Odds. We can’t speak for you but we like them when they are stacked in our favor! So is there a way to increase your chances of loan approval for the SBL Loan… Canadian government business loans? We know there is! and we’re going to show you how.
Some folks might consider us biased, but we think it’s very obvious that the Canadian BIL/CSBF program is, bar none, one of the best programs in Canada for small business, and that’s including start ups by the way. First of all, its about those great rates, terms and structures, as well as limited personal liability, but primarily because with a basic understanding of key program requirements you can find yourself ‘ APPROVED ‘ ( that’s one of our favorite words by the way) in a matter of days .
So what’s all this about stacking the odds in your favor? Most Canadian business owners and financial managers we meet, including those entrepreneurs starting a business have in some cases not heard of the program. However, more importantly those that have view the words such as ‘ government’ ‘ bank’ with a bit of trepidation, sometimes based on real world experience.
The reality is that if you understand the key requirements of the program you are in a position to better address those issues, in effect ‘ finesse’ them and tilt the odds of approval in your favor. Doesnt it make sense that if you understand the requirements, and present them in a professional manner you would be in a position to garner a full approval for your financing?
We feel sorry for the business owners and entrepreneur, including franchisees that show up at our door with tales of being declined or having spent too much time facilitating their SBL Loan financing. And suffice to say we even know their story before they tell it to us… simply that they failed to provide the right documentation in a coherent understandable manner. It’s a simple case of positioning yourself, your business, and your business financial future. That is often done by a strong business plan or executive summary.
Having to continually go back and address the providers of government business loans with additional information can of course create a negative spin on your financing request. That’s not good.
In Canada the SBL Loan program is run by INDUSTRY CANADA. That’s the federal government by the way! We are sure they are nice people, but guess what? The bottom line is that you will never meet them as the Canadian government business loans are administered by your local bank.
The odds of increasing your chances of loan approval for an SBL loan improve directly in relation to the knowledge and quality of your banker. We’re sorry to say that many bankers often exhibit signs of not being knowledgeable about the program or even supportive of the general spirit of the program. And by the way, that spirit is just one thing – providing your new or existing business with up to 350k in financing for equipment, leaseholds, software, real estate, etc on terms you would never normally achieve under normal business financing. Enough said.
If you want the complete attention of your banker have a solid package. There are only 4 or 5 things required in that package, so it’s hardly rocket science.
Want even better odds? Speak to a trusted, credible an experienced Canadian busines financing advisor who can fast track you to SBL loan success.