the SBL loan formula approval. That repayment is going to come from sales revenue and profits, receivables collections, sale of assets, etc. 7 Park Avenue Financial prepares business plans that meet and exceed the requirements of banks and commercial lenders
Businesses that aren't cash flow based should also be able to, within a reasonable amount of time, utilize business credit lines that help offset revenue bulges versus cash collections.
While many clients we talk to at first believe an SBL loan process takes weeks or months, the reality is that a properly prepared proposal should only take a matter of days for adjudication. The key? A properly prepared package that consists of owner information, business plan, cash flow, and financing requirements for assets and leaseholds to be financed
The bottom line - the winning formula in government SBL loans really revolves around understanding eligibility and providing a tight package of the basic requirements which certainly are NOT onerous. Seek out and speak to a trusted, credible and experienced Canadian business financing advisor who can fast track your SBL small business loan with maximum chances of success and minimum expectation in timing!
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