YOUR COMPANY IS LOOKING FOR A GOVERNMENT BUSINESS LOAN!
MAKING THE CANADA SMALL BUSINESS FINANCING PROGRAM WORK FOR YOU
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
7 Park Avenue Financial
South Sheridan Executive Centre
2910 South Sheridan Way
Oakville, Ontario
L6J 7J8
Government business financing in Canada - While many entrepreneurs have heard of Canadian govt loans, they have not fully understood his business finance offering. Let's ' unbox ' the program and discuss the merits and applicability of this loan to your business - and that applies to start-ups, franchises... in fact, any business that is under the pre-requisite 5 Million in revenues. Let's dig in
WHAT IS THE GOVERNMENT BUSINESS LOAN PROGRAM FOR SMALL BUSINESS LOANS IN CANADA?
Established by the federal government many years ago, the Small Business Financing program is dedicated to helping new, young, and growing businesses access the financing they might otherwise not receive. Your participating financial institution, typically a bank or credit union, is the administrator of the program. Some financial institutions such as business-oriented credit unions may also be a part of the small business government loan program.
WHY IS THE CANADA BUSINESS FINANCING PROGRAM UNIQUE
Financing a business in Canada is always a challenge - The SME sector is particularly challenged. The loan's uniqueness is that most of the loan is ' guaranteed' to Canadian banks that offer the financing. At the end of the day, it's the govt commitment to encourage Canadian banks to lend to new and smaller businesses. Naturally, one of the government's benefits is the overall economic stimulus in employment, taxes, etc.
WHO USES GOVERNMENT LOANS FOR BUSINESSES?
In recent years upwards of 7000++ businesses access the loan annually - for billions of dollars. The accessibility of the loan is augmented by the fact that Canadian bricks and mortar branches are on every main street in Canada. (Truth be told, the challenge is not finding the right bank, it's finding the right banker).
THE GOVERNMENT GUARANTEED BUSINESS LOAN IS A TERM LOAN
The ability to get approved for a govt small business loan in Canada provides realistic access to capital for businesses who otherwise cannot qualify for ' traditional ' loans. Yet the program's actual offering is just that - a traditional term loan at attractive rates, great amortizations, and even the ability to pre-pay without penalty.
HOW TO BUSINESSES IN CANADA USE THE GOVERNMENT LOAN PROGRAM?
Many businesses who utilize the loan are either new or, in some cases, purchases of businesses, including the top-rated franchise ' segment.
WHAT ARE THE REQUIREMENTS FOR APPLYING TO THE GOVERNMENT LOAN PROGRAM
The loan requirements are pretty basic - the owner must have a reasonably good personal credit history and contribute a minimum of 10% or more of permanent capital to the financing in question. The loan can only be used to finance 3 separate asset categories - equipment, leasehold improvements, and real estate. (The latter, real estate, is rarely used in our experience as commercial mortgages are more suited to this type of finance needed). Government loans for new business address the challenges of start ups, who typically, as an example, would not be able to finance asset categories such as leaseholds.
WHAT SMALL BUSINESS GOVERNMENT LOANS ARE NOT!
As important to understand what the loan does is what it doesn't offer. You cannot use proceeds to refinance existing loans or for working capital/line of credit needs.
LET 7 PARK AVENUE FIANCNAIL HELP YOU APPLY FOR A BUSINESS LOAN
Other key aspects of getting approved include a good business plan, a cash flow forecast, and basic info on your business location, previous business experience, etc.
CONCLUSION
Canada's government provides some solid financial support under this program for those unable to access financing for their business growth potential. Thousands of Canadian businesses utilize the program annually, accessing billions of dollars. For business owners, it a great way to grow revenues of their products or services.
If you're looking to ' unbox ' federal government loans for small business and government business financing in Canada for small businesses, seek out and speak to 7 Park Avenue Financial, a trusted, credible and experienced Canadian business financing advisor who can help make Canadian govt loans a realistic part of your new or existing business venture.
Click here for the business finance track record of 7 Park Avenue Financial
Stan Prokop
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