Surviving A Bank Financing Approval For Business Credit In Canada . Working Capital And Term Loans Need To Make Sense For Your Firm

Looking For A Lifetime Warranty On Business Financing? There's No Guarantee of course but here's a good start

Information on business credit in Canada. Whether its term loans or working capital what information do you need to successfully access funding?





Business Credit and bank loans in Canada . When business owners and financial managers have successfully negotiated working capital facilities or term loans it should not be the end of the story – It needs to be credit and working capital that works for you, not just for the bank .

By that we mean that the business person needs to continually focus on what the bank or other financial institution requires, and more importantly, how they view the customer from a control point of view - i.e. are they in control or able to exert control on your business.


The balance sheet must be a top focus for the business owner - once a firm is over leveraged, i.e. borrowing too heavily, the bank generally starts positioning around their overall security or your ability to de-leverage.


Borrowers must be comfortable and knowledgeable about the use of 'triggers '.

Triggers are the implied actions the bank or institution will take when things aren't working out. This can include everything from general poor financial performance to very specific pre agreed upon financial ratios. And the business owner must remember that he or she agreed to and concurred with these ratios.


Banks want to see cash flow ' flowing ' - flowing to repay their debt - so there many be triggers put in place by the bank to ensure that minimum cash flow standards are kept, and also that owners and shareholders do not withdraw excess funds.

Over time business owners will probably find, in our experience, that the bank restrictions either tighten up or loosen, depending of course on the overall comfort level the bank has with the firm. Clearly firms that seem temporarily challenged in profits and balance sheet quality will receive much more scrutiny.


Business owners can do some very solid and valuable preparatory work in negotiation of bank triggers. If they have a solid long term history of earnings this should be a very strong negotiating point with the institution. Simply by self introspection of the firm can the owner or financial manager focus on what is going to go wrong re sales, pricing, forex, etc. The owner needs to be able to talk to these issues and show how he could address them.


For a start calculate your own key operating ratios, if they are going to be discussion points with your bank or institution you might as well know your numbers now. Using 'what if 'scenarios help immensely and will position yourself as knowledgeable about your business.


Discussions with your bank need not be absolute and immediate on any time of loan negotiation - you can get a great informal sense of what the bank is thinking and work from that point forward. Try and read between the lines as to what is hot, and what a Vis is not with the bank vis a vis their perception of your firm, industry, etc.

In summary, business owners need to show maximum flexibility on working capital and loan negotiations.

Negotiations should be from strength, accentuating the positive. Example - strong forecast sales and profits and potentially offset a weaker balance sheet. Trade-offs with the bank is also encouraged- and fewer triggers and covenants are better than more!


And yes, there is more than one bank in the world, although business owners should be cautioned that shopping around is not optimal at all times, and can in fact backfire, particularly a small business. Business owner beware!

Seek out and speak to a trusted credible and experienced Canadian business financing advisor for optimal solutions to bank credit and business capital in Canada .



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 Credit And Loan Expertise




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 Loans In Canada Require Cash Flow . Simple As That And Here’s Why

Are Business Loans And Cash Flow Needs More Difficult Than Inventing A Cronut?



OVERVIEW – Information on cash flow and business loans in Canada. They are related in more ways than one when it comes to Canadian business financing



Business Loans In Canada. It’s as if they are harder to get and figure out than inventing your own CRONUT . ( latest trend = cross between a croissant and a donut – spreading all over the world!) When owners and financial managers contemplate additional borrowing 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 leveraged 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 know about Murphy's Law!


So if earnings 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 mis-used. 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.


Seek out a trusted, credible and experienced Canadian business financing advisor with a track Record To Ensure your firm qualified for the right business loans in Canada, traditional or alternative.



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 Business Loans Expertise












Stan Prokop

Business Credit Lines In Canada . Eliminate The Crash Landing Aspects Of Funding Your Company

Don’t Let An Ouija Board Decide Your Business Financing Alternatives


OVERVIEW – Information on business credit lines in Canada. When it comes to funding your revolving borrowing facilities what choices are available and what works best – for your firm?


Business credit lines in Canada. We sometimes think it’s a lot like ' sensible shoes '.

You suddenly realize how important they are! So when it comes to working capital funding in Canada the business owner quickly realizes the importance and value.

But is the Business ' LOC’ something that only the Ouija board can discern as to what's best for your firm? Not really of course, it just takes some drilling down into what is available and what's best.

If there is one solid use for biz credit lines it’s simply their ability to finance your business as you move along in growth. If you're not self financing and don't have a huge equity position (coupled with slow paying clients) the corporate credit line gives you cash flow.

Don't forget also, as we've been known to preach that solid a/r and inventory balances can even be used to partially finance acquisitions - all the better if the firm you're acquiring has those same type of current assets.

In Canada you have 2 Choices for access to business revolving credit. One is the ' go to ' - our Canadian chartered banks. Interest costs with banks are of course low, and these days they actually couldn't be much lower. Bank requirements for business credit lines might be viewed as 'strict' by many borrowers. Quite frankly we have never felt they were unnecessarily strict - its just that we must assume if the bank is lending unlimited amounts at low rates that they can be easily forgiven for asking for companies with good financials, profits, positive cash flows, external collateral, and good personal credit history of owners, including of course the proverbial ' PG ' - the dreaded personal guarantee.

When your firm can't access bank credit for revolving facilities your other choice is in fact a lot more accessible. It's the ' ABL ' - The asset based business line of credit. Although 98% of the time asset based credit facilities are more expensive they are easier to access from an approval perspective. Facility sizes run on the small size to the 250k range - and large facilities run to the tens of millions of dollars, usually funded by independent commercial finance companies.

An interesting thing about ABL credit is that it's offered by the Canadian banks, but they don't run many TV commercials on that one. We won’t get into why we think that’s the case, but give us a call anytime and we'll tell you why we think that way!

Surely most business owners know they can't really access business credit line facilities if they don’t sell on commercial credit terms. From the occasional call we get we're never quite sure they do in fact realize that. However, an interesting point is that ABL lending has subsets of inventory and equipment financing, so you in theory could have an ABL line that simply margins inventory and equipment. A good example might be a retail chain.

Our banks are very trusting when it comes to letting you run your business on a credit line. They in some cases only do an annual review of your financials, in certain cases you might be reporting monthly on some basic business metrics.

Asset based lenders offering credit lines are more giving, but less trusting. So be prepared to do a bit more reporting and expect the odd personal visit here and there! We meet many business owners who wonder what their bank looks like! But of course there are a lot of great bankers in Canada who know their clients business.

Don't feel that accessing a business credit line puts you in ' crash landing' mode.

Understand your needs, alternatives, and seek out a trusted, credible and experienced Canadian business financing advisor who can assist you with your funding 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 = Business Credit Line 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

Financing Receivables In Canada . Get Out Of The Shallow Side Of The Pool When It Comes To Business Funding.

Is Your Firm Ready For A Better Alternative business financing solution?


OVERVIEW – Information on financing receivables in Canada for working capital and business funding and Cash flow solutions. It might be time to fully test this method of business capital





Business funding in Canada. When it comes to financing receivables clients we talk to seem somewhat hesitant sometimes to be ready to grasp all the basic aspects of this method of financing cash flow needs. And that goes from CFO's of mid market type firms all the way down to early stage companies that are just starting to generate profits. Let's dig in.

Why then is the business owner/financial manager reluctant to get out of the shallow side of the pool

and step into the deep waters of factor funding in Canada? At the end of the day is just one additional way to generate instant cash flow when your company is selling its products and services. It’s, quite simply a way to beat your clients at the waiting game when it comes to collecting your accounts.

Did you know there are two basic kinds of receivable finance in Canada? One is what we can call ' traditional/old school ' whereby your A/R is co managed by the finance partner. The other is a Confidential A/R financing solution which allows you to bill and collect your own accounts, while all the while achieving all the benefits of this finance method.

While each has its own advantages and issues we certain prefer Confidential A/R financing because it's more business as usual. At the end of the day each of the two methods are simply ways in which your finance partner assesses risk and manages their business.

99% of the confusion (in our humble opinion) around business funding for A/R in Canada revolves around some of the semantics. Essentially we're talking about the difference between how a bank finances your A/R versus alternative A/R finance - aka ' factoring’. The bank simply creates a legal document around their ability to hold the collateral of your receivables as an ongoing borrowing. So from an accounting perspective its business as usual since your AR stays on your balance sheet and you simply utilize a line of credit to borrow against 75% of your receivable base.

75% is the standard borrowing base you get when financing your sales via a Canadian chartered bank facility. ( By the way factor funding allows you to borrow against 90% of you’re a/r base, so you’ve got instant 15% additional borrowing power!

On the other hand is the traditional or confidential method of financing the same asset. In this case the paperwork/legal docs of your finance partner show that you've in effect ' sold ' your A/R and are receiving immediate cash draw on that borrowing base.

We see little difference in the paperwork; however we see a lot of difference, as we have said in how the facility operates on a daily basis. That's where the confusion lies with clients. That's when, as Ricky Ricardo said, we’ve got a ' lot of splaining ' to do!!

If you're looking for the straight goods on business funding in Canada take some time to understand just a handful of basics. Step out of the shallow side of the pool and wade in! Seek out and speak to a trusted, credible and experienced Canadian business financing advisor who can assist you with your financing 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 = Canadian Receivables Funding 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

Ideas On How To Purchase A Business In Canada . Making It Work

Looking For A Breakthrough Blueprint On Buying And Financing A Business



OVERVIEW – Information on how the Canadian entrepreneur and business owner can purchase a business in Canada. Ideas for success in Canada




Can we provide some different ideas on how to purchase a business in Canada? That's what we were asked recently in an interview we gave to one of Canada's leading sites for entrepreneurial business success. We think we can, so here's a recap of that interview. Let's dig in.


1) What are different ways to purchase a business?

There are numerous ways to purchase a business from a financial perspective. They include a vendor take back from the owner, the Canadian Small business government loan ( for deals up to 350k) , bank financing for companies that have assets and cash flow, asset based lines of credit that monetize the assets in the business you are purchasing, etc. The type of financing you use to put the deal together is based on the quality of the company you are buying, the personal and business credit of yourself, the size of the deal, and the lenders overall perception of risk.



2) How can you evaluate if a business is successful?

There are really two things you have to focus on when evaluating a businesses potential success. One is of course the actual financials, the other is simply the insights you need to obtain into the business outside the numbers.

Although any financial analysis for business purchase is a bit of both an art and science it’s probably a bit easier than the non financial person might think. And if you are a non financial type you can of course rely on a Canadian business financing advisor, your accountant, lawyer, etc.

A great way to size up the financials of the business is to simply use what we call ' trend analysis '. Take some key metrics from the numbers and ' spread' them out. They might include sales, changes in A/R and inventory levels, fixed asset growth or non growth, and levels of external debt and payables.

Some of those non financial issues might include analysis of profit, (or lack thereof!), any issues with lenders and suppliers, the management that’s in place, and the way the company markets and sells its products.




3) What are the pros and cons of buying a business?

Companies that have all sorts of problems can often be purchase for a good price. Naturally, similar to the stock market there is a reason the price for the company (or that stock) is so low. Typically they are perhaps losing money or not generating a lot of profit, or have some real challenges in generating revenue.




4) What are the different types of businesses that you can purchase?

In many ways the amount of equity or your own capital will drive a final decision to purchase a business. That relates primarily to the size of the venture also. In fact the business acquisition industry has some rules of thumb around what you can in fact afford. These typically are called ' multiples’, and are based around financial metrics such as sales, or book value of assets, or cash flow, or ... combinations of several of those. Quick example to explain our point? In older times you could often purchase a manufacturing business for a multiple of 50% of sales (not exactly a ' multiple' but you get out point! So a mfg. business with sales of 2 Million dollars could be typically purchase for 1 Million dollars - assuming all the planets align. (Sometimes they don’t)





5) What's the first thing you should do after purchasing a business?

There's a great quote by Rod Laver, the tennis player , who once said ' YOU'RE MOST VULNERABLE WHEN YOU'RE AHEAD’! So after you have in fact bought a firm focus on a smooth transition. That might include employee issues (quite often they didn’t know the company was being sold), major client perceptions, Supplier relations, and your ability to put in financial controls that allow you to understand what's going on in the business.

Can you purchase a business successfully in Canada? The answer is a resounding YES! If you have the right info, team, and strategy in place. Seek out and speak to a trusted, credible and experienced Canadian business financing advisor who can assist you with your overall business finance 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 = BUSINESS PURCHASE FINANCING 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 Purchase Finance . Avoiding The Crisis Part Of Acquisition Financing At The Starting Point

How Do You Pay And Finance A Business Purchase? Will That Be Cash Or Credit?



OVERVIEW – Information on business purchase finance . What are the best ways to complete successful acquisition financing without making serious mistakes along the way . Avoiding the cash/debt crisis of poorly structured deals




Business purchase finance in Canada. When it comes to acquisition financing for new or existing business the question of financial resources and strategy becomes, very quickly, top of mind. But how in fact do you pay for/ finance such an acquisition in Canada. Let's dig in.

We're of course assuming you have in fact identified your target already, having properly focused on value, price, and giving thought to all the legal , accounting, tax and oh yes, ' people issues' involved in your purpose. Those are important, but today we're focusing on financing that challenge.

Although it's certainly possible to purchase and finance a non incorporated proprietorship or partnership we'll focus today on financing a legal entity... i.e. the corporation.

If we had to sum up the key issues around the whole financing structure it would come down to:

Bank and Commercial financing debt and credit lines

Any financing the vendor is prepared to provide

Owner subordinated debt

The letters in T E A M are very appropriate here as they can also stand for - Together Everyone Achieves More. So it's highly recommended your team consist of your own partners and management, but also good advice from your lawyer, your accountant, your personal or corporate banker, and probably an experienced Canadian business financing advisor.

And it just might be that advisor can introduce you to even better/smarter lawyers, bankers, accountants, etc - After all, that's his or her business. Their advice is worth a million, but of course ultimately it's your call.

A solid place to start in your financing structure work is to simply take the balance sheet and divide all assets and liabilities into the following categories”

Working Capital
Real Assets
Intangible Assets (may or may not have value to your deal)
Creditor Debt - i.e. suppliers
Lender Debt
Owners Investment /Equity

Just simplifying the balance sheet in this matter allows you at a visual glance to determine where money is going to come from, where it's coming from now, and how some of the relationships around that flow of funds changes.

By that last comment we're really focusing on the concept of what lenders call ' ratios'. We have always called them relationships. Quick example: The current business might have, for example 30% of long term debt. Under the final picture that number might change drastically - but if, in the case of long term debt it increases a lot your ability to either properly finance the purchase, or survival might be at risk!

It's safe to say also that those relationships we've talked about above are a little different for larger deals as opposed to buying a business in the franchise or SME sector. Your goal, along with your advisor team, is to sort out a financing package that addresses assets... and... CASH FLOW.

Never assume you will get the financing need based either just on assets, or just on cash flow. If you have a profitable company that’s growing quickly that can certainly help with a lot of the finance challenges. While growth sometimes hides some business weaknesses it usually does appease your lenders and bankers to a certain degree. Financing a slow growth company that has challenges might have made your offer price attractive, but you are certainly at risk when it comes to cash flow, debt, and asset replacement needs.

Can you avoid the ' Crisis' part of any acquisition financing? No guarantees for sure, but solid advice and analysis will eliminate a lot of that risk. Seek out and speak to a trusted, credible and experienced Canadian business financing advisor for the business purchase finance you need.






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 Purchase Financing 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

Government Loans And Financing Tax Credits In Canada For SRED And Film Tax Programs

Spoiler Alert ! You Just Might Be A Corporate Welfare Bum .

Here’s How ? Or Did We Mean Why ?


Information on government loans and tax credits in Canada




Government Loans in Canada . And dare we say it: OMG! There it was, right in front of our eyes - an article in Canada's leading business daily newspaper suggesting that clients that we help daily are corporate welfare bums. Talking about how to hurt us! Let's clarify! So let's dig in.

A recent white paper by one of Canada's most respected THINK TANKS suggested that there is a major increase in ' Corporate Welfare ' One department in particular, ' Industry Canada ' has ' doled out' over 22 Billion dollars since the 1960's. A lot by any imagination since all those zeros add up to some real money once in awhile.

We never weigh in on the political stuff, although deep down we do find something wrong about the 5.5 Billions dollars given as non repayable loans to 3 of Canada's major corporations named in the article. The guilty will remain UN - named in our musings here.

So what’s our beef with all this ?It's simply that the financings we originate on behalf of clients around the
SBL loan program , Canada's non repayable film tax credits , as well as our revered SR&ED program seem in our eyes ultra legitimate program which promote business, the economy, employment, taxes, etc.

Take Government SBL loans in Canada. While every year somewhere between 7000-8000 companies, clients like ours , take advantage of the program they do that because they are looking for basic business financing that meets needs for ongoing needs for equipment, leasehold improvements, computers, software, real estate, franchise purchases, etc .

And the reality is that they utilize the Small business loan program via our efforts simply because it’s a competitive loan at decent rates and structures that could not be achieved otherwise via our Canadian chartered banks. The basics of the program are as follows:

Available for start ups or established businesses with revenues under 5 Million dollars

5-7 Year terms

Rates at 3% over prime

Nominal personal guarantees

Repayable without penalty

We again point out this is a loan program, it's not a grant.

As far as SR&ED and film tax credits go these are Canadian tax credit programs that create non repayable funding for research and projects in the film and animation industry. Most believe these programs provide an effective means of furthering Canada's position in industry and, in the case of film, entertainment and the Transmedia industry.

Financing for SR&ED provides valuable working capital and cash flow for assets that otherwise couldn’t be monetized via Canadian banks in the traditional manner.

So, final point? We’re quite sure that somewhere out there that there is some real corporate welfare types. But for our clients Govt SBL loans and tax credit financing for film and SR&ED is a legitimate way to grow businesses and further revenues and profits for the Canadian economy.

Looking for legitimate govt loan program financing for Equipment, leaseholds, film and animation tax credits, etc? Seek out and speak to a trusted, credible and experienced Canadian business financing advisor who can help you monetize these programs for cash flow and working capital 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 = GOVT LOANS AND TAX CREDIT FINANCING 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











The Original Globe & Mail article referred to : "Industry Canada has doled out $22.1B in corporate welfare since 1961: report " By Columnist Andy Radia













Stan Prokop