YOUR COMPANY IS LOOKING FOR A GOVERNMENT BUSINESS LOAN!
IS THE SMALL BUSINESS LOAN THE BEST GOVERNMENT FUNDING PROGRAM
You've arrived at the right address! Welcome to 7 Park Avenue Financial
Financing & Cash flow are the biggest issues facing businesses 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
Help from where we least expect it. We can't speak for you, but we've always appreciated assistance in business, especially when it comes from sources you least expect. We're talking about the Canadian government business loan; in our opinion, it’s the best or 2nd best of gov programs that work.
HOW TO GET A GOVERNMENT BUSINESS LOAN
We've always loved the line 'Hi, we're from the government, and we're here to help... which is why SBL Loans, in our opinion, is the real-world example of a phrase that is often associated with negativity. ‘Government' ... ‘Banking’ ... many small and medium-sized business owners cringe when they contemplate those words. Not today, though. When it comes to bank loans for small businesses government financing for businesses is as robust and available as ever.
HOW DO YOU FINANCE A BUSINESS IN CANADA? ANSWER: SBL LOANS!
The Canada Small Business Financing Loan in Canada is a primary offering via INDUSTRY CANADA in Ottawa. It offers SBL loans up to $ 350,000.00 to finance equipment assets, leaseholds, real estate, software, etc. A 1 Million dollar limit is specifically related to real estate, while other asset categories are capped at $ 350,000.00.
WHAT IS THE INTEREST RATE ON A GOVERNMENT LOAN
The program provides long-term fixed or variable-rate financing to businesses looking to start, expand, and grow! The interest rates are tied to the Bank Of Canada rate and benchmarked at 2% over current prime rates.
Misinformation abounds around the program; we're always surprised at the amount or lack of solid understanding and facts around government programs.
WHO IS THE LENDER IN THE GOVERNMENT SMALL BUSINESS LOAN PROGRAM IN CANADA
One of those main misconceptions revolves around who the lender is. We can at least forgive our clients who misunderstand the fact that while this is a government-sponsored and guaranteed loan, in actuality, the actual day-to-day dealings are in the private sector.
WHAT TYPE OF BUSINESS BENEFITS FROM GOVERNMENT SMALL BUSINESS LOANS?
One of the program's greatest benefits is something we have alluded to already; it's that SBL loans fit perfectly for several company categories, including startups, growing firms, and franchises that make up a huge portion of the borrowing segment of this program.
WHO RUNS THE GOVERNMENT LOAN PROGRAMS
As we have hinted, the program is run at the local level, local meaning wherever your firm is because the program is underwritten and funded by your local Canadian chartered banks as the main financial institution, but some business-oriented credit unions are participating as the ' financial institutions ' under the program.
By the way, one of the challenges of the program, as ironic as it may seem, is to find a banker that understands and supports the program in a positive manner. That means, of course, facilitating your application and recommending you for approval!
HOW DOES THE LOAN APPLICATION PROCESS WORK FOR A GOVERNMENT LOAN
A common complaint we hear from clients on anything to do with government programs' or banks, in general, is that forms and documents' are a challenge. Let's be realistic. All business financing requires forms and applications, and we don’t necessarily subscribe to the fact that SBL loans are any different. This program requires a business plan as part of your loan application - Talk to our team about 7 Park Avenue Financial business plans which meet and exceed the requirements of banks and commercial lenders.
KEY REQUIREMENTS OF THE PROGRAM
Some key basic requirements are a reasonable personal credit history for the business owner/owners, a business plan and cash flow, and some historical financial statements if you're already in business. Fundamental things such as your articles of incorporation are also required. Oh, and by the way, we strongly encourage clients to pay their taxes as you can expect to get a government loan when you owe them for back personal taxes already, right?!
CONCLUSION - FEDERAL GOVERNMENT LOANS FOR SMALL BUSINESS
Small businesses almost always require access to business credit and capital for business growth. The Canadian government business loan funds billions of dollars of small business loans in Canada. It's a working example of Government Programs that work. Speak to a trusted, credible, and experienced Canadian business financing advisor today on achieving solid finance rates and terms you otherwise could not achieve. Bottom line? Get with the program!
FAQ: FREQUENTLY ASKED QUESTIONS
What is the Canada Small Business Financing Program?
Small businesses in Canada use the Canada Small Business Financing Loan (CSBFL) to access capital for 3 asset categories in Canada to run and grow their business - Assets financeable include equipment, leasehold improvements, and real estate. The loan is government-sponsored and guaranteed and is capped at 350,000 for equipment/leaseholds and 1M$ for real estate.
What activities does the Canada small business financing program support?
Small businesses in Canada can apply for the Canada Small Business Financing Program if they have revenues under 10 Million dollars annually. Loans up to 1M $ for real estate are available as well as financing for equipment and leasehold for an amount up to 350k
Can you get a government loan to start a business?
Financing a startup is challenging but the federal government program allows you to get a loan to start a business via commercial lenders such as Canadian banks and credit unions who offer the program. Qualifying for the government loan and being able to access alternatives is key to success.
Click here for the business finance track record of 7 Park Avenue Financial
