YOUR COMPANY IS LOOKING FOR THE BEST CANADIAN BUSINESS FINANCING SOLUTIONS!
CAPITAL FUNDING & BUSINESS FINANCING OPTIONS
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?
CONTACT:
7 Park Avenue Financial
South Sheridan Executive Centre
2910 South Sheridan Way
Oakville, Ontario
L6J 7J8
Direct Line = 416 319 5769
Email = sprokop@7parkavenuefinancial.com
Canadian business financing ' ain't ' easy! So what’s the secret to success in funding and accessing the right company loans?
THE KEY TO FUNDING YOUR BUSINESS IS PREPARATION
Abraham Lincoln? While we're quite sure he wasn't referring specifically to the Canadian Business Finance challenge and lending for business, he is credited with the following - ' Give me 6 hours to chop down a tree, and I will spend the first 4 sharpening the axe '. That's, of course, his guidance for approaching the challenge of anything, including business finance with a ' sharpened axe' - i.e. preparation! Let's dig in.
While Lincoln was, in fact, a woodcutter early in his life, he used this saying as a metaphor for anything we undertake in business (or life?). That includes understanding and dealing with business lenders we think!
UNDERSTANDING THE TRADITIONAL AND ALTERNATIVE BUSINESS FINANCE LANDSCAPE IN CANADA
How then should business owners/ financial managers approach the capital and cash flow challenges of their business? Of primary importance is understanding the business finance landscape or working with someone who does!
WHAT PERCENTAGE OF BUSINESS FINANCING REQUESTS ARE DECLINED BY BANKS?
While Canadian banks might tell us in their TV commercials they are competitive, they, of course, enjoy the next best thing to a monopoly. Thousands of firms in the small and medium (SME) sector experience that they don't have access to financing. Some experts tell us that almost 50% of all business financing requests are rejected or not properly completed in some manner. In some cases it might be a question of a loan to buy a business.
Here's where Honest Abe's tool sharpening comes in. In our case, it's all about knowing your alternative sources of finance.
Numerous forms of alternate finance solutions are available for firms with assets and sales and growth opportunities - even the struggling small busienss has funding alternatives
A/R Financing - one of the most popular and utilized alternative lending solutions
Inventory Loans
Equipment Leasing & Financing / Asset leasebacks
SR&ED Tax Credit Financing
Business lines of credit that are revolving and 'non-bank.’ - Collateral loans
Purchase Order Financing
Bridge Financing
Sales / Royalty Finance
BDC Bank financing - BDC loans and financing
Unsecured cash flow loans - small business cash flow solutions
Short Term Working Capital Term Loans / Merchant Cash Advances - terms typically are 12-24 months and tailored to your cash flow
Government Small Business Loans - The Canadian Government's Small Business Financing Programs / CSBF Small Business Loan - The Canadian Small Business Financing Program offers term loans for asset categories such as equipment, leasehold improvements, and real estate.
When it comes to access to funding, small businesses in Canada can rely on government loans in Canada and potential grants.
During Covid, the government pioneered the BCAP Business Credit Availability program.
Loans are available from participating financial institution such as Canadian banks or credit unions. A good credit score / personal credit history is required for this type of loan. When it comes to low-interest business loans this is the best best for many firms, including financing a franchise, startups, etc. given the challenges of starting a business in Canada.
Business loan interest rates from SME small business lenders will vary based on the type and amount of financing you secure. Whether it comes from traditional financial institutions or an alternative finance firm - given that alternative financing rates are generally higher - it becomes a question of access to capital versus the cost of capital when it's a question of lending for small businesses in the SMB market.
DO YOU NEED A BUSINESS PLAN FOR FINANCING LOANS?
A business plan will often be required to apply for a business loan for certain types of funding: 7 Park Avenue Financial business plans meet and exceed bank and lender requirements when it comes to financing small businesses.
The business owner/finance manager needs to spend some time understanding the mechanics of delivery of the above solutions that might pertain to their specific funding needs. Traditionally alternate finance providers have the ability to act more quickly and assess lending decisions with a focus on faster approval.
Other industry stats also indicate that businesses only approach the one bank they are dealing with in many cases. It's therefore important to understand who other providers are - the bottom line being: ' Don't give up!”
CONCLUSION - A CANADIAN SMALL BUSINESS FINANCING LOAN IS JUST AROUND THE CORNER
So, our ' big secret ' in Canadian business finance is effortless - take the time to understand alternative forms of finance. When it comes to getting a business loan in Canada, speak to 7 Park Avenue Financial, a trusted, credible and experienced Canadian business financing advisor who can assist you in your funding needs.
Whether it's the Canada Small Business Financing program or non-bank alternative lines of credit, let our team share the funding possibilities you've been looking for - Limited business financing access should not prevent your company from growing sales of your product and services. When it comes to how to get a small business loan let our team help.
Click here for the business finance track record of 7 Park Avenue Financial.
