Is your company a ' start up ‘? Or, are you a small to medium sized Canadian business looking for financing choices?
Have we got a deal for you! Well at the risk of sounding like a hack used car salesperson we are actually genuinely excited about some Canadian business financing that a lot of biz folks seem to be overlooking these days. And wait until you hear why.
And the reasons why. Simply that the answer is ' YES ' to our first question. Those are the key elements of Canadian government small business loans. And with all due respect to our friends in government, you don't even deal with them on the loan.
We're talking today about what many folks call the Canada SBL loan. It seems to be one of the better guarded secrets in Canada - even though 7,441 of your peers and competitors in small business used it in Canada last year. Oh, and by the way, they got a total of 957 Million dollars in financing at those great rates, terms, and structures that we mentioned in our opening question to you.
Let's dig in then, and get you very quickly up to speed on the program. You'll be surprised at how clear (hopefully!?) our info is on getting you what you want to know about your participation in the program.
Here we go... strap youself in. The program is administered by the good folks at Industry Canada, but on a day to day basis the loans under this special program are administered by your local banking institution. The program maxes out at 350,000.00$ ... which from our perspective is quite generous, don't you think. And here's a special kicker - if you just want to use the program for real estate you can actually borrow up to $ 500,000.
Financings can be used for equipment, leasehold improvements
Qualifications, simply your 10% equity contribution against the asset you are financing, and a reasonable personal credit history. In Canada those folks with Credit Bureau Scores of 650 are deemed ‘good ' from a credit perspective.