Small Business Government Financing . 6 Things You Might Not Know About Canadian SBL Loans

You Might Have It Wrong On Government SBL/BIL Loans






OVERVIEW – .Information on small business government financing loans in Canada. The SBL Loan works for thousands of companies just like yours with Canadian finance needs



Canadian small business government financing . There isn’t a day when we don't meet clients who are looking for information on the SBL loan in Canada. What's worse, in many cases what they do know... well suffice to say... they've got it wrong. We think we can fix that in pretty short order, so let's dig in!

There are several methods of financing a start up in the start up and SME sector in Canada. Knowing what they are and preparing to address them is what the business owner/manager needs to deal with.

In many cases our clients often focus on their bank that they have always dealt with - that comes from the convenience of a past and current relationship more often than not. Just remember though that convenience and a short walking distance are not always guarantors of successful Canadian business financing!

No Canadian chartered bank is going to bend rules or get involved in marginal situations, so it’s important to focus on a bank and banker that will deliver - many do, but not all. While things like fees, access to on line services, etc are important they ultimately depend on getting your company the kind of credit and working capital you need.

Common sources of business financing in Canada also include unsecured business lines of credit, business credit cards, supplier financing, equipment and receivable financing.

But is that all? Definitely not, because today we're focusing on the Govt SBL loan and why it just might make sense for your firm.

So, here's 6 things you might not know about the BIL (that’s the formal name of the program) loan in Canada.

1. The loan has limited personal guarantees (for some reason our clients like that one!)

2. Pricing is very competitive given that many businesses that apply are in start up or very early years of growing their business

3. There are only 3 asset categories that can be financed - they are equipment assets (including trucks, etc), Leasehold improvements, and real estate.

4. The term ' government ' is a bit of a misnomer - while the government runs the program and guarantees the loan to banks in actuality all loans are delivered through the chartered banking system. So as much as the Canadian business owner dreams about having a strong day to day relationship with the government and its business the reality is that its business as usual with no direct contact with the government!

5. Many clients imagine the application is cumbersome and involved. It isn’t. You need a business plan, some very normal info on your business - i.e. articles of incorporation, premises lease, etc - Voila... you're off to the races. Oh and by the way, while many business people choose to be incorporated you in fact can be a proprietorship or partnership.

6. Even firms that are start up in nature can be financed under the program which provides a maximum loan of 350,000.00. That covers off a lot of business financing needs.

So, did you have it wrong? Many do... so seek out and speak to a trusted, credible and experienced Canadian business financing advisor who can assist you with your finance needs via small business government financing - aka the ' SBL '.






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 Financial = Canadian Small Business SBL Loan Financing






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