YOU ARE LOOKING FOR THE SBL CANADIAN GOVERNMENT LOAN!
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
Damn you SBL Canadian government loans! That's one battle cry of Canadian business owners who we meet that are either desperately seeking knowledge in the area of the federal Small business loan or who feel frustrated around what they feel the process is to successfully secure such a loan.
A better cry they would prefer would probably be 'Release the coffers‘. They would of course prefer to be among the many thousands (approximately 8000) of businesses in Canada that annually are successful in completing the government small business loan.
So what's the difference between winning and losing when it comes to securing a government SBL loan? Several factors come into play... let’s discuss some of the important ones.
It's no secret of course why business owner seek this loan. it has strong rates, terms and structures that quite frankly even large corporate borrowers can secure. What do we mean by that? For one thing, the majority of private businesses in Canada have to ensure the owners are prepared to personally guarantee their loans and credit lines. That’s the same Canadian government loans, except, and it’s a big except, your guarantee is limited to 25% of the loan. Talk about a good thing!
Another point in the SBL scenario is that the majority of loans and leases in Canada cannot be prepaid without penalty. By utilizing federal government loans for your business you can prepay with penalty, if you're fortunate enough to be able to. While many Canadian business owners and financial managers would like to be in a position to do this, quite frankly if you are financing assets and leaseholds at good rates and terms why wouldn’t you want to use valuable cash flow elsewhere, such as growing your business.
Many Canadian businesses do not feel the banks are pro lending when it comes to smaller and medium-sized businesses. By the way, the actual revenue cap for the federal SBL loan is 5 million dollars, so we do acknowledge that that eliminate many larger firms who certainly wish they could secure the SBL loan.
Whether or not you have confidence in the banking system when it comes to corporate lending is a whole different discussion, the reality is that that lack of confidence should go away when you're applying for a govt small business loan.
Critical to successfully securing the amount of financing you need under this great loan product is the ability to find and work with a banker who understands the program. This unfortunately is a problem businesses should have to deal with, but are faced with when it comes to the SBL program. In our opinion many bankers simply don’t understand or want to bother with the program. It's important to secure the services of a great SBL banker who recognizes you as a client the bank wants to have, and keep.
Some other great secrets around being 100% successful in SBL loans? Not as complicated as you think.
Understand the nature of the program and what it can and can’t do
Prepare a solid proposal that provides ALL of the info required on an SBL
Application - there are 6 or 7 key basic criteria
Anticipate questions and any worst case scenario
You may wish to increase the chances of your SBL Canadian government loans process by doing something very simple - secure the services of an expert - Typically a trusted, credible and experienced Canadian business advisor who can fast track your transaction, and, by the way, one who probably knows the best banker in town anyway!
Click here for the business finance track record of 7 Park Avenue Financial 
Stan Prokop 7 Park Avenue Financial/Copyright/2020
