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Canada government loans for small businesses. Are there some 'best practices' to follow to ensure they work for you, and that, of course, you get approved? We think there are.
If you have worked in a larger corporation at any time (trust us ... we have) they always talk about 'best practices'. They are defined as practices or methods that will ‘consistently show results superior to those by other means’. We’re not the biggest fans of buzzwords and 'corporate speak' but we will say that it does seem quite applicable to our subject, the SBL loan in Canada.
When Canadian business owners, from start-up to SME consider applying for Canada government loans it’s all about the rules. And when it comes to those rules that's where it gets a little tricky, because if the truth were to be told (and we're telling it) there are two sets of rules. One is the rules set out by the Small business loan program (The CSBF) and the other rules seem to be set out by those that run the program on a daily basis, i.e. the Canadian chartered banks and other miscellaneous institutions.
That’s where solid 'best practices' tell you that you don't want to be really 'winging it’ when it comes to applying and getting approved.
In reality, the shortlist is really just that, quite short when it comes down to program qualifications. You need a crisp business plan and cash flow projection. Your plan should cover some real basics, and we assure clients it doesn’t have to read like a book. That's not the intent.
You just want to be able to convey a concise description of who you are, what your business is, who you compete against, and how you will operate and sell. It's as simple as that. If you can talk to those key points we feel you should be able to convey them in writing also, don’t you think?
That business plan and cash flow is the key document in successfully obtaining Canada's government loans for small businesses. Those loans range up to $ 350,000.00 in value, have great rates considering that you are a start-up or SME enterprise, and additional enhancements to the program include limited personal guarantees (clients love that one) as well as the ability to prepay without penalty.
Supporting documents are key to your plan, and they include what we always have felt were the basics - tax returns showing you have no arrears (after all it’s a government loan!), copies of your incorporation data, a premises lease, and supporting invoices or quotes you want to be financed.
All of the above data we shared are in fact our recommended 'best practices' when it comes to the small business loan program in Canada. You increase your chances via an organized and positive approach and basic attention to detail.
Speak to a trusted, credible and experienced Canadian business financing advisor who can assist you on the approval your firm or start-up deserves.
canada government loans loan small business sbl
