WELCOME !

Thanks for dropping in for some hopefully great business info and on occasion some hopefully not too sarcastic comments on the state of Business Financing in Canada and what we are doing about it !

In 2004 I founded 7 PARK AVENUE FINANCIAL. At that time I had spent all my working life, at that time - Over 30 years in Commercial credit and lending and Canadian business financing. I believe the commercial lending landscape has drastically changed in Canada. I believe a void exists for business owners and finance managers for companies, large and small who want service, creativity, and alternatives.

Every day we strive to consistently deliver business financing that you feel meets the needs of your business. If you believe as we do that financing solutions and alternatives exist for your firm we want to talk to you. Our purpose is simple: we want to deliver the best business finance solutions for your company.



Showing posts with label bank alternatives. Show all posts
Showing posts with label bank alternatives. Show all posts

Monday, December 2, 2013

Alternative Financing Isn’t The Gamble You Think : Real World Bank Alternatives In Canada For Business

















Is Bank Spanking Really The Way To Achieve Business Financing Success ( EDITOR NOTE - GRAPHIC OF BANK SPANKING REMOVED RE:








OVERVIEW – Information on alternative financing mechanisms in Canada. What bank alternatives are available to the Canadian business owner /financial manager




Alternative financing
in Canada is, in many ways, the new normal. Canadian business owners and financial managers are constantly seeking bank alternatives as they start and grow their businesses.

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's 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.

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 start to look outside the box at non bank alternatives.

Those alternatives include:

Accounts Receivable Financing

Inventory Finance

Working Capital Term Loans

Equipment Financing

Sale/Leaseback / Bridge Loans

Franchise Loans

Tax Credit Financing - ( SR&ED & MEDIA Tax Credits

Asset Based Lines Of Credit



It's interesting to note that all of the above finance mechanisms 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 prerequisites for accessing bank credit are length of time in business, balance sheets that reference positive equity, profit history, cash flow coverage, and owner personal credit history and collateral.


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!

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 evaluation alternative financing that will allow you to grow or start a business.


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 Financing Alternatives





Have A Question /Comment On Our Blog Or Canadian Business Financing Alternatives ?

CONTACT:

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

Phone = 905 829 2653



Email =
sprokop@7parkavenuefinancial.com


' Canadian Business Financing with the intelligent use of experience '