How To Address Gov't Grants & Loans .. Seriously
Information on government grants and business loans in Canada . What programs deliver on funding for your business? Answer = Gov't Guaranteed Loan and SR&ED!
I am often asked by customers if there are grants and loans available for their business in Canada. On many occasions these firms are either a start up or pre-revenue. There is a general belief that there is 'free money' out there, and people are trying to find it! I categorically believe there is no free money available - if that was the case can you just imagine?!
However, there are some excellent programs, two in particular, that in our opinion are the two best government programs for Canadian business in the SMALL MEDIUM ENTERPRISE ' SME' sector.
The Canadian government has allocated hundreds of millions of dollars into what is known as the CSBF Loan program. The government provides a lot of data at its website around the availability of the program, how it works, and who is eligible.
While some of the information might seem overwhelming there is a lot of assistance available. For the purposes of this article we will share that the program is available to all new or established firms with revenues under five Million dollars. We note also that the program does not apply to publicly listed companies.
Most people that are familiar with the program might not know that in the current 2009 world economic crisis the government increased the amount of these loans to $ 350,000.00 and in some cases $ 500,000.00. NOTE - The program was recently increased to 1,000,000.00$ !
How can you qualify for the program, and, more importantly, do you qualify?
Customers need to review the classes of assets that can be financed. The true power of the program is that the rates are only 3% over prime, currently in the 5% range. Terms of repayment are 5-10 years, and, are you ready, a full personal guarantee of payment is not required!
Typically these programs are used by companies to acquire assets, improve their business, purchase or develop software, and even in some cases buy real estate.
Do Canadian business owners know that the government can assist them in purchasing business real estate with limited guarantees and great rates and terms? We don't think so!
If business principals feel they are adequately prepared to source out this programs financing power we strongly recommend that they begin this process. However, not everyone has the time, financial skills or accumen, and the ability or comfort level to complete this financing.
Those people should seek out the aid of a trusted advisor and business financing expert in order to maximize their participation in the program.
Let's get back to free money! Does it exist? Again, not really. But would you like to receive a check from the government for any processes, research or innovation that your firm has developed? If so you want to maximize your participation in the governments SR ED tax credit program.
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 :
http://www.7parkavenuefinancial.com
7 Park Avenue Financial
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8
Office = 905 829 2653
' Canadian Business Financing with the intelligent use of experience '
ABOUT THE AUTHOR
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
Article Source: http://EzineArticles.com/3386915
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