Sbl Loans . Great Rates , Terms , Structures . The Canada Government Small Business Loan Ticks Off A

The Canada government small business loan

The Canada government small business loan. In our opinion the Canada the SBL Loans program is, bar none, the best business financing vehicle in Canada. Why is that? As we say, it ' ticks all the boxes ' when it comes to what the Canadian SME Canadian business owner or manager is looking for. Here's why.

So why should you know about the program, how do you access it, and what is involved. Entrepreneurs and growing business are always looking for funding, and that's what this program provides.

Can the SBL government loan program make a small company a big company? We won't weigh in on that one, we're not even sure that that's the goal of all business owners. But small firms, restaurants, service companies and other business categories have no where to go when it comes to start up or interim financing. That's where the SBL comes in.

The program is run and administered by INDUSTRY CANADA, a branch of the Canadian federal government. It's goal, vis a vis the program is to assist business in finance loans they might otherwise not be able to obtain.

Many business owners in Canada are concerned about the ' personal guarantee ' when it comes to pledging their personal assets against loans. Here's the good news on the SBL - you are only asked to provide a 25% personal guarantee on the transaction, and that transaction can go up to a maximum of 350,000.00$ in borrowing. The limit is actually 500k if the transaction involves real estate, which is one of the asset categories that can be financed under the program.

And by the way, getting back to that personal guarantee of 25%... none of your personal assets are pledged or collateralized, it's simply your promise to pay... in effect make good... on the portion of the loan you guarantee.

There are three parties to SBL Canada government small business loans. Your company, the bank that originates the loan, and of course INDUSTRY CANADA folks who are in the background. You actually never deal with Industry Canada on a direct basis.

As we said, size eligibility in Canada for the loan itself is 350k. As far as the size of your company, it can either be a start up or an established firm with no more than 5 Million in sales.

Maybe it's just our clients, but they seem to hate ' paperwork '. The perception that this loan is time consuming is, in our opinion, just that, a perception. All you need is some solid advice around putting together a business plan / executive summary, a proper financial forecast, and misc back up info related to any standard business loan application. Those ' misc ' items might include your lease agreement on premises, a list of the equipment or leaseholds you're financing, etc. That's not bad, right?

So, great rates, terms and structures? You got them with SBL loans. Speak to a trusted, credible and experienced Canadian business financing advisor for up to date advice on Canada government small business loans. And check your list, because this program ticks all the boxes!

by: sprokop

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