YOUR COMPANY IS LOOKING FOR GOVERNMENT BUSINESS LOAN FUNDING!
You've arrived at the correct address! Welcome to 7 Park Avenue Financial
Financing & Cash flow are the most significant 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 - INFO@7parkavenuefinancial.com
7 Park Avenue Financial
South Sheridan Executive Centre
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8
Government small business financing loans in Canada are often disregarded by Canadian business owners/financial managers, if only because they have decided that the application process is somewhat of a burden.
HELPING YOU UNDERSTAND WHAT THE CANADA SMALL BUSINESS FINANCING PROGRAM IS AND IS NOT!
Federal govt ' guaranteed ' loans are probably the most basic form of business application, so let's examine who's right and who is wrong on that belief - in effect, we're cracking the safe on this somewhat misunderstood financing. Let's dig in.
In Canada, there are various perceptions around business lending in the SME COMMERCIAL finance needs area. Those perceptions include the fact that even though the 2008-2009 recession is well over, business credit is still tight - and then there is the Pandemic of 2020/2021 where it became even more difficult to grow sales of your products or services.
WHAT THE GOVERNMENT LOAN PROGRAM IS NOT!
There are various reasons why small businesses aren't pursuing the Government t Business loan. The program itself is a term loan, not a revolving line of credit or cash, as many may have been led to believe. That implies taking on debt, as well as knowing that your firm qualifies. That, coupled with our premise that many business people feel the application process is cumbersome (Spoiler alert - It is not!), maybe some of the reasons that the federal ' SBL ' loan isn't to access more businesses.
BACKGROUND AND USE OF THE GOVERNMENT SBL LOAN PROGRAM
Safe also says that even though close to 8000 Canadian businesses qualify and are approved for billions of dollars every year, some entrepreneurs/owners might feel that they don't allow it. We say entrepreneurs because thousands of start-ups and franchises are financed under the program also.
WHAT DOCUMENTATION IS REQUIRED TO APPLY FOR A SMALL BUSINESS GOVERNMENT LOAN
Let's dig into that ' application process.' Is it really as ' intimidating ' as some think? Hardly we maintain.
The process includes some of the most standard documentation that anyone would expect in business credit. They include:
1. An executive summary or business plan around your business/project (This should include some financial projections that reference how the loan will be repaid- 7 Park Avenue Financial Business Plans meet and exceed the requirements of Canadian banks and other commercial and alternative lenders
2. Confirmation that the owner/owners have reasonable personal credit
3.Breakdown of uses of the financing (By the way, the program only finances 3 asset categories - equipment, leasehold improvements, real estate)
4. Basic legal fundamentals around your business - i.e. incorporation details, business address,
We're the first to agree that ' time is money, 'so your ability to prepare and present your proposal correctly is critical. Although all Canadian chartered banks offer the program, it's critical to locate a supportive and knowledgeable banker.
Borrowers should note a nominal registration fee under the program, and that amount can actually be bundled into the loan. Any company with revenues under 10 million dollars can apply, and even partnerships or proprietorships qualify.
WHAT ARE SOME KEY USES OF THE GOVERNMENT OF CANADA 'CSBFL'PROGRAM
Success in the government business loan allows owners/entrepreneurs to:
Start a business
Buy a business
Acquire a new/existing franchise
Grow a company
WHAT ARE OTHER CANADIAN BUSINESS FINANCING SOLUTIONS YOU CAN ACCESS?
For those that would still maintain this excellent program is not for them numerous alternative financing solutions still exist - they include."
Receivable financing
Inventory Finance
SR&ED Financing
Asset-based non-bank lines of credit
Equipment Leasing/ Sale Leasebacks
CONCLUSION
Whether you're looking to reap the benefits of the Federal Government small business loan finance program for financial support or looking to investigate other financing options, seek out and speak to 7 Park Avenue Financial, a trusted, credible and experienced Canadian business financing advisor who can help you 'safe crack' finance solutions you can trust.
Click here for the business finance track record of 7 Park Avenue Financial
Stan Prokop
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