SBL Government Loan Canadian Small Business Loans 7 Park Avenue Financial

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The SBL Government Loan. Financing Your Company Through Canadian Small Business Loans
The SBL Government Small Business Loans Help You Launch Or Grow Your Business




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The SBL Government Loan in Canada. This is the government’s way, via INDUSTRY CANADA, to help small businesses in Canada obtain the financing they need to start or grow their business.  Last year probably close to 8000 businesses in Canada used Canadian small business loans to get the financing they needed.


And you can be forgiven for asking 'well, what’s SMALL’... because we get that one a lot. In the context of the SBL loan it covers new and existing businesses that have up to 5 Million in revenue, or who project less than 5 Million dollars in revenue.


As we have said, the loans provide crucial financing to help Canadian business secure the financing it needs through guaranteed underwriting by the federal government.


What can be confusing to the business owner or financial manager is in the fact that the government is not a 'direct lender' per se when it comes to the program. In fact it’s, in essence, a cosigner to your financial institution, guaranteeing to that institution a very substantial amount of your borrowing.  Typical institutions that offer the program are Canada's chartered banks and numerous miscellaneous organizations, commercial credit unions on occasion, as an example.


Naturally the government guarantee clearly enhances your chance of approval, while at the same time working as a 'risk reducer' from the viewpoint of your chosen financial institution.  


What you need to understand when you apply for the loan is 5 critical things. They are:


- Eligibility


- Amount of financing available


- Repayment and amortization terms


- Restrictions


- Process - for approval that is!



You or your firm must be eligible to borrow legally in Canada. Also, since it’s a government loan per se can we safely assume you should have your federal taxes paid and up to date? Yes we can assume that!!


The loan typically maxes out at $350,000 under the program, although many business owners don't know that you can also finance real estate up to $500,000 under the program. So it’s actually an alternative to a commercial mortgage in some cases.


Repayment terms for the SBL government loan typically is 5 years, although 7-10 year amortizations in fact are theoretically available. And by the way, penalty for early prepayment...? None!


Funds typically are used for equipment and leasehold improvements, and by the way that includes computers, software, etc. It's a fallacy that Canadian small business loans are cash and working capital and inventory focused. They are not - that is not how the program works.


Many business owners/managers might view any approval process via a government program as cumbersome. It's not, if, and only if, you know what you are doing. In fact, it just requires a business plan, some financial projections, and typical info you would associate with ANY OTHER business loan.


Speak to a trusted, credible and experienced Canadian business financing advisor on how you can fast track SBL government loans for business prospering.

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Stan Prokop is the founder of 7 Park Avenue Financial and a recognized expert on Canadian Business Financing. Since 2004 Stan has helped hundreds of small, medium and large organizations achieve the financing they need to survive and grow. He has decades of credit and lending experience working for firms such as Hewlett Packard / Cable & Wireless / Ashland Oil