Government Business Loans. Here’s the Rules To Follow In SBL Funding Success

The Language Of The SBL Loan In Canada


OVERVIEW – .Information on the successful acquisition of government business loans in Canada . Funding for SBL loans just might be easier than you think if you know the lingo and rules!


Governement business loans in Canada. When you understand the ' rules ' and the ' lingo ' (the language of SBL Loans) you are of course well primed to achieve business funding success. Let's dig in.

There is no doubt that Canadian business owners, including start ups are more interested than ever in exploring govt small business loans under the Federal BIL/CSBF program. Those are the actual acronyms for the program that is offered/sponsored by Industry Canada in Ottawa. Most of us just call it the ' SBL' - the small business loan.

At the end of the day understanding the rules of being successful in government guaranteed loans comes down to just a few basic components

Qualifications

Documentation

Approval Requirements

So why is the SBL such a solid option when financing challenges are tough as ever? Of the 7000-8000 loans that are approved under the program we would venture to say that many of those are start ups or franchise acquisitions. Traditional financing for the start up or franchising acquisition is tough to get, so government business loans offer a perfect solution to that need.

While many business owners mistakenly think that they have to deal with ' the government ' for this financing the truth is all it takes is to seek out and find a Canadian banker that is knowledgeable and supportive of the program. (In our experience let's just say that some bankers either aren't interested or not qualified to successfully back you request - Enough said!)

All business owners and managers are in favor of increasing their odds of approval - making the program uncomplicated and straightforward is what we are trying to convey.

While we do basically agree that there are more choices than ever for non bank financing in Canada today we also recognize that the requirements from many commercial finance companies don't allow everyone to achieve financing success. So business owners/ managers seeking loans for their business are often asked for 100 per cent personal guarantees, outside collateral, co signers, etc. Other requirements might include strict covenants and ratio maintenance, and penalties when you get successful and want to prepay the loans!


So where do government business loans weigh in on in those areas. Well get ready, because it’s all good news:

100% Personal guarantees for SBL financing is not required

No outside collateral is required

Co -signers are not accepted by the program

No ongoing covenants need to be maintained

Pre payment of the loan comes with no penalties

Bottom line - It just doesnt get any better!

Seek out and speak to a trusted, credible and experienced Canadian business financing advisor who can help you out with the rules of government business loans and funding approval for your business.

P.S. The loan maximum under the program is $350,000.00 and your start up or business must have projected or actual revenues less than 5 Million dollars.





Stan Prokop - founder of 7 Park Avenue Financial –

http://www.7parkavenuefinancial.com

Originating business financing for Canadian companies , specializing in working capital, cash flow, asset based financing . In business 10 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 :

7 PARK AVENUE = GOVERNMENT BUSINESS LOANS EXPERTISE



CONTACT:
7 Park Avenue Financial
South Sheridan Executive Centre
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8
Phone = 905 829 2653
Fax = 905 829 2653
Email = sprokop@7parkavenuefinancial.com





















Stan Prokop