YOU ARE LOOKING FOR A GOVERNMENT SBL BUSINESS LOAN IN CANADA!
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?
CALL NOW - DIRECT LINE - 416 319 5769 - Let's talk or arrange a meeting to discuss your needs
EMAIL - sprokop@7parkavenuefinancial.com
The Government Of Canada Small Business Loan Program - You can... No you can’t. What we mean of course is that the program is limited in some respects so let's clarify for Canadian borrowers what they can and in fact can't do with the BIL program - it's the acronym for the federal 'Business Improvement Loan' program.
For a starter it’s available to all business organizations. When starting business entrepreneurs have to choose an organization structure; that includes proprietorship, partnership, and a corporation or Limited Liability Company. The good news is there is no discrimination when it comes to the SBL loan. In fact all types of business organizations, as noted above, are eligible to receive financing under the program.
Probably the one miscellaneous point we can make under types of business organization is that it comes as a surprise to many that you don't have to be incorporated to be eligible for the SBL loan. Naturally if you are in business, and projecting to make profits, and own assets and enter into contracts it sure makes sense to incorporate, but that's a discussion for another day.
Most Canadian business owners and financial managers in fact feel that any form of debt is 'expensive'. Naturally, similar to our personal finances, there is 'good debt' and 'bad debt'. Mortgages = good... Credit Cards... well you know.
As you grow or start a business, build a new facility, bring out a new product etc., you require different levels of management. Naturally borrowing for financing requires a new level of management for your firm - your lending partner has just joined the team!
That's why when businesses in Canada entertain the idea of government sbl loans it’s fairly easy to understand the implications and benefits.
Where things can go awry in the BIL business improvement loan process is very simply... The application process. We can't count the hours some clients had already spent in both their time, as well as loss of credibility in what should be a straightforward process - identifying what funding you need and why you need it!
The good part about government business loans, aka the 'SBL LOAN' is simply that there is no confusion about looking for a lender. That’s because the government, as a major guarantor of your loan, has appointed certain Canadian financial institutions, namely banks as the facilitators of the loan.
So what can and can't the SBL do for you or your firm, start-up, or otherwise (as long as your revenues are under 10 Million dollars)?
What you 'can' do is finance real estate, start-up a business, buy equipment, or buy an existing business under an asset purchase scenario.
What you 'can't' do is borrow for working capital or refinance existing debt.
It's as simple as that, so consider speaking to a trusted, credible and experienced Canadian business financing advisor on getting a fast track to government SBL loan success.
Stan Prokop 7 Park Avenue Financial/Copyright/2020
