ALTERNATIVE BUSINESS FUNDING IN CANADA

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You Are Looking For Business Funding Choices! 

Redefining Business Financing: The Rise of Alternative Funding Solutions

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        Financing & Cash flow are the  biggest issues facing businesses today 

               Unaware / Dissatisfied with your financing options?

Call Now!  - Direct Line  - 416 319 5769 - Let's talk or arrange a meeting to discuss your needs

Email  - sprokop@7parkavenuefinancial.com

 

 

  

Alternative Business Funding: The Game Changer for Small Business Success  

 

 

Alternative business funding allows many smaller firms to.. get big!

 

For both sales growth and growing profit margins, it's essential to have the proper business financing in place - most business owners and financial managers recognize that.

 

 

INTRODUCTION  

 

Today's fast-paced business landscape is more competitive than ever -  Business funding solutions have become critical- But when traditional bank loan type financing is not able to be accessed for a variety of reasons around strict requirements and long application times what does the business owner do?

 

At 7 Park Avenue  Financial, we have got an answer - alternative financing!  It bridges the gap and can provide your company with financing that is flexible, and more importantly accessible!    These solutions provide a business with business capital to grow and thrive - It's important to understand which of these financing options is best suited for your firm. Let's dig in.

Is the bank the only option? Categorically no, although most business owners for whatever reason view the bank as the only solution - only to be rejected for a variety of reasons, one of which is actually ' size ' believe it or not. While our Canadian chartered banks do a great job in financing large firms, they have numerous criteria in place that your firm might not be able to meet.

 

WHAT IS ALTERNATIVE FINANCING? 

 

 

Alternative financing from alternative business lenders is any method of business financing which allows a business to acquire capital outside of traditional banks and other more traditional financial institutions. These non-bank commercial financing companies and asset-based lenders offer different funding options and alternative loans based on a company's qualifications and needs.

 

The business chooses alternative finance solutions as credit requirements are lower and funding is easier to qualify for - Additionally, a faster approval process compared to bank approvals provides funding around business expenses, growth and the need for ongoing cash flow.

 

  

Break Free from Traditional Loans: Unleash the Power of Alternative Business Funding & Financing Benefits 

Banks often focus significantly, especially in the SME sector ( small and medium enterprises), on the business owner's and principals' personal credit history. They look for solid and high credit bureau scores, and low scores can impact your firm's ability to get a loan.

 

In some cases, banks might even determine an entire industry; for example, oil, autos etc., may for a time be... ' out of favour.' Canadian business history has plenty of examples of that. Occasionally banks might deem that a major customer of your firm actually creates a 'concentration ' risk.

Alternative funding sources allow business owners to position the business as the major reason to achieve credit approval. Business funding alternatives become more accessible in alternative finance because it's the business under the microscope, not so much the owners.

In today's environment, business capital for cannabis firms is in high demand. Banks have been reluctant to address all facets of cannabis financing, although this has ' slowly,' and we do mean ' slowly ' changing.  Alternative funding sources, via non-bank commercial finance companies, provide finance solutions.

Cash flow is a major factor in assessing business loan potential. Business owners and their financial managers should be positioned to address the ins and outs of cash flow, i.e. sales growth, seasonality, collections, payables, etc. Many alternative funding solutions allow you to grow revenues when traditional bank financing is not available.

 

ALTERNATIVE BUSINESS FUNDING SOLUTIONS IN CANADA

Solutions for More Business Capital Via Alternative Business Funding Companies

Non-bank receivable financing / Invoice Factoring -  Invoice financing via factoring is a business financing solution that allows companies to sell/finance to sell their outstanding invoices to a third-party commercial finance company / factoring company at a discounted rate in exchange for immediate cash. This method of financing is valuable for businesses that experience long payment terms and collection challenges from their customers based on payment terms or the need to improve their cash flow.

Advantages include improved cash flow management and the ability to run and grow the business without the constant need to ' chase customer payments' - Companies using factoring solutions from alternative lenders such as Confidential receivable financing should have good sales and profit margins.

 

Inventory Financing

Purchase Order Finance

Non-bank asset-based business credit lines - non-bank business lines of credit provide a flexible revolving credit facility to businesses that can draw down on capital when they need it without term loan-type obligations. These credit lines are custom-tailored and flexible and combine the company assets such as accounts receivable, inventories, and fixed assets as well as company owner commercial real estate into one single borrowing facility - Interest rates are higher than bank financing but eligible requirements and the lack of covenants is making this business finance solution more popular.

 

Tax Credit Financing - SR&ED Tax credit financing helps to finance research and development under Canada's sr&ed program

Lease Financing  & Sale-leaseback of assets - Equipment financing and sale-leaseback solutions allow for the financing and purchase of new assets and technology required by the business - An excellent option for capital-intensive businesses.

 

Short-Term Working Capital Loans  / Merchant Cash Advances  -  the merchant cash advance /short-term loan funding solution is an easily accessible working capital solution that is based on a formula or sales and owner personal credit history. Funds can be secured very quickly and flexible payment terms around cash inflows are offered via online lenders - these loans are higher cost.

 

 

HOW DO YOU CHOOSE THE RIGHT ALTERNATIVE FUNDING SOLUTION FOR YOUR BUSINESS  

 

Choosing the right  alternative funding solution for your business should be based on your cash needs, and the overall financial situation and growth challenge - Factors to consider include -

 

1. Eligibility: Determine which business financing  options are available to your business based on your business credit score quality and financial strength, as well as the particular needs of your business model and industry

2. Financing  amount required: Assessing  the amount of capital your business needs and ensuring the maximum financing requires is available via any 1oneor combined solution

3. Cost: Consider  financing costs, interest rates, fees, and repayment flexibility offered via any funding solution that meets your repayment ability 

4. Speed: Evaluate how quickly  funds are needed  vis a vis timeline required to properly complete the funding process

5. Flexibility:  Compare structured term loan type solutions to more flexible solutions such as a/r financing.
   
   We think you get the picture, and you don't necessarily have to take on ' debt ' to address capital and cash flow needs, as many of our above-noted solutions monetize assets or sales.
   
   Be prepared when approaching an alternative business funder - financials, a  business plan, and info on current lenders are a great start.

  

 

 CONCLUSION - ALTERNATIVE BUSINESS FUNDING - THE GAME CHANGER FOR BUSINESS SUCCESS

 

  

When traditional bank loans become increasingly challenging the small business owner can look to alternative financing for financial support. Companies find the perfect solution that is custom-tailored and suited to business needs and long-term goals - allowing a business to prosper and consider growing.

Bottom line? Your business has lots of funding options, traditional and alternative. Seek out a speak to trusted, credible and experienced Canadian business financing advisor with a  track record of success in alternative funding sources for small business.

 

FAQ: FREQUENTLY ASKED QUESTIONS PEOPLE ALSO ASK MORE INFORMATION

 

What is the most popular type of alternative loan?  The most popular type of alternative loan is a term loan. Term loans are lump sum installment business loans repaid over a period of time - typically 1-5 years, These loans tend to fund specific projects such as asset acquisition, or expansion. Both traditional lenders and alternative business financing lenders/funders provide this type of loan.    What is the difference between traditional and alternative financing?  Traditional financing typically involves borrowing money from a bank or other more traditional financial institution, such as a business-oriented credit union. Commercial borrowers must have strong financial statements, and collateral, and be able and willing to provide a personal guarantee. Alternative business loans and finance solutions come from commercial financing companies and asset-based lenders who are non-bank in nature. Alternative finance business funding tends to be more accessible for the business borrower.   How do startups get business funding? Startups obtain funding for small business loans from various sources, including traditional financing, banks, or equity-oriented business capital via venture capitalists, and angel investors. Solutions for alternative funding for startups from a government-guaranteed small business loan from a bank or credit union as well as grants are also available - Many communities offer start-up accelerators and incubators offering different types of infrastructure support for start-ups and small businesses.

Click here for the business finance track record of 7 Park Avenue Financial

Looking For A Bank Financing Alternative ? We've Got One Several !

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Bank Financing alternative solutions are, in many ways, the new normal. Canadian business owners and financial managers are constantly seeking bank alternatives as they start and grow their businesses. Traditional bank loans seem more difficult to achieve for thousands of business owners and their financial managers in Canada, and we're not talking about just pandemic time.


KEY POINT - It's interesting to note that all alternative finance mechanisms we discuss are in fact available from Canadian chartered banks. But it will always come back to the criteria in place as to your ability to access the above solutions at low bank rates. The traditional pre-requisites for accessing bank credit are the length of time in business, balance sheets that reference positive equity, profit history, cash flow coverage, and owner personal credit history and collateral.

Alternative finance solutions when sourced and used properly take the uncertainty out of financing your business and that's what business owners are looking for. While not widely regulated by the government many of the industry is self-regulated by their own trade associations and are governed by Canadian borrowing laws.



The good news is there are numerous options to consider, all the way from invoice finance techniques to short term working capital loans and online lending 'p2p' solutions known as commercial merchant advances.

WHO ARE THE ALTERNATIVE LENDERS?

Generally these are what's known as non bank lenders that serve SME commercial finance needs. They are usually not banks and typically are not deposit takers.



Many of the new clients we meet at 7 Park Avenue Financial find their bank arrangements have been rescinded and in more severe cases find themselves in special loans and workout categories at their bank. The good news is there are independent lenders/commercial finance companies that are very able in providing business financing to the SME sector in Canada.

Alternative lenders focus predominantly on sales and assets and can provide niche solutions ranging all the way to full-scale business lines of credit. These facilities support both growth and daily operations. Numerous types of ' factoring ' solutions are a keys source of financing for thousands of businesses in Canada. They are the new alternative to the traditional ' bank loan '. Other solutions as we have noted include equipment leasing, sale leasebacks on assets owned, and loan advances based solely on future sales projections.




While large corporations have access to all sorts of capital, in some ways unlimited, businesses in the SME COMMERCIAL sector struggle to find options that make sense and are balanced against what is usually a higher cost. Let's dig in.



One author in the U.S. recently offered up that business owners must ' spank their banks ' when it comes to access to business capital. While we suppose there are a hundred reasons to ‘spank’ U.S. banks (anyone remember 2008), those reasons don't really exist in Canada, as we're known to have probably the strongest banking system in the world, pandemics included.



So our banks tend not to go bankrupt, they don't go to jail, they do provide safe investment vehicles... and they have all the capital in the world - IT'S JUST DIFFICULT TO ACCESS BUSINESS CAPITAL AND QUALIFY FOR FINANCING.



So what's our point? Simply that the owner/manager in SME starts to look outside the box at non-bank alternatives.

What Are Some Popular Utilized Alternative Funding Sources In Canada?

Those alternatives include:



Accounts Receivable Financing - Commonly called factoring, or invoice discounting this is one of the most efficient and quick ways for a company to generate cash based on sales. In North America alone billions of dollars are financed every year according to industry statistics from FACTOR CHAIN.

A/R Financing fundamentals are easy to understand. Instead of the typical waiting period for commercial collections, which these days is anywhere from 30-90 days companies can enter into a financing arrangement to ' sell ' their receivables as they generate sales. Financing can be for some or all of their a/r portfolio, at the company's choice.

There are some key differences in bank credit lines and a/r finance via a commercial lender - the commercial finance company looks mainly at the quality of your receivables while the bank look at overall risk in dealing with your firm. Traditional bank lending is focused on your balance sheet and cash flow generation while the a/r financing firm focuses on your invoices as the collateral.

A/R Financing has a ' fee ' attached to it, not an interest rate, often a key misunderstood point in commercial receivables finance. That fee is typically between 1.5-2%, but if your firm has good profit margins and can sustain that reduction in profit a very strong case can be made for financing receivables.




Inventory Finance - A wide variety of inventory financing solutions are available through asset backed lenders who specialize in the valuation and financing the turnover of inventories. Most common is the combining of inventory financing into an asset based business credit line allowing your company to borrow on the combination of a/r and inventory.


Short Term Working Captial Loans/Merchant Advances- The growing popularity of short term unsecured loans for businesses cannot be denied. This ' peer to peer ' lending solution provides upfront capital based on a simple formula of your annual sales. The two main criteria are your ability to demonstrate your sales revenues through either your financial or bank statements, as well as a requirement for the business owners to have decent personal credit histories, the proverbial ' credit score '.

Typically small business owners with credit scores under 600 have a challenge in obtaining this financing, simply demonstrating that commercial lenders of all size look at how you run your personal finances as a reflection of your business.

The amount you can receive under these loans is typically 15-20% of your annual revenues so a business with revenues of 1 Million dollars will qualify for a 100-150K loan. Rates are generally quite high in this type of financing but the quick and easy approval and access to working capital have garnered great appeal to many businesses, retailers included. The online borrowing totally focuses on cash flow and sales revenue.



Equipment Financing

Sale/Leaseback / Bridge Loans - If your company owns equipment that has no liens on it and is generally unencumbered the sale-leaseback financing solutions provides immediate cash value for these assets, simply by entering into an arrangement to ' sell ' the equipment back to the finance firm, and then leasing it back, and naturally your retain full use of the equipment/asset. The lease payments become a monthly expense on your income statement and your firm generates immediate cash flow for working capital purposes.


Tax Credit Financing - ( SR&ED & MEDIA Tax Credits - Both Film/Media tax credits, as well as the Federal SR&ED tax credits which is a refundable tax credit that is financeable via a short term sr&ed loan cand provide valuable cash flow for newer firms focused on putting cash into their r&d efforts.

Asset-Based Lines Of Credit - Business credit lines, or more appropriately ' asset based lines of credit are full operating revolving credit facilities from the asset based lender. This product offering competes with the standard bank revolver line. The benefit of the 'ABL' credit line is that it provides all of the cash flow you need by combining the borrowing power of your receivables, inventory, and even equipment into one margined borrowing facility that your firm draws down as needed. Credit limits are extremely flexible and tend to grow with your assets and sales.



Purchase Order Financing - Many companies find themselves in the position of being able to receive large orders and contracts that would be a significant growth factor in their business, but they often have to decline this business as they are not in a position to have the working capital in place to fulfill those orders and contracts.

Under this alternative financing method, your supplier is paid directly by the commercial finance company allowing you to fulfill orders and sustaining the 30-60 day period between supplying your client and waiting for payment.

The order and receivable are taken as security for the P O financing solution. The transaction is closed when the final payment is made to your firm by your client. In many cases suppliers are located in Asia so the ability to fund these transactions is a very creative way to grow business. Similar to factoring and a/r financing solutions you must have very good gross margins to cover the 2-4% fee on this type of financing.



Absence of any one of those bank criteria can quickly derail your bank application. We almost find it humorous that business owners or their financial managers go from bank to bank only to be told the same response.



Bank alternatives in Canada are offered by commercial finance firms. They might be small, large, Canadian, U.S. owned, and in some cases geographically focused. They provide all the solutions offered by banks and typically have a much higher risk appetite as they are motivated by profit and growth also. Almost all firms only specialize in certain loan/finance segments, so it’s important to seek out an advisor who can help you navigate the waters and speak the lingo!

WHY ALTERNATIVE FINANCING?

Although some may consider alternative financing solutions as ' outside' the system industry statistics tell us they are becoming more mainstream than ever. You can call it ' FINTECH ' non-traditional but it is more utilized than ever before . Some have called it an ' improvement ' on traditional business financing. These solutions cover a wide range of business needs, including lender finance/ funding for lenders, SME Commercial Finance funding, acquisition financing, etc.

Many of the alternative lenders utilize newer forms of technology that enable transactions to happen quickly with greater improvement to the customer borrowing experience. Cash flow and invoice financing solutions are widely available to ease the cash flow crunches that many businesses in the SME sector face daily outside of their bank relationships. It's very safe to say the rise of the internet made a lot of this happen!

Technology and internet marketing allows Canadian businesses to access business capital that were previously the exclusive domain of the Canadian banking system. The wide variety of financing solutions available allows Canadian commercial borrowers the option to choose from a wide range of niche financing solutions.

Access to capital is faster than ever, and previously underserviced Canadian commercial borrowers
are finally finding business credit accessible whereas before they were considered ' underbanked'. Access to cash flow is faster than ever and borrowers are now able to, for the most part get all the funding they need based on their sales and assets.

Business owners will perhaps be surprised to know that many alternative lenders have partnerships and funding relationships in place with Canadian banks. Unlike the banks though they do not require historical financial strength and the strong credit history that is associated with the bank borrower. Many of the alternative lending players are funded by private investors, private equity firms, and rely on these investments to fund their loans.

Canadian business borrowers should view alternative lenders as specialty lenders who typically are focused on one unique financial offering, allowing them to have significant expertise in key niche areas. Banks of course offer a broad array of financing products and it is sometimes challenging to locate a banker specific to your needs.


So, bottom line. The Canadian business owner / financial manager can spend all their time blaming (spanking) their bank or they can choose to seek out real world solutions that exist for the financing they need.



Seek out and speak to a trusted, credible and experienced Canadian business financing advisor who can assist you in the evaluation of a bank financing alternative via alternative funding that will allow you to grow or start a business.




Click here for the business finance track record of 7 Park Avenue Financial



Stan Prokop


























7 Park Avenue Financial/Copyright/2020

Do You Know Your Business Finance Alternatives ? Alternative Funding Options To The Rescue !

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Improving Business Finance Alternatives

Business finance alternatives actually depend on one key thing . Know what that is ? It comes down to knowing where your company is at re it's stage of growth. That's a long spectrum as financing alternatives start way back to business start up , and go all the way to mature businesses who have stopped growing and might be generating all the cash they need.

In some cases company might be challenged and undergoing financial stress re debt load, lack of cash flow, etc . That's why it's important to know your options while understanding where in the journey to business financial health your firm stands.

Bottom line - there are business financing alternatives! Many firms find themselves in a position that yields a double edged sword - they are growing too fast, business feels good, but.. they are constantly out of cash. One of the most common solutions to that problem is asset based lending , which typically means considering the move to non bank asset based lending solutions . And there are several of them - They include:

Non bank business lines of credit

 

Basic A/R or Inventory Finance

 

Purchase Order Funding

 

Tax Credit Finance

 

Sale Leaseback

 

Short term unsecured working capital loans

 

Term Loans ( Cash Flow Based )

As you can see, there is a lot of flexibility in mixing and matching alternative financing solutions.

Naturally the conundrum faced by many business owners and financial mgrs is even more simple - they don't know where to go or who to talk to for assistance in evaluation financing solutions. They are busy running their company , and aren't dialoguing with lenders at either banks or commercial finance companies !

That's of course the reason why companies can benefit from a business financing advisor - they are guaranteed to understand the full spectrum of alternative business funding . Suddenly they can see answers to challenges such as taking on major new contracts or having the ability to offer clients extended payment terms.

A company experiencing severe financial stress can also utilize a trusted, credible and experienced Canadian business financing advisor to see the way out via a restructuring and refinancing process.

Businesses that are start up in nature, or who are in the process of generating their first revenues can benefit from non traditional funding sources also - Solutions such as Govt Guaranteed Small Business Loans, Equipment Financing, etc are tried and true solutions for start ups.


Looking For An Expert In Business Finance Alternatives ?


Seek out and speak to a trusted, credible and experienced Canadian business financing advisor with a track record who can assist you with your business funding needs.




7 Park Avenue Financial :
South Sheridan Executive Centre
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8

Direct Line = 416 319 5769

Email = sprokop@7parkavenuefinancial.com

http://www.7parkavenuefinancial.com

Click Here For 7 PARK AVENUE FINANCIAL website !



7 Park Avenue Financial provides value added financing consultation for small and medium sized businesses in the area of cash flow , working capital , and debt financing .



Business financing for Canadian Firms , specializing in working capital, cash flow, asset based financing , Equipment Leasing , franchise finance and Cdn. Tax Credit Finance . Founded 2004 - Completed in excess of 100 Million $ of financing for Canadian corporations .

' 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

Bank Loans & Alternative Business Funding In Canada

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Alternative Business Funding Via Non Bank Loan Solutions

Alternative business funding allows many smaller firms to.. get big! For both sales growth and profit margins it's essential to have the proper business financing in place - most business owners and financial mgrs recognize that.

Is the bank the only option . Categorically no, although most business owners for whatever reason view the bank as the only solution - only to be rejected for a variety of reasons, one of which is actually ' size ' believe it or note . While our Canadian chartered banks do a great job in helping to finance large firms they have numerous criteria in place that your firm might not be able to meet.

Banks often focus significantly , especially in the SME sector ( small and medium enterprise ) on the personal credit history of owners and principals. They look for solid and high credit bureau scores , and low scores can impact your firms ability to get a loan.


Alternative funding sources allow business owners to position the business as the major reason to achieve credit approval. Business funding alternatives become more accessible in alternative finance because it's the business under the microscope , not so much the owners.

In some cases banks might even determine an entire industry, example oil , autos etc may for a time be... ' out of favor ' . Canadian business history has plenty of examples of that. Occasionally banks might deem that a major customer of your firm actually creates a 'concentration ' risk.

In today's environment business capital for cannabis firms is in high demand. Banks have been reluctant to address all facets of cannabis financing , although this has ' slowly ' , and we do mean ' slowly ' changing . Alternative funding sources, via non bank commercial finance companies provides finance solutions .

Cash flow is a major factor in assessing business loan potential . Business owners and their financial mgrs should be positioned to address the ins and outs of cash flow, ie sales growth, seasonality, collections, payables mgt etc . Many alternative funding solutions allow you to grow revenues when traditional bank financing is not available .

Solutions for More Business Capital Via Alternative Business Funding Companies

Non bank receivable financing

Inventory financing

Purchase Order Finance

Non bank asset based business credit lines

Tax Credit Financing

Sale leaseback of owned assets


We think you get the picture and you don't necessarily have to take on ' debt ' to address capital and cash flow needs, as many of our above noted solutions simply monetize assets or sales.

Be prepared when you are approaching an alternative business funder - financials, a business plan and info on current lenders is a great start.

Bottom line ? Your business has lots of funding options, traditional and alternative . Seek out a speak to trusted, credible and experienced Canadian business financing advisor with a track record of success.



7 Park Avenue Financial :
South Sheridan Executive Centre
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8

Direct Line = 416 319 5769

Email = sprokop@7parkavenuefinancial.com

http://www.7parkavenuefinancial.com

Click Here For 7 PARK AVENUE FINANCIAL website !



7 Park Avenue Financial provides value added financing consultation for small and medium sized businesses in the area of cash flow , working capital , and debt financing .



Business financing for Canadian Firms , specializing in working capital, cash flow, asset based financing , Equipment Leasing , franchise finance and Cdn. Tax Credit Finance . Founded 2004 - Completed in excess of 100 Million $ of financing for Canadian corporations .

' 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