Let's face it... and be honest here. You could probably never qualify for SBL small business loans in Canada. We're referring of course to the government loan program that provides over 8000 businesses annually with financing for their needs.
And we know why you would never qualify - Here are those 5 reasons:
1. Your business has over 5 Million dollars in sales or estimated sales
2. You could never put together a business plan or cash flow
3. it’s impossible for you to come up with the 10% equity down payment required in this loan program
4. You haven’t paid your taxes to CRA - Canada Revenue Agency in years coupled with your disastrous personal credit history
5. You have no need for any financing that would cover equipment, leaseholds, real estate, computers, software, etc
What? Are you serious? You're saying that you actually don't view all those issues as obstacles? Then guess what? You're a candidate for one of Canada's least understood (in our opinion) and most valuable financing mechanisms in the Small to Medium Enterprise sector in Canada!
Industry Canada put this program together, in conjunction with authorized Canadian lenders to help businesses just like yours to get assistance for Canadian business financing needs via the government loan guarantee. (A very large part of the loan is guaranteed to your bank or authorized lender by the government of Canada)
As we said, you dont have to work with or communicate directly to the government for this loan, you simply work through an authorized lender or Canadian business financing advisor. And talk about an uncomplicated process, you simply have to have a clear understanding of your business finance needs, and that is typically communicated through a business plan or executive summary, and a cash flow projection . Hopefully that’s not rocket science to you, and if it is, don't despair, help is available from a variety of sources.
SBL loans in Canada are also called ' BIL ' loans, which stands for Business Improvement. And that’s a solid description, because funds are used for modernizing your business through assets and leaseholds. Those can be a variety of things:
What you do need to know though is the program can’t be used for financing working capital . And trust us; it’s not a cash loan either
So if there's a bottom line today , it hopefully should be pretty simple - understand the basic criteria and attributes of the program, and if it makes sense for your firm access this financing that comes with excellent rates, terms , structures, and oh by the way , did we mentioned a limited personal guarantee .
Speak to a trusted, credible and experienced Canadian business financing advisor today who will prove to you that you just may in fact be an EXCELLENT candidate for the SBL Small Business Loan program in Canada.