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.
Sunday, September 25, 2011
Are You Eligible For The Canadian Government Small Business Loan?
Use Government SBL Loans For Asset Financing Needs
Information on the ‘SBL ‘ - commonly know as the government small business loan . This program offers some of the best rates, terms and structures for small business financing needs in Canada .
Many business owners in Canada in the SME sector aren’t fully aware that they are already qualified to take advantage of the SBL loan program in Canada. The Government Small Business Loan is an initiative of the federal government in Canada that helps thousands ( in fact over 7000+ in 2010 ) of Canadian businesses to securing business financing on terms that rival those of the big boys when it comes to attractive rates, and structures .
There are many misconceptions about the program and that is why we feel quite sure that you may already qualify and probably just didn’t know it! Let’s examine some of these very basic and reasonable qualifications of the program, and let’s help you maximize the benefits already utilized by thousands of firms just like yours.
'Government ' isn’t necessarily the most popular word at any time when it comes to your day to day business. However, that’s misconception number 1, simply that this loan program is in fact operated in the private sector, by Canadian banks, not the government directly. So where does the government come in then? , ask clients. Simply that they are in fact guaranteeing the majority of the loan. Actual funding is done through your bank.
The challenge we work through with on a daily basis is that not all banks or bank employees rather are always familiar with the details of the program. So many clients who are keenly interested in availing themselves of this financing in fact get mixed signals on how the program operates, its benefits, and mostly importantly, how to start the process and get approved quickly!
Let's cover off some of the basic facts. To be eligible for the program your Canadian business, either incorporated or a proprietorship, must have revenues not exceeding 5 Million dollars. Start ups are eligible for the program also.
Most Canadian business owners who start from scratch are keenly aware of the financial challenges that are faced when financing a start up, or a franchise. That’s really the spirit of the Canadian government small business loan program... it’s providing financing to businesses and business owners who otherwise might not be able to acquire the financing they need.
Owners of the business must have reasonable good credit... in terms of the credit bureau beacon score that all Canadians possess that score should be in the 650+ range. Contrary to the belief of some this is not financing for people with poor credit.
What does the SBL government small business loan finance? That’s another area of what seems constant confusion when we talk to clients. In fact the program only finances equipment and leaseholds. Software by the way is included in the equipment category. We meet many clients that are under a major misconception on SBL’s - namely that the financing is cash and working capital. It absolutely is not!
How can any business owner in Canada not want to take advantage of financing that can help build and grow their business? Speak to a trusted, credible and experienced Canadian business financing advisor who can assist you in being successful and unlocking the benefits of the government small business loan program. That’s SBL for short!
Stan Prokop - founder of 7 Park Avenue Financial -
Originating business financing for Canadian companies , specializing in working capital, cash flow, asset based financing . In business 7 years - has completed in excess of 80 Million $$ of financing for Canadian corporations . Core competancies include receivables financing, asset based lending, working capital, equipment finance, franchise finance and tax credit financing .Info re: Canadian business financing & contact details :