YOUR COMPANY IS LOOKING FOR BUSINESS LOAN FINANCING!
IS THERE A LOAN PROGRAM THAT WORKS FOR YOUR BUSINESS GROWTH?
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
7 Park Avenue Financial
South Sheridan Executive Centre
2910 South Sheridan Way
Oakville, Ontario
L6J 7J8
Small business loan government financing in Canada. Do your financing challenges feel like a constant ' Derecho'? That's the term for a ' massive system of storms' and that's the feeling many clients we talk to seem to be experiencing - a lot of turbulence with potentially devastating impacts.
But putting the weather analogy aside we are more convinced than ever that it's simply quality information and guidance that Canadian business owners and managers want when it comes to business finance solutions that they need, and make sense. Let's dig in.
THE SEARCH FOR CANADIAN BUSINESS FINANCING IS CHALLENGING FOR SMALL BUSINESSES
No one disagrees that the searching for finance solutions isn’t stressful, or time-consuming. That is why professional, experienced advice is worth its weight in gold we think.
5 TIPS FOR GETTING A BUSINESS LOAN IN CANADA
Case in point. The other day we caught an article in a Canadian publication entitled ‘5 Tips For Getting a Small Business Loan '. Although targeted at Canadian companies it was clear that the writer was U.S. based. Even more troubling... did we disagree with one of her points? Absolutely not - we disagreed with all 5!
Let's take a look at those. Oh, and by the way, we will be putting those in the context of the Canadian business owner, with all due respect to our U.S. friends.
IS THE CANADA SMALL BUSINESS FINANCING PROGRAM THE BEST LOAN FOR NEW BUSINESSES IN CANADA?
1. The article stated that banks are cautious about new ventures '. While we agree that start-up financing on any scale is a challenge there are numerous solutions if applied properly that satisfy the need of the owner. These might include Canadian Government SBL loans, which is bar none, the best financing in our opinion for any startup. The government CSBFL/SBL program finances leasehold improvements, equipment, and even real estate. The interest rate is very competitive, and terms are flexible regarding repayment,etc. Even the personal guarantee on the government-guaranteed loan is only a partial guarantee.
Other forms of very successful ' new venture ' financing include:
A/R financing,
Tax credit monetization,
Equipment finance,
PO/Supply chain solutions.
FOCUS ON THE BANKER, NOT THE BANK
2. The article then went on to say you need the right type of bank / financial institution/credit union. Clearly, that's a U.S. oriented comment, where it’s incumbent on the borrower to also check out his bank for solvency also! That isn’t the case in Canada. So... what is then the ' right' bank for you. Our reality - it’s the banker and not the bank, so aligning yourself with an experienced credible commercial banker does not require any particular allegiance to any one bank. Focus instead on people, not pillars.
BUSINESS PLANS AND PROPER CASH FLOW PROJECTIONS ARE KEY
3. Are they kidding?! Unfortunately, they weren’t. The article stated that the business plan and proposal should be revenue-oriented. We'll give that writer a bit of credit for referring to cash flows also. At 7 Park Avenue Financial business plans are prepared for our clients, meeting and exceeding requirements by banks and commercial lenders.
WILL YOUR BUSINESS VENTURE NEED ADDITIONAL FINANCING
4. Next point - long term growth. The article stated that you should be focusing on future financing needs also. While there is a small amount of verity in that comment the reality is that business plans and financing for current needs is complicated enough a process without bringing in future financing needs which raise more questions than answers.
STAY FOCUSED
5. Last point. The article said that plans and financials should be crafted to appeal to a wide variety of banks, investors, capital providers, etc. Our thoughts - stay focused, not wide. Prepare documents on financials that focus on the current need and clear repayment.
CONCLUSION
At 7 Park Avenue FInancial we know that small businesses in Canada will always have a financing challenge .We are hereby forgiving Canadian business owners /financial managers for feeling overwhelmed and confused with misinformation around proper requisites and planning for solutions needed. Align yourself with a trusted, credible and experienced Canadian business financing advisor who can assist you in taking your finance challenges out of Derecho mode!
Click here for the business finance track record of 7 Park Avenue Financial
Stan Prokop
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