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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?
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
Suite 301
Oakville, Ontario
L6J 7J8
Business financing in Canada; what business owner / financial mgr doesn’t want to do the right thing regarding a finance plan for their company? If there's any good news these days when it comes to solutions for eliminating financial challenges, it's that there are more choices than you might think in SME lending and they are in many cases innovative financing sources. Let's look at 6 of them, including those offered by alternative lenders. Let's dig in.
THE BROAD SPECTRUM OF TRADITIONAL AND ALTERNATIVE FINANCE IN CANADA
There is, of course, a broad spectrum of financial services stretching from Canadian chartered banks/credit unions all the way to a whole new breed of alternative financing providers depending on the ' risk profile ' that your company demonstrates. Suffice to say that rates and terms, and structures will vary widely, calling for an added element of expertise and investigation by you or your trusted Canadian business financing provider.
HOW DOES THE BUSINESS OWNER ACCESS GROWTH FINANCING
We also note that it's a bit rare for a business only to utilize one financing method. Various forms of debt-based capital and asset monetization are usually required to address operating and growth. In general, debt providers look to some form of equity being in place. Still, man alternative finance providers do not focus on equity - they look towards assets and cash flow, often making their solutions the only ones available when owner equity is stretched... or missing.
6 CANADIAN BUSINESS FINANCING SOLUTIONS
Business banking - while banks provide the lowest rates and most attractive terms and structures, the criteria they require to access capital may often be out of reach. To access proper chartered bank financing, you need an excellent mix of profits, collateral, an appropriate amount of time in business, and owner guarantees to backstop the financing.
While the debate around business banking in Canada addressing your financial needs will continue, owners who can meet the basic criteria will enjoy business credit lines and term loans in virtually an unlimited amount. Bank loan requirements for businesses in Canada should be thoroughly understood -let the 7 Park Avenue Financial teamwork you through the process.
Asset-Based Lenders - these are the new breed of lending in Canada, focusing on collateral such as your equipment, receivables, purchase orders, allowing you to gain access to business credit when your balance sheet or income statement don't ' meet mustard' for the banks. 'ABL lenders ' are often the best way to restructure debt.
Equipment Leasing - If 80% of North American businesses utilize lease financing to acquire their assets, surely they are on to something. The ability to acquire assets and not tie up cash is a key benefit in those lease finance solutions. Even used equipt can be financed.
Government Small Business Loans - This is a classic recommended solution for many firms - providing bank type rates with non-bank lending criteria - including start-ups! How to get funding for startup companies is often answered with government loans such as that offered by the Canada Small Business Financing Program. Loans are guaranteed to the bank by the federal govt and are extremely flexible around repayment, amortization, etc. Recent limit changes are even more exciting! ( They have gone up!)
A/R Financing / Factoring Financing - Thousands of firms who view their receivables as a key asset employ invoice financing (Our recommended solution for accounts receivable financing in this area is Confidential Receivable Finance ) to cash flow their business. It provides unlimited financing possibilities as long as you have growing sales. The financing of working capital is well answered with factoring-type solutions.
Cash Flow Loans - subordinated cash flow loans are a solid form of secondary financing - these loans rank behind your other secured creditors - in effect, they are unsecured loans. Still, they require a solid demonstration of your ability to generate cash flow repayment.
In some cases you might need a financial business plan - 7 Park Avenue Financial business plans meet and exceed bank and commercial lender requirements. The business loan rate of interest varies with the type and amount of funding you require.
CONCLUSION - HOW TO GET A BUSINESS LOAN IN CANADA
If you're looking to ' do the right thing ' in checking out sources of funding & Canadian financing companies for businesses in your business financing, banking, and alternative finance choices speak to 7 Park Avenue Financial, a trusted, credible and experienced Canadian business financing advisor who can help you avoid disappointment when it comes to capital solutions to run/grow your business.
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Stan Prokop
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