Small business loans are granted by financial institutions, banks, credit unions either as a Canada Small Business Finance Loan or Bank Term Loan.
A small business loan can be utilized for the purchase of machinery, plant, equipments, leasehold improvements, existing business chattels, property, lease interest or other assets.
Canada small Business Financing Program (CSBF) is a federal financing program to assist entrepreneurs by way of loans, including capital leases, machinery, plant, equipments, leasehold improvements, existing business chattels, property, lease interest or other assets.
Borrowers, with gross revenues not exceeding $5 Million, can make application through lending institutions. The federal government guarantees 85% of lenders’ losses due to default. The CSBF program is not available for farming, charitable, or religious enterprises.
Under this program, the lenders (banks, financial institutions and others) have their own rules and regulations for the approval and disbursements of the loan, particularly in regard to the Loan to Value (LTV), interest rates, amortization period, processing fee, etc.
Viafinancial Services Inc. can help you acquire a loan by:
Preparing your business plan;
Finding the right lender;
Negotiating the best terms;
and, appraising your business.