Canadian Banks . Is The Diagnosis In On The Myth Of Infallibility

The Sky Is Falling On Canadian Banks? Say It Ain’t So !


OVERVIEW – .Information on Canadian banks and recent reports on the health of our banking system in Canada




Canadian banks . Wow! Make That A Double Wow. There it was. Staring At Us. It was a July 11 /2013 article in Canada's most prestigious daily business paper questioning the health of the Canadian banking system. We couldn't believe it either. Could our banks in Canada actually not be infallible? Let's dig in! , including our stunning conclusion.

Long term stability, safety, and being generally risk averse are what the Canadian business owner / manager associate our Canadian banks with. As the world trudged through the 2008 Global financial meltdown it seemed fairly clear to all that the Canadian banking system was last man standing when it came to the bank pillars of capital, liquidity , etc.

So what in the heck was our aforementioned article really saying. Simply that global banking analysis has changed and the way banks are measured has also. The gist of all that analysis was pretty simple - under a newer method of looking at bank financials all assets are treated equally, whether they're higher risk or government secured.

In reality it's the same way we look at our client’s financials when we're contemplating completing a financing for them - looking at leverage as a key example of financial health. And it turns out that that simpler method of looking at financials has us looking... well... not so good.

It's all up for debate of course, as our article suggested that since the largest asset for the banks is usually home mortgages that simply means more safety and government support

In the U.S., unlike Canada, banks fail all the time... if not once a day certainly on occasion. The complexity of the U.S. banking system (there are different types of banks) makes it difficult to analyze and figure out what's really going on.

So how would one in fact analyze a bank if it came down to it? A lot of factors come into play. Some of the basic areas would include:

Financial accounting presentation

Types of assets they finance

Quality of the assets they hold and finance

Types of assets that are no longer ' performing ' - i.e. defaulted loans, mortgages, etc

Weird stuff - derivatives /hedging etc (Don’t even ask us, as even we don't get it!)

Overall country risk

Management

International holdings re assets/risk

Have you ever looked at the financials of a large corporation? They are exceptionally complex more often than not .Take that complexity and multiply it by ten in our opinion!

Also, think back to recent year debacles of such firms as ENRON, NORTEL - The smartest guys on Wall street even if they could figure out the numbers were hoodwinked by accounting tomfoolery, etc

So our stunning conclusion on Canadian banks ' falling behind' as our article stated? Is the sky falling? Let's say simply that we're optimistic and hoping for the best - because this is Canada eh!



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 :


http://www.7parkavenuefinancial.com/canadian-banks.html


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







THE ORIGINAL GLOBE AND MAIL ARTICLE WAS BY TIM KILADZE AND APPEARED JULY 11/2013

ARTICLE TITLED ' BANKS FALLING BEHIND UNDER NEW RATIOS '















Stan Prokop

Bank Business Loan Needs. Approval Is Not A Myth And Non Bank Financing Loans And Alternatives Exist

Business OPM And Your Company



OVERVIEW – Information on getting a bank business loan in Canada. Other types of financing loans and asset monetization are also available as alternatives



Bank business loan needs in Canada. Whether it's operating capital or financing loans that are ' term' in nature the ability to access 'OPM' (other people’s money!) remains a constant challenge for the Canadian business owner and financial manager.

You don't necessarily need a business plan when it comes to sourcing Canadian financing, but you do require what we could simply call a clean loan package when it comes to accessing chartered bank capital. (Business plans relate more to start up financing or equity investments)

We spend a lot of time with clients on the subject of choosing the right bank. Invariably we think they have got it wrong. They're focusing on a logo as opposed to choosing the best business banker that suits their needs.

Truth be told the Canadian owner/manager has an easier job than our U.S. counterparts searching for the right business finance solutions. Why is that? Simply because our system has it narrowed down to a handful of chartered banks and occasionally a Credit Union or Non Schedule A bank. In the U.S. the myriad of banks within their system make it challenging - they have to rationalize ' money center banks ', 'Savings and Loans ' , 'Regional Banks ' , Community Banks,' etc !

There's a tremendous difference in Canada between retain banking and commercial banking. It's important to focus on the services of commercial bankers, as the lines can easily blur in the SME sector around how business financing is collateralized. We constantly stress to clients that it's important to separate their personal and business finances when it comes to operating and growth capital.

We meet many owners who tell us they have a business line of credit. They're quite surprised when we demonstrate to them that the ' business financing ' that they have in place is essentially lending based on their personal assets and personal credit history.

There are some key factors in choosing bank business loans and financing. While convenience re: geographical location is important it should never be at the expense of losing a strong commercial banking relationship you have in place. You'd be surprised how far we would recommend driving to get the right banker! So bottom line, focus on the relationship, not the fees!

Revolving lines of credit are key to any growing firm’s success. They help balance out the investment you make in A/R, receivables, equipment, etc. One of the truest maxims in business banking is that banks only lend generously when your firm needs the funds the least. So here the concept of putting revolving credit facilities in place when you might not necessarily need them is critical!

The 4 C’s of credit remain a true constant in lending. They are especially true in the SME sector, and they are character, capacity, credit, and collateral.

Bank business loans typically come in two categories:

Debt
Revolving Credit Lines

Bank credit lines, when you qualify, are low cost and cheaper than pretty well all types of financing. In Canada business owners in the SME sector access capital via a combination of means. They include:

Personal finances
Business credit cards
Vehicle loans
Equipment leases

Other alternatives exist for Corporate Canada when bank financing is either not enough of can't be accessed. That includes:

Non bank asset based credit lines
Equipment leases and loans
Receivable financing
Tax credit financing (SR&ED R&D Finance)
Government SBL loans

We highly recommend working with a trusted, credible and experienced Canadian business financing advisor




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 = Bank Loan Expertise



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

Business Line Of Credit Needs? Check Out Non Bank ABL Private Lenders. Number 2 And Trying Harder

Maximum Thrust Minimum Drag For Your Business Financing Needs !


OVERVIEW –Information on the business line of credit in Canada . Which choice makes sense for your company, a bank facility or the ABL solution from commercial non bank private lenders

Business line of credit needs in Canada . Two basic alternatives emerge when your company requires revolving credit lines. One is of course the traditional commercial chartered bank solution. And number 2 and trying harder..? That's when a non bank commercial ABL facility just might make more sense, or is more readily available. Let's dig in.

The aeronautical term ' maximum thrust / minimum drag ' made sense to us when it comes to the financing needs of your business. You're looking for maximum financing that won't hold you back - It's our version we guess of rocket propulsion when it comes to growth financing.

Most Canadian business owners and financial managers we talk to associated Canadian business financing with our Chartered banks in Canada. Included in this category also are U.S. banks which have charters to operate in Canada also.

But what about that # 2 and trying harder solution. It's the ABL (asset based line of credit) offered by private lenders. And in the context we're talking about ' non bank ' simply refers to commercial finance companies that are not regulated under our banking rules. We suppose that means they can do what they want.

How does the business owner/manager decide which of these two solutions works for their company? Both solutions typically finance receivables and inventory. However ABL distinguishes itself by also adding your unencumbered fixed assets into the mix. Simply speaking that gives you more borrowing power.

Many companies use business credit lines to facilitate acquisitions or mergers. They are simply capitalizing on the assets of their company and the other business combined, monetizing these for additional cash flow and working capital. While the bank solution in this strategy might typically involve some level of term debt the ABL solutions is more suited to simply maximize borrowing power for the combined new firm.

Cost is often a key factor in deciding which credit facility makes more sense for your firm. If your firm can meet the fairly stringent requirements of our banks when it comes to borrowing (profitable, clean balance sheets, strong cash flow coverage, solid debt to equity) the actual cost of credit these days couldn’t be lower. ABL solutions cost more, but as we said they are more easily accessed from an approval point of view

Why does ABL cost more then? Basically that’s because non bank private lenders offering ABL solutions have a higher cost of funds. They typically also take more risk and have less stringent credit approval criteria. We would venture to say that they higher overall expenses in running their business.

So what are in effect the approval criteria for non bank commercial private lenders when it comes to asset based finance? It's pretty basic stuff - you must have the ability to produce regular and proper financial statements, you'll need to report more often on assets such as inventory and A/R levels, and those fixed assets that are now part of your daily credit line needs will almost always need to be appraised at least once.

Does size count? We're talking about facility size of course, and ABL solutions range from 250k into the tens of millions of dollars. It goes with saying (but we'll say it anyway!) that most commercial bank facilities typically start in the 500k range with no upper limit.

So which financing solution works for your firm . Seek out and speak to a trusted, credible and experienced Canadian business financing advisor who can assist you with your credit needs . Minimum drag, maximum propulsion!






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 = Business Line Of Credit Expertise



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

Secured Lending In Canada . What You Need To Know About Business Loan Collateralization

Principles of Secured Lending In Canada

OVERVIEW – Information on secured lending in Canada . What’s behind collateralizing your business loan



There are various types of secured lending in the Canadian business environment. Let's examine some of those secured loans and discuss some of their characteristics.

When most business owners or financial managers think of secured lending they are thinking in terms of their operating loans or operating lines of credit, sometimes called ' revolvers' in finance language.

These loans are used to financing working capital, primarily receivables and inventory. In taking and registering this security the bank or some similar financial institution will take an assignment of these 'liquid assets' of the company. On occasion customers will hear the term ' demand loan ' and we are in effect talking about the same thing.

How does the bank or other institution secure the loan? They register what is known as a General Security Agreement, commonly called a 'GSA 'against the business. In determining their security and overall all 'credit limit' with the customer they usually agree to advance against 75% of all good receivables, and some component of inventory. We can, as a general rule, say that banks don't really like inventory - simply because they aren't set up to liquidate on it when they have to.

If everything goes well that is as much as the business owner really needs to know. The loan is secured, the bank registers a public security against the company, and the company has access to working capital.

How does the Secured Lender realize on the security? Again, we are talking about the worst case scenario when a bank has determined it needs to 'call the loan ', terminology most business owners know too well but hope they never have to live through. The bank is in effect, at that time, attempting to crystallize on its loan.

In securing the loan we spoke of the bank or other lending institution taking an assignment of the assets. Now that the loan has been called an actual assignment is enforced - customers are notified by the bank and monies are collected by the bank to reduce the loan outstanding. The bank now finds itself in a position of having to deal with the inventory they did not want to deal with, and we typically find that the inventory is directed to be sold by an auctioneer or salvage firm, who acts as a temporary agent for the bank.

When loans are enforced in such a manner the results are usually disastrous for the customer and have a major impact on the company's ability to go forward.

Lenders securities agreements in Canada are all registered under Canada's Person Property Security Act, and are in effect public knowledge for those that wish to investigate secured dealings. This process is very similar to the UNIFORM COMMERCIAL CODE (UCC) that exists in the U.S., and in fact the security legislation in Canada was very closely model to the U.S. way of secured lending notification.

There are other forms of secured lending Vis Vis equipment, debentures, and security is generally handled in the same manner re: registration, etc.

Seek out and speak to a trusted, credible and experienced Canadian business financing advisor who can assist you with secured lending needs.




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 :


http://www.7parkavenuefinancial.com/secured-lending-business-loan.html


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

Business Financing Loan Checklist . Here’s Some Reasons Your Cash Flow Is Upside Down

Understanding The System When It Comes To Canadian Business Finance


OVERVIEW – Information on business financing loan data points for cash flow success




Business Financing Loan challenges? When business owners and financial managers contemplate additional borrowing for cash flow for their firm they must think it terms of whether the business does, or will have, enough cash flow to make the debt repayments. We can further assure business owners that the bank or lending institution is thinking the same way!

When businesses enter into bank loans or other institutional loans the payments are, 99% of the time fixed and specified. The business owner and financial manager must ensure those payments can be made. If the company has over relied on debt it is viewed as highly leverage by the lender.

So how can a business owner determine if the company has the cash flow to support the debt? More importantly how does the lender do that calculation?

The calculation that banks and other term lenders focus on is called 'Times Interest Earned '. The business owner (and the banker) can calculate that formula very simply.
The Times Interest formula is calculated as follows:

Net profit before taxes, plus interest expense / divided by interest expense


The calculation becomes an absolute number. If the number is in fact '1 'that means that the company has in act made just enough to pay the exact interest expense for the year. We would point out that this calculation is always usually done on an annual basis.
So is '1' the magic number? The answer is no, and the answer should be intuitive to the business owner. That is because a times interest of 1 means there is absolutely no cushion for anything going wrong, and all business owners no about Murphy's Law!


So if earning decline or if the company takes on additional debt our ' times interest earned ' number become unsatisfactory - that is to say that we have determined there is not sufficient cash flow to service the debt.


We have determined '1' is not a great number then, well what is? The answer, as in many facets of business, is of course 'that depends '. Many industries differ and there is not really any specific number that is viewed as the Holy Grail by lenders. What we have found though that higher is better than lower. When the number is hovering around 1 both the business owner and the lender, should and will, respectively, have some concern.


We point out also that income, as a key component in our calculation varies between companies in final calculation re tax rate and other accounting adjustments. Some lenders and business owners also add deprecation to the profit because it is not a real cash expense.
Another quick calculation business people can perform is to calculate the cash flow number as a per cent age of debt. This calculation is often done by lenders to ensure long term debt is not being misused. If a company has a high percentage of total debt to cash flow it should be a strong indicator to the company owners that growth will be constrained, as all cash is going to debt, not growth. Therefore new equipment, inventory, receivables, etc will suffer in terms of growth.


In summary, business owners, by doing actual current calculations, as well as projections, can easily calculate their 'times interest earned' and cash flow as % of debt. This will allow the business to position loan repayments positively with their lenders, at the same time providing them with insights into how the bank or other lender will view payment capability.


Don’t let your business financing needs turn out to be upside down. Seek out and speak to a trusted, credible and experienced Canadian business financing advisor with a track record of success.





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 :

http://www.7parkavenuefinancial.com/business-financing-loan-cash-flow.html



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

Business Turnaround Strategy Needed ? Consider A Cash Flow Doctor

Is There A Doctor In The House?


OVERVIEW – Information on a cash flow business turnaround strategy for the Canadian business owner / manager




Business turnaround strategy required. That turnaround might cover a lot of issues, but we're talking about the ' CASH FLOW ' issue today. Let's dig in.

Business owners and financial managers know the importance of cash flow and working capital as generated by their accounts receivable and inventory accounts. What is the ultimate effect of a lack of cash flow and working capital - we know the answer - it is a business failure.

It's all about understanding the problem, and then... you guessed it... fixing it! When it's not an intuitive realization, there are some technical ways to assess the problem. That's when you might need what we can only describe as a business cash flow doctor.

You should be looking for someone that understands your financials and business, has a solid track record and experience, and can facilitate cash flow turnarounds by offering up solid and sometimes creative working capital solutions.

Business owners can utilize a financial analysis technique that finance textbooks call the 'DOOMSDAY RATIO '. What is that ratio and what is its significance?

The Doomsday ratio is calculated by the following easy formula:
Cash divided by Current Liabilities.

This is one of the most powerful and effective solvency ratios that a business owner can utilize. Business people might be aware of two other similar ratios, the current ratio and the quick ratio. The current ratio included the firm's current assets, including accounts receivable and inventory. The Quick ratio did the same but excluded inventory.

The business owner can quickly see that the doomsday ratio focuses solely on Cash! We can call it a very demanding ratio because it focuses solely on the liquid gold within the company, cash! As liquid as your receivables and inventory are, they aren't cash yet, and everyone knows the day to day business challenges of converting receivables and goods into a final cash customer payment.

Really the best way to look at the Doomsday ratio is to view it as an ongoing measure of the firm’s cash 'buffer'. The bottom lien is that it will show the business owner what 'cushion' of cash the firm has. Business owners could even choose to monitor the ratio daily, as it could very well warn against impending shortages of working capital.

Many business owners know that it is also not productive to carry cash on hand, particularly in today's low interest rate environment. So it makes common sense that the doomsday ratio may in fact be less than one, but at least we have a number that, on an ongoing basis, we can monitor.

Each business over time has a philosophy and business practice around how much cash is kept on hand. Naturally it's also obvious, and important to know that if you reduce your operating line of credit with you cash you still have the full liquidity of your operating line, but you aren't paying any interest to borrow. That's a good strategy also.

Customers can also enhance their position by factoring or selling their accounts receivable, which would put them in a strong position to generate cash and maintain a positive Doomsday Ratio.

In summary, the analysis technique is a valuable took to monitor cash flow/working capital for any business.

And don't forget to see that CASH FLOW doctor who can implement solutions such as:

A/R Financing
Working Capital Loans
Bridge Loans
Sale leasebacks
Non bank asset based revolving credit facilities
Tax credit monetization
PO Financing

Seek out and speak to a trusted, credible and experienced Canadian business financing advisor for that business turnaround strategy you require when it comes to refinancing.




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 = Business Turnaround Cash Flow Expertise




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

Working Capital And Factoring In Canada. Business Financing Advice You Can’t Buy

The Past Is A Foreign Country . They Do Things Differently There


OVERVIEW – Information on working capital solutions in Canada. Factoring and Receivable Type Solutions Just Might Work



Factoring and Working Capital in Canada . We’ve been mesmerized lately by our favourite new saying - The Past Is a Foreign Country. They Do Things Differently There! It’s from the novel ‘The Go Between ‘. Can it pertain to Canadian Business Financing? We think so! Let’s dig in.

The cost of credit is the cost of not taking credit terms extended for business financing. When Canadian business owners extend, or receive business credit the credit terms are expressed as the amount of discount that is given for prompt payment, when the prompt payment discount expires, and when the invoice is due.

Let's look at an example. We might say that we are being offered 2% ten, net 30. What does that mean? It means that if we pay the invoice in 10 days we can subtract 2% of the invoice amount for our payment. We can assure you that your supplier, if it is your firm being offered the discount truly means ten days! Not take 2% and pay in 30 days as some try to do. (Those discounts are charged back.)

Let's work through an example. Supposed you are being offered 9000.00 of credit on 2% ten net 30 days. You can either pay 9000.00 x 98% = 8820$ in ten days, or of course, as we have noted, pay the full 9000.00 in 30 days. If your company is in a position to take the discount you can save a significant amount on your purchase price from that supplier.

If you wait the full 30 days you effectively borrow 8820 for 20 days, paying 9000- 8820, or 180$ of interest.
So what is the 'credit cost' in borrowing this money? The calculation is done as follows:
Credit cost = % discount / 100-%discount x 360days/ credit period - discount period.
If you work through the numbers in our example the credit cost = 36.7%.

As our example shows, the annual percentage cost of being offered a 2 % 10 day/ net 30 days scenario is almost 37%. Remember also that this discount is continually offered, so it was offered 18 times a year the effective annual credit cost is 43%!!


Selling on credit is an accepted an important part of business. From the customer perspective it's a source of financing, because you receive goods or services that you don't have to pay for until a specific future point in time, usually 30 days more often than not. As business grows between a supplier and customer the amount of financing being extended or taken grows.

So what is the final point of interest in our article? Its is as follows. More and more Canadian firms are looking at factoring and working capital financing facilities outside of bank financing. If our business could pay cash for goods and services we would take the discounts and arrange with our bank to allow us to pay for everything in Cash!


Unfortunately our balance sheets and income statements don't allow us to generate those sorts of bank facilities.
Factoring is the immediate sale of our accounts receivable for cash. It also can cost anywhere from 1 - 3% per month in 'discount fees that are taken by the factor firm.

Is that expensive? Yes. And maybe not! Because as we have seen if we can sell our receivables immediately for cash and then take supplier discounts we can offset a large portion, ( maybe all ) of the financing costs. Oh, and by the way . Confidential A/R finance allows you to regain and maintain total control over your own business . You bill, collect and still get the cash flow you need.

That allows us to be in the best of stead with our suppliers - We have cash to pay our bills and we receive immediate cash for our invoices. In a high growth scenario that's worth its weight in gold so to speak!

Factoring can serve the dual purposes of generating significant cash flow and receiving significant price or payment discounts from our preferred major suppliers.

That is a winning cash flow combination! So, yes, times are changing in business finance. It’s not the past. Seek out and speak to a trusted, credible and experienced Canadian business financing advisor who can assist you with your cash flow needs.



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 = Working Capital And Factoring Solutions






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