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Here’s The Myth Vs. Reality Of Financing Small & Medium Sized Businesses In Canada

 

 

 

 

 

 

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Financing & Cash flow are the  biggest issues facing business today

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7 Park Avenue Financial
South Sheridan Executive Centre
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8

 

Direct Line = 416 319 5769

 

 


Email = sprokop@7parkavenuefinancial.com

 

 

Business finance in Canada, when it comes to the SME ( small to medium enterprise) market, leaves business owners/managers wondering how much they need to know or are missing when it comes to commercial lenders and the bank lending landscape. Here's a good shot of myth vs. reality. Let's dig in.

 

Confusion reigns supreme when it comes to Canadian businesses facing the challenges of financing their businesses.  The two-step process of understanding their options and then clearing the hurdles needed for approval sometimes feels like a full-time job.

 

In fact, top experts tell us that most businesses don't fully understand bank offerings. They also most certainly, from our experience, don't understand alternate options, and finally, misunderstanding exists around qualification for business finance.

 

One myth that exists out there is that little or no help is available from the Govt, or the word  ' cumbersome' comes to mind. The reality? In fact, two excellent govt programs deliver almost 10 Billion dollars of financing every year to the SME sector.

 

Those programs? They are the Government Guaranteed Small Loan Program and the SR&ED program, which refunds a substantial portion of any R&D your company spends. Conservative estimates are that over 11,000 businesses just like yours take advantage of these programs.

 

Top of mind for any business owner/manager regarding financing is that the only solution is ' THE BANK. ' They are clearly one source, providing inexpensive capital for various term loan and working capital needs.

 

That brings us to the point of alternate financing sources. Frankly, there have never been more alternative finance solutions for your business. These solutions either provide new capital or monetize your current and future assets, providing cash flow and working capital solutions.

 

They include:

 

A/R Financing/ Factoring/ Confidential Receivable Financing

 

Inventory Finance

 

SR&ED Tax Credit Bridge Loans

 

Equipment Finance/ Sale Leasebacks

 

Non-bank asset-based lines of revolving credit in Canada

 

Franchise Loans

 

Purchase Order Financing

 

Sales/Royalty finance

 

Alternate finance solutions are often more expensive but will provide all the capital you need.

 

It's also critical to understand whether you're looking for debt, which must be repaid, or whether you need to monetize assets and sales. It's all about repayment terms, collateral, and the amount of a personal guarantee that might be required.

 

 

In summary, it’s important to assess your needs and to understand where you qualify for financing. And as we've shown, commercial lenders, coupled with Canadian banks, offer various options that will make sense for your business. Seek out and speak to a trusted, credible and experienced Canadian business financing advisor who can assist you with your financing needs and help you sift thru that myth vs. reality! You're now in a position to get educated about your options, understand your needs vs. debt and working capital, and get help in successfully applying—a classic case of knowledge vs. power.

 

 

' Canadian Business Financing With The Intelligent Use Of Experience '

 STAN PROKOP
7 Park Avenue Financial/Copyright/2024

 

 

 

 

 

Stan Prokop is the founder of 7 Park Avenue Financial and a recognized expert on Canadian Business Financing. Since 2004 Stan has helped hundreds of small, medium and large organizations achieve the financing they need to survive and grow. He has decades of credit and lending experience working for firms such as Hewlett Packard / Cable & Wireless / Ashland Oil