WELCOME !

Thanks for dropping in for some hopefully great business info and on occasion some hopefully not too sarcastic comments on the state of Business Financing in Canada and what we are doing about it !

In 2004 I founded 7 PARK AVENUE FINANCIAL. At that time I had spent all my working life, at that time - Over 30 years in Commercial credit and lending and Canadian business financing. I believe the commercial lending landscape has drastically changed in Canada. I believe a void exists for business owners and finance managers for companies, large and small who want service, creativity, and alternatives.

Every day we strive to consistently deliver business financing that you feel meets the needs of your business. If you believe as we do that financing solutions and alternatives exist for your firm we want to talk to you. Our purpose is simple: we want to deliver the best business finance solutions for your company.



Showing posts with label CANADIAN SECURED CREDIT FACILITY. Show all posts
Showing posts with label CANADIAN SECURED CREDIT FACILITY. Show all posts

Tuesday, February 2, 2010

So What Else is New and Me - Nothing

A great short article today on BNET.COM - I have attached it below, bottom line summary is that the TARP funds in the states didn't stimulate Small Business Lending. I would point out that when the U.S. press talks about a Small Business that in Canada that's probably a pretty impressive business .

Did the same thing happen in Canada . I sure think so . The Federal Govt Secured Credit facility , viewed as a saviour of small business lending seems to have not completed one deal, the recession is over, and most lenders , if not all, are as cautious as ever . The mega bucks seems to have gone into ' infrastructure ', although I still count 20 potholes on the way to work . At the end of the day it will probably be small and medium business that takes us back to where we need to be.
Stan

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TARP Fails to Spur Small Business Lending

By Alain Sherter | Feb 1, 2010

The good news coming out of the federal government’s latest assessment of TARP is that the financial system is alive, big banks are raising money and the final tab for the program might be less than initially estimated.

Not small potatoes. But the financial industry bailout is failing in two key respects: reigniting bank lending to U.S. consumers and businesses, and helping homeowners avoid foreclosure, concludes special inspector general Neil Barofsky in his office’s quarterly report to Congress. More broadly, he expressed concern that financial reform efforts are falling short:

Stated another way, even if TARP saved our financial system from driving off a cliff back in 2008, absent meaningful reform, we are still driving on the same winding mountain road, but this time in a faster car.

TARP’s failure to stimulate bank lending to small businesses is particularly regrettable. In March 2009, the Treasury Department announced the “Unlocking Credit for Small Businesses” program and later earmarked up to $30 billion for small-business lending. As of Dec. 31, however, no funds had been disbursed under the program. Barofsky doesn’t explain why.

Yes, demand for credit by smaller companies is down. It’s also fair to ask whether community banks really need taxpayer money to boost lending for commercial customers. And there’s a risk in pumping funds into some businesses that, barring a sharp economic recovery, might go bust.

But now isn’t the time to reel in aid for such enterprises (and their lenders). Small Business Administration lending is finally showing an uptick, an encouraging sign. And as everyone knows, the key to reviving the economy is to create jobs. That means taking a chance on small businesses and small banks, just as the feds have taken a chance on big companies and big banks.

Tuesday, January 26, 2010

The Fed's, BDC, And Me

Ooops, they did it again, The National Post reported today that the Federal CSCF - The Canadian Secured Credit Facility did another deal, as I understand it would be deal # 2 . The first was with a Dutch owned construction equipment firm .

The deal had BDC , as administrator, buying 1.2 Billion dollars ( yes thats billion ) in floor plan receivables . From who - GMAC and FORD !

Great deal for all parties concerned I guess, kudos of course . Can I be forgiven for again thinking this facility was supposed to fund Canadian businesses in the current liquidity crunch . The more things change the more they stay the same . Don't get me started.

Stan

Thursday, December 3, 2009

CANADIAN SECURED CREDIT FACILITY

I read with amazement yesterday in the Post and Globe that the Govt and BDC had completed the first deal, 300m, under the CSCF as referenced in our title post .

While I applaud the deal Imust say that this is the ultimate 'too little, too late ' - To have completed only one transaction , and that one being to finance the captive arm of a foreign farm and construction company is surely a slap in the face for the thousands of small and medium firms who are hanging in through the current Canadian credit crunch .

At 7 Park Avenue Financial we continue to work hard everyday focusing on financing solutions for the little guy ( we finance the big guy also ) but we sure could you some help from Ottawa and Queens Park.
Stan
http://www.7parkavenuefinancial.com