Why Is The Canada Government SBL Loan For Small Business A Canadian Success Story
Wow! A ' favorable termination of attempts '. Could there be a more perfect dictionary definition of the government of Canada SBL loan for small business. We don't think so. Why?
First of all we meet clients all day every day that aren't even aware of one of the most powerful programs in Canadian business financing in Canada. And in a time when programs of all types are under attack... guess what, this program got even better. Can you believe it? We couldn't.
We're talking about BIL /CSBF. What the heck is that??? .. we can already hear you saying . It seems like government and business always have acronyms that confuse the little guy. The BIL/ CSBF program is simply the government small business financing program sponsored by Industry Canada.
Again, we're astounded by the fact that thousands of small, and new (yes even start ups, franchises, etc) are eligible for the program and not even taking advantage of it.
So let's get you up to speed. Quickly. The Canada Small business financing program , also called by us ordinary guys ' the SBL ' (small business loan) is simply the official government program to encourage financing of small and medium sized businesses in the Canadian business financing arena.
Who is eligible? It's pretty simple. Any business with either real revenues, or sales, or forecasted sales less than 5 Million dollars. When you're starting out we can assure you it will take a little while to get to 5M in revenue, so that's why again we're amazed at who doesn't take advantage of the program .
Ok, we're interested, we can hear you say. Whats the bare bones explanation of the program. Ready - here it goes. It's a loan for a maximum of 350,000.00 for the purchase of equpment, leasehold improvements, software, or real estate. Is it just us, but doesn't things like equipment and improvements to your business cover a lot of your financing needs? When the loan is for real estate only, guess what... you can borrow up to $ 500,000.
Qualifications? You want to know them, we've got them. To qualify you need to have a business plan, demonstrate the need for financing via a quote of vendor invoice, and you must have a 10% investment into the amount of financing you need. For example, you want to buy a franchise business in the Canadian business marketplace. The franchise costs 350,000.00$. You put in 10%, and our SBL loan program covers the balance.
Do you have to drive to Ottawa to get the loan? We're kidding of course - the good news is that the government of Canada sponsors the loan and assumes the majority of ' risk ' but the actual government of Canada small business loan program is administered by your bank.
We don't want to get too personal here, because we love our Canadian banks, but it's sometimes a challenge finding everyone who knows about this program and can get you funded quickly. But guess what? Last year 7,441 of your competitors and business friends took advantage of the program, for a total of 957 Million dollars! And you hadn't even heard of the program?!
Want to know more ?Business financing success is all about experience, trust and credibility, seek out a Canadian business financing advisor who can fast track you to business financing success using this great Canadian financing tool to grow or start your business .
P.S. And you wont believe the great rates, terms and structures of the SBL loan also! Trust us on that.
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