YOU ARE LOOKING FOR A CANADA GOVERNMENT SMALL BUSINESS LOAN!
sbl loans , canada government small business loan
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 Canada government small business loan. In our opinion, the Canada SBL Loans program is, bar none, the best business financing vehicle in Canada. Why is that? As we say, it ' ticks all the boxes ' when it comes to what the Canadian SME Canadian business owner or manager is looking for when it comes to small business financing. Here's why.
WHAT YOU NEED TO KNOW ABOUT GOVERNMENT SMALL BUSINESS LOANS FINANCING PROGRAM IN CANADA
So why should you know about the program, how do you access it, and what is involved. Entrepreneurs and growing businesses are always looking for funding, and that’s what this program provides. Under the auspices of the Canadian government, this program, often called ' SBL ' ( small business loan ) helps both new and established businesses to finance 3 categories of assets
Equipment
Leasehold Improvements
Real Estate
As we noted, both a startup or an established business without a senior lender in place is eligible for the program. If your firm is a ' for profit ' company, either incorporated or not, and your sales are under 10 Million dollars you are potentially eligible for financing. There is a nominal registration fee that can be built into the financing of the loan.
SOME OTHER KEY POINTS!
Business owners should also know that there is sometimes confusion around what cannot be borrowed under the government financing program - these are not ' cash loan' per se, and funds cannot be used for cash flow and working capital/line of credit purposes as an example. Contact us at 7 Part Avenue Financial to determine if the program is suited to your Canadian business financing needs.
SBL LOANS ARE EXCELLENT LOANS FOR THE STARTUP FIRM
Can the SBL government loan program make a small company a big company? We won't weigh in on that one, we're not even sure that that’s the goal of all business owners. But small firms, restaurants, service companies and other business categories have nowhere to go when it comes to start-up or interim financing. That's where the SBL comes in.
WHO RUNS AND ADMINISTERS THE CSBF PROGRAM
The program is run and administered by INDUSTRY CANADA, a branch of the Canadian federal government. It's goal, vis a vis the program, is to assist a business in finance loans they might otherwise not be able to obtain
THE SMALL PERSONAL GUARANTEE HAS APPEAL TO ENTREPRENEURS
Many business owners in Canada are concerned about the ' personal guarantee ' when it comes to pledging their personal assets against loans. Here's the good news on the SBL - you are only asked to provide a 25% personal guarantee on the transaction, and that transaction can go up to a maximum of 500,000.00$ in borrowing. The limit is actually 1 MILLION $ if the transaction involves real estate, which is one of the asset categories that can be financed under the program.
NO PERSONAL ASSETS / OUTSIDE COLLATERAL REQUIRED!
And by the way, getting back to that personal guarantee of 25%... none of your personal assets are pledged or collateralized, it’s simply your promise to pay... in effect make good... on the portion of the loan you guarantee.
WHO ARE THE THREE PARTIES TO YOUR LOAN?
There are three parties to SBL Canada government small business loans. Your company, the bank that originates the loan, and of course INDUSTRY CANADA folks who are in the background. You actually never deal with Industry Canada on a direct basis.
As we said, size eligibility in Canada for the loan itself is 1000k. As far as the size of your company, it can either be a start-up or an established firm with no more than 5 Million in sales.
PREPARING YOUR CANADA SMALL BUSINESS LOAN APPLICATION
Maybe it's just our clients, but they seem to hate ' paperwork '. The perception that this loan is time-consuming is, in our opinion, just that, a perception. All you need is some solid advice around putting together a business plan / executive summary, a proper financial forecast, and miscellaneous backup info related to any standard business loan application. Those ' miscellaneous ' items might include your lease agreement on-premises, a list of the equipment or leaseholds you're financing, etc. That’s not bad, right?
CONCLUSION
So, great rates, terms and structures? You got them with SBL loans. Speak to a trusted, credible and experienced Canadian business financing advisor for up to date advice on Canada government Small Business Financing Act for small business loans. And check your list, because this program ticks all the boxes!
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