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A Government Backed Business Loan : How Not To Fail At SBL Bank

Loans
The Path From Start Point To Successful Finish In Govt Business Loans The SBL
Goal Line Is In Si!ht
"#$%#I$& Information on the !overnment 'acked 'usiness loan in (anada)
*nown as the + SBL + these 'ank loans ,rovide tremendous financin! ,ossi'ilities to
(anadian 'usiness owners and start u, entre,reneurs
The !overnment 'acked 'usiness loan in (anada - what Canadian business
owner/financial mgr wouldn't want a clear start to finish road map for - SBL - 'ank loans
in Canada? Let's dig in.
Expectation, or should we say realistic! expectation is "ey in understanding the path to
success in go#t business loans. $pecifically this is the financing offered under %ndustry
Canada's (ANA.IAN S/ALL B0SIN$SS FINAN(ING 1(SBF2 ,ro!ram) &ur
chartered ban"s fit in because they are the facilitators of the loan under the go#ernment!s
e#er watchful eye.
$o how does the owner/entrepreneur successfully prepare an application and obtain
financing appro#al for these loans? %t's all about really bring the pieces of the pie together
in accordance with what is really re'uired to achie#e loan success - we see a lot of clients
focusing and preparing issues and info respecti#ely that is simply not re'uired or is much
less important relati#e to final loan appro#al. (oing it right allows you to eliminate the
pitfalls and failure.
)t the outset its "ey to understand the amount of financing you are eligible for. %n the
case of the program itself it's specifically * +,-,---.-- for the main offering of the
program. .%f real estate is in#ol#ed as the asset financed a ,--" loan is allowed - howe#er
in our experience $/L loans are rarely used for real estate0.
&ne top expert, and we agree, ad#ises that adopting an ' as much as % can get attitude is a
failed strategy1
2ere is one case where being specific counts - and that is easily achie#ed in the following
manner3 2a#e a clear ' use of funds statement that specifically identifies the asset and
leasehold to be financed, including the * brea"down. 4hat also reminds us that you need a
clear understanding that go#ernment bac"ed loans only finance two asset categories -
e'uipment and leaseholds. E'uipment by the way can easily include technology,
software, etc., as these assets are clearly part of the new economy.
&ther "ey elements of your proposal should include info on the owners - that includes
mgmt and industry experience, financial stability, and a general sense of demonstrating
you "now how to run a business. 5ewbie!s beware1
4he other "ey element of your application is a strong executi#e summary, or e#en better a
business plan. 4his should not be #iewed as a difficult document - they can easily be
prepared by your accountant, or e#en better an ad#isor who wor"s in this area and
understands the basics of what the ban"s li"e to see - specifically cash flow, an opening
balance sheet, etc.
6ine tuning the cash flow to show a positi#e and realistic ability to repay the loan is
essential.
4he ma7ority of businesses applying for an $/L loan operate out of a premise, and you
should ensure that you ha#e a lease that is at least as long as the term of the loan - for
some reason lenders li"e to "now you'll still be around 1
%n the cases of your ' owner e'uity ' or ' down payment ' in the program that is a minimum
of ten per cent but depending on who you are dealing with that might be more.
(emonstrating up front you ha#e ' proof of funds ' is "ey.
%f you want to become a 'uic" ' hero ' in $/L go#ernment bac"ed loans and ha#e that '
8ero to 9- ' feeling see" out and spea" to a trusted3 credi'le and e4,erienced (anadian
'usiness Financin! Advisor with a track record of success who can assist you with
go#t ban" loans that are achie#ed annually by as many as :--- other businesses in
Canada that ta"e ad#antage of the program.
Stan Proko, - 5 Park Avenue Financial :
htt,:66www)5,arkavenuefinancial)com
/usiness financing for Canadian 6irms , speciali8ing in wor"ing capital, cash flow, asset
based financing , E'uipment Leasing , franchise finance and Cdn. 4ax Credit 6inance .
6ounded ;--< - Completed in excess of =- >illion * of financing for Canadian
corporations . Info 6(ontact :
5 PA%* A#$N0$ FINAN(IAL 7 (ANA.IAN G"#T BA(* L"AN FINAN(ING
$8P$%TIS$
Have A 9uestion 6(omment "n "ur Blo! "r (anadian Business Financin!
Alternatives :
("NTA(T:
? @ar" )#enue 6inancial
$outh $heridan Executi#e Centre
;=A- $outh $heridan Bay
$uite +-A
&a"#ille, &ntario
L9C ?C:
.irect Line D <A9 +A= ,?9=
"ffice 7 =-, :;= ;9,+
$mail 7 spro"opE?par"a#enuefinancial.com
- (anadian Business Financin! &ith The Intelli!ent 0se "f $4,erience

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