by James Kendrith
All taxpaying American citizens who are interested in becoming self employed or establish new businesses, but lack the funds to begin, should be made aware of the availability of small business start up loans offered by the United States government. The government has a great interest in supporting the development of small businesses. It is a known fact that the small business owners of this country are the backbone of the American economy, so the government strongly encourages the growth and establishment of American businesses and is willing to put their money where their mouth is.
Many clients or callers requesting information on the program (the formal name is BIL / CSBF) often utilize the terms 'grants' when requesting info on the program. The BIL /CSBF program is not a grant. It is a special business financing program sponsored by Industry Canada (those good folks in Ottawa...). The program was developed by the government to assist the thousands of firms who might not qualify for what the finance folks call 'traditional financing' - aka "the bank!".We also promised you we would qualify the term 'medium sized firm' when it comes to qualifying for the program. In the case of the Small Business loan program any firm under 5 Million dollars in either actual or projected revenue still qualifies for the program. Naturally your firm has to be privately owned, and be considered a 'for profit' business. (We're all 'for profit'!)
In efforts to relieve themselves of the burden of holding monies that they are required to contribute to society, and also to attempt to help boost this country's failing economy system, the government is currently funneling more awards funds into small business investments. What this means is that there is now being additional funding opportunities made available to taxpayers in business start up loans, and free government small business grants.
Many firms who are either new or have challenges might think the rates and structures are onerous under the program. Exactly the opposite... financing is at only 3% over prime, and from a term perspective you can go from 5-7 years, we typically structure 5 years as a reasonable term.There isn't a day when we don't spend time advising clients on what can be financed under the program...that's where a lot of mis-information exists. The program only covers equipment, leaseholds and real estate. We would add that software is included in the equipment category.So who is using the program? Almost 8000 businesses did in 2010 - so you can be sure that the program works and is robust.
The greatest challenge around the program in our opinion has been the confusion on where and how to apply. We've completed transactions in a week and then heard from clients that they have spent months floundering on their processes in this type of financing. Speaking to a trusted, credible and experienced Canadian business <a href="http://governmentgrantsaustralia.org/category/business-development-funding/">Small Business Grants Loans</a>financing advisor in the area of government small business loans will get you on the fast track to some of the best financing available in Canada today.
Learn more about <a href="http://GovernmentGrantsAustralia.org">Small Business Grants Loans</a>.
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