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Financing & Cash flow are the biggest issues facing business today
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Startup loans in Canada bring one of the largest challenges any entrepreneur/business person will face. That challenge in many cases can be completely eliminated via the Government Business Loan - often called the ' SBL ‘. Yet confusion many times still reigns supreme when it comes to this program, how it works, how to access it, and... Oh yes, how to be successful.
As we have hinted, SBL loans allow you to get within reach of the initial financing you need for any business start-up. A startup can take many forms - starting from scratch, buying or acquiring a franchise, even buying an existing business and ' starting over ' (sometimes called a ' restart '). In other cases, other financing can already exist that you have arranged and the govt business loan simply supplements that.
Many of the challenges you face on financing are preceded by other issues you have already faced prior to financing; for example selecting a business location, negotiating a premises lease, doing your due diligence and research on your transaction, etc.
Putting the right finance solution in place for your venture means two things, arranging initial financing and ensuring and allowing you will have some working capital and cash flow for your ongoing operations and growth .
One of the main misconceptions of govt business loans in Canada is that they in fact can provide working capital and cash flow. They can't!! The program is specifically formulated to address only 3 asset categories -
In the case of purchasing an existing business or franchise an appraisal of existing assets and leaseholds provides the basis of collateral for your new SBL startup loan.
In business you don't necessarily get all the chances you need to be successful, so government loans provide a solid base on which to start, operate and grow your company or franchise.
We've been somewhat amused for years because clients always want to discuss or focus on ' interest rate ' on any new financing they are seeking for start ups. While a rate must be competitive and allow you to of course pay the loan the reality is that start up financing outside the govt loans is difficult, if not outright possible to achieve. Yet the SBL program provides a very competitive rate (3% over prime) and even allows you to repay without penalty. Even traditional financing won't allow you to do that.
SBL loans work fundamentally because they are government-guaranteed. Canadian chartered banks which offer and specialize in the loan like the program because the majority of the loan is guaranteed by the Canadian government. Almost 8000 businesses annually take advantage of the program.
If you are looking to turn dreams into reality for your Startup seek out and speak to a trusted, credible and experienced Canadian business financing advisor who can assist you with this and other financial solutions,
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Stan Prokop 7 Park Avenue Financial/Copyright/2020