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Nothing is as satisfying as setting the record straight on myths and misinterpretation in Canadian business financing. That's why we're ' debunking 4 , can we call them ‘ urban myths ‘about SBL government loans , It's your Biz 101 on the small business loan, which by the way, at 350k maximum has never really seemed that small to us . Here we go!
1. Because of the general tight credit environment there is a common belief among many that SBL loans are not being made. Using 2010 as the most readily available data clients are often surprised to hear that over 7000 gov’t small business loans were made that year, for several Billion, yes that’s Billion with ‘b’ dollars. So never think that there is not a healthy environment for qualified business owners and entrepreneurs for the Industry Canada BIL loan.
2. It’s not easy. That's probably one of the most common things we hear about the program. All we can say to that is that it's as hard as you make it, because the program is very defined , needs only a handful of criteria for successful completion, and at the same time provides great terms, rates, structures, limited guarantees, etc around the financing you will receive . Where it does not become easy is when you don't understand the process and qualifications.
3. It takes forever. Well if you consider two days forever we suppose you're right, but a proper submission under the program will usually come back with a final approval (or decline) within a day or two. Our own experience is that there is sometimes some back and forth on a transaction after it has been submitted which are essentially some ‘clean up ‘items or clarifications required by the underwriter.
4. Myth # 4 - You don't need a business plan. Plain and simple, you're wrong, because successful submission under the program always need a business plan, Does it have to be professionally prepared and follow general guidelines around this type of document, no, but clearly a well thought out plan that provides a clear overview of who you are, what your business is, and the financial potential is important. Remember, the SBL underwriter isn't sharing the profits or future profits of your business; he or she just wants to know they have a reasonable chance of getting repaid out of your sales and resultant cash flow.
So that’s the great ‘debunk’ on SBL Canada government loans. You're now well armed and informed to move ahead towards financing success. Speak to a trusted, credible and experienced Canada business financing advisor for assistance with your government loan.
sbl government loans Canada small business