|
A whole lot of business relates to good fortune or business smarts around timing. So when exactly should business owners investigate and pursue government loans? We're talking specifically about the Canada small business loan, and our recommendation is: right about now! When many Canadian business owners or financial managers of start up firms, or firms that are under, say five million dollars in revenue think of a government loan they might tend to think of this as some sort of handout or something involving a strategic tax break of sorts. That's the farthest thing from the truth around the SBL loan program in Canada. If we had to describe it simply ( that's our style by the way ) we'd say it was a specially tailored financing program for new or smaller firms that provides access to funding and financing you normally might not qualify for under more traditional criteria and from those ' traditional' institutions, aka our beloved Chartered banks. So when you take the time to understand the program, ensure you qualify for it you just might agree with most that its one of the most superior financings in today's economy. We're referred several times to the amount of 5 Million dollars as a revenue size. That's for a reason, which is simply that the program is only offered to firms that have under 5 Million dollars in sales or who are start up, pre revenue in nature. Franchises by co incidence are great candidates for this the Canada Small Busines Loan, technically referred to as the federal BIL/CSBF program. Recall also that we identified the SBL as being perfect for firms who couldn't access traditional bank financing. Well, if you are looking for some irony, those same banks that might not have provided you with the financing you wanted are actually the same entities that administer and run the program. How ironic! It's just that the majority of the loan, when approved, is in fact guaranteed to the bank by those good folks at INDUSTRY CANADA in Ottawa. So are SBL loans one of those secrets only shared and utilized by some. You decide, because for the latest statistics available over. 7000 firms in 2010 used the program for billions of dollars in financing. That might be one of your competitors by the way. What makes the program so great? The fundamentals are simply very attractive from a financing point of view. Rates are just several points over the bank prime rate, terms are from 5-7years typically, and even items such as leasehold improvements can be financed - those items typically being very difficult to finance under any financing at any time. Actually BIL, the technical term of the program stands for Business Improvement loan. So, yesterday? Already gone. The future - who knows where your firm will be at. So consider now as the appropriate time to investigate SBL government loans as a vehicle for business financing success. Speak to a trusted, credible and experienced Canadian business financing advisor today on why this program is right, right now! 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 7 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/government_loans_sbl_canada_small_business_loan.html
Related Articles -
government loans, sbl, Canada small business loan,
| 
