YOUR COMPANY IS LOOKING FOR THE SBL GOVERNMENT LOAN SOLUTION – SIMPLIFIED!
THE CANADA SMALL BUSINESS FINANCING PROGRAM WORKS!
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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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EMAIL - sprokop@7parkavenuefinancial.com
7 Park Avenue Financial
South Sheridan Executive Centre
2910 South Sheridan Way
Oakville, Ontario
L6J 7J8
Small business guaranteed loans in Canada, vis a vis the federal ' BIL ' program often require some ' enlightenment ' on a handful of issues. Let's dig in.
Bar none, the federal SBL small business financing program is one of the absolute best finance initiatives for a new or existing small business in the SME sector in Canada.
DO YOU NEED SOME ENLIGHTENMENT ON THE GOVERNMENT SMALL BUSINESS FINANCING LOAN?
Why then is 'enlightenment' required.
More often than not that comes in 4 Key categories:
1.Many entrepreneurs simply have not heard about the program
2.They misunderstand the type of financing required
3.They don't know where to go or who to reach out to in order to simplify the process
4.They think the gov't is involved (It is but it isn’t what you think!)
THE GOVERNMENT SBL LOAN IS A TERM LOAN
Financing options in Canada come typically under term debt or revolving debt (for example - a business line of credit). It's important to not that the SBL guaranteed loan is a term loan, with fixed repayments at an attractive interest rate. Typical terms are 3-7 years depending on what is financed.
IS APPLYING FOR THE LOAN COMPLICATED -
When we talk to clients about federal loans we sometimes get the feeling they are like deer caught in the headlights. That feeling more often than not comes from the issue that they perceive a lot of what we could call ' TRANSACTION COMPLEXITY ‘.
HOW TO APPLY FOR A GOVERNMENT BIL LOAN SUCCESSFULLY
We don't buy into that, as the entire process is in fact very straightforward and well documented. It's a sensible program that requires that you supply the following in order to get approved:
Business plan/ executive summary ( 7 Park Avenue Financial prepares business plans for clients that meet and exceed bank and commercial lender requirements )
Cash Flow
Information on the owners - (mgmt experienced/ personal credit history, etc)
List of items to be financed
Proof of a business premises lease where the business will be located
Those items we've noted allow the loan to evaluated, and if they are submitted completely that should typically just take only several days.
WHO MANAGES THE GOVERNMENT LOAN PROCESS
But what about the ' government of Canada aspect’ ask our clients? The answer we give is often a surprise. While this is in fact a federal program out of INDUSTRY CANADA the reality is that the borrower never meets, talks to, or corresponds with anyone in government. That's because Small business guaranteed loans are administered by financial institutions such as the banks and credit unions in Canada under the direction of the government.
That leads us to the concept of ' guaranteed loans’. What's that all about then? , ask the business owner. Well here's the scoop on that. Small business SBL government loans in Canada are guaranteed against default by the borrower for the majority of the loan. Borrowers are only personally liable for 25% of the loan if there is a default issue.
WHAT IS THE LOAN AMOUNT YOU CAN BORROW AND WHAT CAN BE FINANCED UNDER THE GOVERNMENT LOAN
Two other quick points:
The maximum loan size is 1 Million $
The only items the program can finance for Canadian businesses are ASSETS for business development and LEASEHOLD IMPROVEMENTS and REAL ESTATE
CONCLUSION
Small businesses always need capital. If you're looking for some ' enlightenment ' on small business loans in Canada as guaranteed by the government seek out and speak to a trusted, credible and experienced Canadian business financing advisor with a track record of success in loan financing that suits your business needs with financial support from the government. Now you can grow those products and services that your firm offers.
Click here for the business finance track record of 7 Park Avenue Financial
Stan Prokop
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