Canadian Business Finance : Abe Lincoln May Have Had It Right !
OVERVIEW – Information on access to Canadian business financing . When it comes to company loans and funding your business it is critical to understand the lending landscape and to have the ability to identify proper alternatives
Canadian business financing ' aint ' easy! So what’s the secret to success in funding and accessing the right company loans?
Abraham Lincoln? While we're quite sure he wasn't referring specifically to the Canadian Business Finance challenge he is credited with the following - ' Give me 6 Hrs to chop down a tree and I will spend the first 4 sharpening the axe '. That's of course his guidance to approach the challenge of anything, including business finance with a ' sharpened axe' - i.e. preparation! Let's dig in.
While Lincoln was in fact a wood cutter early in his life he used this saying as a metaphor for anything we undertake in business (or life?).
How then should business owners/ financial mgrs approach the capital and cash flow challenges of their business? Of primary importance is understanding the business finance landscape, or working with someone who does!
While Canadian banks might tell us in their TV commercials they are competitive they of course enjoy the next best thing to a monopoly, and thousands of firms in the small and medium (SME) sector experience the fact that they don't have access to finance. Some stats from experts tell us that almost 50% of all business financing requests are rejected or not properly completed in some manner.
Here's where ABE's tool sharpening comes in. In our case it's all about knowing your alternative sources of finance. For firms that have assets and sales and growth opportunities numerous forms of alternate finance solutions are available, they include:
A/R Financing
Inventory Loans
Equipment Financing/ Asset leasebacks
SR&ED Tax Credit Financing
Business lines of credit that are revolving and 'non bank’
Purchase Order Financing
Sales / Royalty Finance
Unsecured cash flow loans
Working Capital Term Loans
Government Small Business Loans
What the business owner/finance mgr needs to do is to spend some time and understand the mechanics of delivery of the above solutions that might pertain to their specific funding needs. Traditionally alternate finance providers have the ability to act more quickly and assess lending decisions with a focus on faster approval.
Other industry stats also indicate that in many cases businesses only approach the one bank they are dealing with. It's therefore important to understand who other providers are - the bottom line being: ' Don't give up!”
So, our ' big secret ' in Canadian business finance is really simple - take the time to understand alternative forms of finance. Seek out and speak to a trusted, credible and experienced Canadian business Financing Advisor with a track record of success
who can assist you in your funding needs.
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 10 years - Completed in excess of 100 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 & Contact Details :
7 PARK AVENUE FINANCIAL = CANADIAN BUSINESS FINANCING EXPERTISE
7 Park Avenue Financial
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8
Direct Line = 416 319 5769
Office = 905 829 2653
Fax = 905 829 2653
Email = sprokop@7parkavenuefinancial.com
Stan has had a successful career with some of the world’s largest and most successful corporations.
Prior to founding 7 Park Avenue Financial in 2004 his employers over the last 25 years were, ASHLAND OIL, ( 1977-1980) DIGITAL EQUIPMENT CORPORATION, ( 1980-1990) ) CABLE & WIRELESS PLC,( 1991 -1993) ) AND HEWLETT PACKARD ( 1994-2004 ) He is an expert in Canadian Business Financing.
Stan has over 40 years of business and finance executive experience. He has been recognized as a credit/financial executive for three of the largest technology companies in the world; Hewlett-Packard, Digital Equipment and Cable & Wireless. Stan has had in depth, hands on experience in assessing and evaluating thousands of companies that are seeking financing and expansion. He has been instrumental in helping many companies progress through every phase of financing, mergers & acquisitions, sales and marketing and human resources. Stan has worked with startups and public corporations and has many times established the financial wherewithal of organizations before approving millions of dollars of financing facilities and instruments on behalf of his employers.
Stan Prokop
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