Government Funding In Canada : Advice On Getting SBL Small Business Loans

Getting A Govt Small Business Loan ( ‘ SBL ‘ ) Doesn’t Have To Be A Science Experiment

OVERVIEW – Information on government funding in Canada via the ‘ SBL ‘ program . Small business loans are an attractive traditional financing alternative for financing assets and leaseholds for Canadian business owners /mgrs

Government funding in Canada comes in a couple different forms, primarily grants and loans. (Good luck with the grants). Many business owners and mgrs are not aware that small busines loans, commonly called the ' SBL ' are available. Let's dig in.

And by the way, achieving success in a Govt small business loan doesn't have to be like a science experiment gone bad - its not as complicated as you think.

The federal government, via Industry Canada, provides guaranteed loans for existing businesses and start ups. (Yes Dorothy - start up financing is available in Canada!). Why is the SBL loan attractive? Simply because it has rates, terms and structures that in some cases arent even available to larger successful corporations?

Can we explain that last comment? (Yes we can). Some of the key attractiveness of the program revolves around a limited personal guarantee (the majority of the loan is guaranteed by the govt) and the loan period can be anywhere up to 7years, with 5 years being a typical term. Repayment? It can be any at any time, and without penalty... even the big boys can't often achieve that one.

So where does the applicant get this type of financing? Things get even easier now, as it's available through any Canadian chartered bank - the key point being that you must have access or a relationship with a banker that is very familiar with the program and paperwork.

Paperwork? It's not as complicated as one might think, as government bureaucracy conjures up images of piles of paperwork

and untold delays. The truth? Simply that you only need a basic loan package consisting of a business plan, cash flow, info on yourself as the borrower, and some back up document such as a use of the proceeds, which is often demonstrated by quotes or invoices. For a proper loan package a transaction can be approved within a couple of days .

We can save you a lot of time by also advising you that if you don't have your personal finances and credit history in order you won't be approved for the program .That means income taxes up to date (no CRA arrears) and a reasonable credit history as evidenced by a typical business credit check. Technically speaking a credit bureau score of 650 tends to be the threshold of go/no go.

Amounts under the program are typically 350k max, although recent amendments to the program suggest higher amounts are available. And don't forget that the only two asset categories financed under the program are equipment and leaseholds. That includes technology also, and even software.

Seek out and speak to a trusted, credible and experienced Canadian business Financing Advisor with a track record of success - avoid that science experiment gone wrong

by focusing on quick and positive success for government funding under Small Business Loans.



Stan Prokop - 7 Park Avenue Financial :

http://www.7parkavenuefinancial.com

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 90 Million $ of financing for Canadian corporations . Info /Contact :


7 PARK AVENUE FINANCIAL = CANADIAN GOVERNMENT BUSINESS LOAN EXPERTISE




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

Direct Line = 416 319 5769

Office = 905 829 2653



Email = sprokop@7parkavenuefinancial.com


' Canadian Business Financing With The Intelligent Use Of Experience '

Stan Prokop

Business Loans Explained : Guaranteed Principles For Debt Financing Success

Unlocking Secrets To Your Business Loan Needs In Canada

OVERVIEW – Information on acquiring business loans in Canada . Debt financing done right requires this info

Business loans in Canada come with certain rules around debt financing when done. properly. Let's dig in.

For the most part debt is ' secured ' - either by assets or cash flow, or both. For companies with very strong predictable cash flow a company's promise to pay might be all that is required. That is a rarer occasion.
By the way ' unsecured' cash flow loans, also called ' Mezzanine ' almost always cost more being the lender is ultimately unsecured, relying solely on the delivery of the cash flow promise.

Business owners will often consider our Canadian chartered banks as the optimal solution - certainly it’s more often than not the ' go to '. However not all business owners and financial managers understand the bank requirements around secured term lending. On the other hand they also don't know there are alternatives.

From the banks perspective POSITIVE CASH FLOW is a must for debt financing of any time. Formula's that have been in use forever for CASH FLOW COVERAGE and DEBT TO EQUITY are the key drivers in commercial debt financing. Bank debt is typically ' senior debt ' and is often has the bank in ' first position' over all other lenders. Banks typically document this transaction under a loan agreement called a ' GSA ' - A general security agreement.

When we talk to clients about new debt financing options one of the issues that always must be dealt with is relationships with other creditors. On occasion this requires an unwinding of agreements between lenders, requiring additional time to complete the financing required.

Business loans can finance a variety of needs - these include working capital, fixed and capital assets, and even acquisitions.

The $64,000 question in debt financing is almost always ' how much '. Too much debt creates a highly leveraged company - Done right its great for ROI, done wrong... a recipe for business failure.

When accounting for debt on your balance sheet term loans will always be
broken down into current and long term. Current is the total of the loan that will become due in the next year. On the other hand revolving credit facilities simply... revolve... and and based on levels of inventory or acounts receivable, or both.

Debt is of course the alternative to equity - in the current low rate environment capital cost is low and payback can more easily be justified. The negatives relate to what we have already talked about:

Taking on two much debt

Potential business failure

Implications around personal guarantees

Payments are fixed - i.e. they must be made!

For the SME sector in Canada the Government of Canada Small Business Loan is a solid debt alternative that can be very attractive. Why? It has attractive rates, repayment without penalty, and a lesser Personal Guarantee implication.

For proper explanation around the right type of business loans for your business seek out and speak to a trusted, credible and experienced Canadian business Financing Advisor with a track record of success who can assist you with your debt financing needs.







Stan Prokop - 7 Park Avenue Financial :

http://www.7parkavenuefinancial.com

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 90 Million $ of financing for Canadian corporations . Info /Contact :

7 PARK AVENUE FINANCIAL = CANADIAN BUSINESS LOANS AND DEBT FINANCING EXPERTISE








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

Direct Line = 416 319 5769

Office = 905 829 2653



Email = sprokop@7parkavenuefinancial.com


' Canadian Business Financing With The Intelligent Use Of Experience '

Stan Prokop

Business Financing In Canada : Time To Break Up With Cash Flow Problems

3rd Down 110 To Go On Cash Flow Financing Strategies ?



OVERVIEW – Information on business financing and cash flow challenges and solutions in Canada . These strategies get your business to the revenue and profit goal line





Business financing in Canada, especially when it comes to cash flow challenges often feels like ' 3rd down, 110 to go “for the Canadian business owner and financial manager. It just might be time to ' break up ' with those challenges and focus on solutions. Let's dig in.

It's important to of course understand what in fact the cause of the problem is when it comes to working capital needs. In business these are often known as the ' drivers ‘of cash flow. When you know what those drivers are it's much easier to focus on solutions - the right solution.

Naturally your profits itself is one of those key drivers , as well as your depreciation policy .Not every business owner knows that the basic finance definition of profit is simply your income plus depreciation over any given period of time, i.e. quarterly, annually, etc.

However, it’s the levels and your management of current assets and current liabilities that are also key.

Let's get back to those current assets and liabilities - it's there that lies your greatest challenge as well as they key to financing solutions. Increases in accounts receivable and inventory drive cash flow needs. And you ability to slow down payables also makes you more cash flow positive. Naturally that must be done while keeping key suppliers and lenders generally satisfied with you as a customer.

How then do business finance current assets - Typical ' traditional' solutions include Canadian chartered bank lines of credit and term loans? When those cannot be accessed numerous other solutions are available - they include:

A/R Financing

Inventory Finance

SR&ED tax credit monetization (if you are filing ' SRED' claims)

P O / Contract financing

Sale Leaseback financing

Non bank asset based lines of credit

Unsecured cash flow loans

Remember also it's how you manage these assets that is the ultimate scorecard of your business cash flow needs - the ability to turn over receivables and increase inventory turns makes you a cash flow winner and less reliant on external financing .

Fixed asset needs also plays a key role in your overall management - it is highly not recommended to purchase or finance assets out of credit lines as that is a classic mis matching of uses and needs of cash . The optimal solution is Lease Financing, allowing you to spread payments over the general useful life of the asset. 80% of Canadian businesses use lease finance at one time or another.

Many industries have specific cash flow needs - your firm might be highly capital intensive, or, at the opposite extreme a service business with no major assets.


In many cases cash flow needs are driven by what we call ' the bulge ‘. It might be the seasonality of your business, or perhaps a large new order or contract that places extreme cash flow pressures on your business. Here's where early planning and the ability to match a business financing solution to your need are key.


If you're looking to fix or improve present and future cash flow needs, while avoiding that ' 3rd down 110 to go ' feeling , seek out and speak to a trusted, credible and experienced Canadian business Financing Advisor with a track record of success . It's time to ' break up ' with cash flow problems and move on!



Stan Prokop - 7 Park Avenue Financial :

http://www.7parkavenuefinancial.com

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 90 Million $ of financing for Canadian corporations . Info /Contact :


7 PARK AVENUE FINANCIAL = CANADIAN BUSINESS CASH FLOW FINANCING EXPERTISE








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

Direct Line = 416 319 5769

Office = 905 829 2653



Email = sprokop@7parkavenuefinancial.com


' Canadian Business Financing With The Intelligent Use Of Experience '


























Stan Prokop

Lease Financing In Canada : Your Leasing Company Stacks Up As A Great Business Asset Finance Solution

You Don’t Need A Drone To Deliver On Asset Financing Needs


OVERVIEW – Information on lease financing options in Canada . When asset finance is needed a leasing company delivers on benefits and solutions your company needs for growth and profits








Asset finance for equipment requires that business owners and financial managers look down the road at both the use of the asset or assets in question and the cash flow pressures that the need for new assets demands.
It seems only common sense for owners and managers to take a strong look at why 80% of Canadian business utilizes lease financing at one time or another, or ... in some cases all the time! But hand in hand with that task requires looking at a number of issues, any of which could dramatically impact the true benefits of equipment finance.

Those issues? They include cash flow, impact on current credit lines and other lending agreements you have in place, depreciation, taxes, and the timing and ultimate disposition of the asset .

True power of leasing emerges when owners/managers acquire assets to produce revenues and profits. On the other hand these days such key assets such as technology are a must to stay competitive. The good news? Technology is made for financing these days, for everything up to and including software.

The term or ' amortization' of the lease is an important consideration. Typical lease terms tend to be in the 2-5 year range - anything less than 2 years is quite frankly considered a ' rental '. By the way, while we are focusing on leasing assets can of course be acquired via term loans also. In some cases short term bridge loans of a year or so can aid a company when they are refinancing assets.

Some accountants and financial analysts argue on occasion that leasing is more expensive than term loans. While that might be the case based on factors such as rate, term, down payment etc the reality is that leasing assets becomes a much more simple process - and certainly credit approvals are typically 1-2 business days - often same day for smaller transactions.

Operating leases are less commonly used but provide tremendous benefits when you are considering financing tech assets. Changes, i.e. ' upgrades' can very easily be made mid term, and options at the end of these transactions include return, extend, upgrade, purchase . That is flexibility.

Many assets that your business acquires include miscellaneous costs such as delivery, taxes, warranty, maintenance, install, etc. Those can almost always be included in your transaction. Remember also that if cash can not be expensed in your business (with leasing it does) it negatively impacts your owner equity.

In Canada the true popularity of leasing actual creates a problem. Who to deal with. Lessors are U.S. based, Canadian, divisions of banks, small tick oriented, or in some cases requires minimum deal size in the millions!

Additional lessors tend to be asset or industry focused, and even geographically challenged vis a vis where they can do business. A solution to that? Seek out and speak to a trusted, credible and experienced Canadian business financing manager who can assist you with your asset finance needs.


Stan Prokop - 7 Park Avenue Financial :

http://www.7parkavenuefinancial.com

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 90 Million $ of financing for Canadian corporations . Info /Contact :


7 PARK AVENUE FINANCIAL = CANADIAN LEASE FINANCING EXPERTISE






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

Direct Line = 416 319 5769

Office = 905 829 2653



Email = sprokop@7parkavenuefinancial.com


' Canadian Business Financing With The Intelligent Use Of Experience '
























Stan Prokop

Confidential Invoice Finance : Taking The Panic Out Of AR Financing Needs

Let ‘ He Who Does Things ‘ Work For Your Business Financing Needs

OVERVIEW – Information on the benefits of confidential invoice finance in Canada . Reaping the benefits of AR financing requires knowledge around who , what, where, when and why

AR Financing in Canada allows business owners and financial managers to remove some of the ' panic '

that sets in when a cash flow crisis seems to be threatening and just around the corner. Numerous solutions exist for fixing a working capital shortage - one of them; confidential invoice finance seems tailor made for... the fix. Let's dig in.

A/R Finance is really a subset of the broad business solution called ' asset based lending. Many people refer to is simply as ' factoring ' - although that is a generic term that covers numerous types of receivable finance. They include ' invoice discounting ‘, 'notification factoring', ' forfaiting ', ' spot factoring ', non recourse factoring ' etc. .. Etc..! Large well known corporations, some of the largest in the world in fact call it ' Securitization' - they move receivables off the balance sheet constantly in bulk by selling them.

It goes without saying that some of that terminology can be a bit confusing so we'll be zeroing in on just the key basics , including our recommended solution for this method of Canadian business financing , Confidential A/R Finance .

It's interesting to note also that for those clients we talk to that have never even heard of the term that in facts it's been around, and in practice since pre Roman Empire times. And the word ' factor ' comes from Latin meaning ' he who does things '. That ' doing things ' revolves around monetizing the sale between via the monetization of accounts receivable between a ' sellers ‘... that's you, and your customer.

The majority of clients who use A/R finance solutions are in a couple basic categories - they can't get all the financing they need from a bank ( or cant qualify for any finance at all ) , or they are in special situations re turnaround, growth, etc. In the majority of cases solutions such as Confidential Invoice Financing is an interim solution, possibly for a year or two, allowing customers to migrate back to more traditional financing facilities?

In traditional ' factoring ' solutions they concept of ‘notification’ is key '. Here the lender, usually a commercial finance firm requires that your clients be notified about the process of financing your AR. That's because the paperwork surrounding this type of facility is unlike the bank - banks ' collateralize' your receivables , commercial factor firms have paperwork that specifies that sales invoices you finance are in fact ' sold ' to them .

The way to beat any notification , i.e. being ' Confidential ' about this whole process is to enter into a invoice financing facility that allows you to bill and collect your own invoices, without anyone knowing how you are financing your business. Rates and paperwork are essentially the same.

In some cases this financing can be part of an asset based lending facility, allowing you to also finance inventory and equipment as a part of your non bank business line of credit .

So, consider letting ' he who does things ' work for your firms cash flow needs. Seek out and speak to a trusted, credible and experienced Canadian business Financing Advisor with a track record of success
who can assist you with AR financing that works best , and removes the ' panic ' around cash flow needs.


Stan Prokop - 7 Park Avenue Financial :

http://www.7parkavenuefinancial.com

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 90 Million $ of financing for Canadian corporations . Info /Contact :

7 PARK AVENUE FINANCIAL = CANADIAN CONFIDENTIAL A/R FINANCING EXPERTISE






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

Direct Line = 416 319 5769

Office = 905 829 2653



Email = sprokop@7parkavenuefinancial.com


' Canadian Business Financing With The Intelligent Use Of Experience '

Stan Prokop

Business Finance In Canada : Financing Cash Flow Allows Your Business To Take Off

How Much Should You Worry About Business Financing In Canada ?










OVERVIEW – Information on financing cash flow for Canadian businesses. Business finance solutions are critical to operating and growth success






Business Finance in Canada seems to come with a lot of worrying these days. Is that really necessary? Not if you’re financing cash flow needs properly. The benefit? Your business simply is now able to ' take off '. Let's dig in.


The ramifications of no cash are pretty obvious to the business owner / financial manager that struggles with day to day working capital challenges. Being unable to purchase or upgrade assets, pay employees, or meet loan and other debt obligations places a lot of stress on owners/mgmt.

There's a two lane road or journey that every business travels on - keeping the business alive, and growing revenues/profits. One of favourite mentors describes any business that isn’t generating cash and profits as simply ' a hobby ' - and most Canadian business owners don't think of their daily work as ' hobbies'.

The text books give us some clearly defined definitions around cash flow - it’s your net profits plus depreciation. Unfortunately most business owners can't run their finances with text book definitions - so paper profits on the income statement and cash flow ratios from their accountant mean little when every day is a struggle.

Payment from clients is the best example of shortages of cash. Since businesses sell on terms paper profits look strong and cash on hand looks... poor! Your ability to finance A/R properly (as well as manager client payments) is one major key to business finance success.

While inventory finance needs also complicate the problem even service companies who have heavy labor costs are also affected by the cash drain. But real pain occurs when the combination of inventory financing and accounts receivable investments drain cash.

It's not that ironic that both high growth as well as falling sales can exacerbate cash flow shortages.

Financing cash flow in Canada boils down to business credit lines via a Canadian chartered bank, or commercial A/R and financing facilities from commercial finance companies. Some of the solutions provided by non bank finance firms include:

A/R Finance

Inventory financing

SR&ED Tax Credit Loans

Sale Leaseback / working capital term loans (these two are debt strategies as opposed to asset monetization strategies

Asset based lines of credit

Banks place a significant emphasis on your ability to provide quality information to justify borrowing facilities. That includes historical accountant prepared financials, cash flow forecasts, other collateral available, and of course information on the owners.

How does the owner/manager decide on the amount and timing of financing Identifying key ' gaps ' in your future cash flow needs is the real key to success - as well as of course addressing these gaps with the right finance solutions.

Instead of worrying about business financing requirements seek out and speak to a trusted, credible and experienced Canadian business Financing Advisor with a track record of success who can help your business ' take off ' with solutions tailor made for your needs.




Stan Prokop - 7 Park Avenue Financial :

http://www.7parkavenuefinancial.com

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 90 Million $ of financing for Canadian corporations . Info /Contact :

7 PARK AVENUE FINANCIAL = CANADIAN CASH FLOW FINANCING EXPERTISE




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

Direct Line = 416 319 5769

Office = 905 829 2653



Email = sprokop@7parkavenuefinancial.com


' Canadian Business Financing With The Intelligent Use Of Experience '

























Stan Prokop

A Bridge Loan For SRED Financing Or The Film Tax Credit : A Bottom Of Ninth Inning Solution

First And Goal By Financing Your Film or SR&ED Tax Credits


OVERVIEW – Information on achieving success in SR&ED and media ( movies / tv / digital ) government incentives . SRED Financing via a bridge loan for your film tax credit or SR ED claim provides valuable cash flow .. now







A bridge loan for a film tax credit or SR&ED R&D incentive credits allows you to finish the game a lot sooner, while winning at the same time. Our bottom of the 9th inning analogy seems a correct one - it's been a long game from the time the SR&ED or film tax credit process was started.

Financing via a bridge loan for either of these two finishes the game, and cash flow is declared the new winner. Let's dig in, separately for each type of credit, and then we'll bring the financing aspect for both in - a remarkable similarity exists for the finance solution to tax incentive claims.

SR&ED: From the business owner/financial managers perspective there’s a long game plan in place for research and development credits. As much as owners wish to accelerate the process several key issues always slow things down - sometimes a little, sometimes a lot.

And by the way, that includes the necessity to address recent dramatic changes to the program in the last few years. Those changes revolve around the actual filing of the claims, who writes your claim, and how the claim is calculated. A most regular or new claimants find out, it’s the ' SR ED Consultant ' that typically prepares a claim.

Aligning yourself with a qualified consultant allows you to both maximize the financial benefit attached to your claim, as well as minimizing or totally eliminating cost and risk associated with a research claim. That's because the majority of SR&ED consultants prefer to be paid on contingency - they take on. The risk and cost of preparing a good claim. Their compensation? They receive a negotiated portion of the refund as their fee for preparing a proper claim.

FILM/TV/MEDIA CREDITS:

No type of financing is more of an ' art ' than the complexity around a full finance package relating to a media production. Getting capital together in areas of equity, debt, and mezzanine financing is, at its best moments - seriously challenging.

The film tax credit incentives that are provided by the combination of provincial and federal incentives (typically combined) assist independent producers and production owners in filling gout a large part of that financing need. A healthy tax credit component to any project clearly and obviously eliminates some of the other financial risk associated with any project.

While a small handful of Canadian chartered banks play some role in film finance it’s the tax credit that becomes usually the corner stone of any financing. The role of the SR ED consultant now changes to the ' Film Tax Credit Accountant ‘. He or she has the same goal - maximize the amount you can claim and receive for Canadian content - which by the way can be in the form of co productions with other accredited countries. Labor, service and hard assets become eligible for healthy re-imbursement. Even where you film or produce gets you extra points/extra funding.

And we're not forgetting the ' digital ' aspect of tax credits - as many projects these days are ' Transmedia ‘in nature - i.e. Special FX, animation, etc. A separate (and again ' healthy ‘) tax credit exists for the digital world.


So, its ' first and goal ' for the owners of a SRED or film tax credit. The financing of either of these credits is similar; it’s done via bridge loan, and allows you to monetize your claim as fast as you are able to apply. Both credits are typically financed under the same structure - bridge loans with a 70% advance against the total amt of your claim. The monthly payments? There are none, as your loan is finalized when your claim is approved and funded by the government. At this point you receive the 30% balance of your claim, less financing costs.

New innovative SRED Financing / film tax credit allows you to cash flow your claim prior to filing it. This works best when you've got a track record but is not necessarily a strict requirement.

Seek out and speak to a trusted, credible and experienced Canadian business Financing Advisor with a track record of success when your goal is to finance research and film incentives. A great way to successfully eliminate the 9th inning challenge!

Stan Prokop - 7 Park Avenue Financial :

http://www.7parkavenuefinancial.com

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 90 Million $ of financing for Canadian corporations . Info /Contact :



7 PARK AVENUE FINANCIAL = CANADIAN SR&ED AND FILM TAX CREDIT FINANCING EXPERTISE








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

Direct Line = 416 319 5769

Office = 905 829 2653



Email = sprokop@7parkavenuefinancial.com


' Canadian Business Financing With The Intelligent Use Of Experience '




















Stan Prokop