Small Business Loan
Your competitors are growing-are you?
The Small Business Loan Program is an excellent source of financing for most businesses. Genesis has been designated as a Preferred Financial services company by Preferred SBL lenders to have loans processed more quickly and efficiently than many others. This designation means that the SBA has delegated the approval process to our lenders which means fast and efficient processing of your SBL.
This federal government guaranteed loan provides the financing you need to get a business started or help an existing business grow. The CSBF Loan is designed to help businesses purchase, install, renovate and modernize business equipment and other fixed assets.
How can this help my business?
- The Canada Small Business Financing Loan can provide a Canadian business with up to $1000,000 in financing for the purchase of land or business premises ($500,000 for leasehold improvements and equipment of which $150,000 can be used to finance intangible assets and working capital cost)
- With assistance from the federal government, businesses can support their financing requirements without using personal assets as security
- Term loans extend financing assets not normally covered by traditional financing options, for example, lease improvements
What else do I need to know?
- Financing can be used to cover up to 90% of the eligible costs related to leasehold improvements and equipment
- If the loan is for the purchase of premises, 50% of the floor space must be for your business activity
- Current fiscal year gross revenues must not exceed $5,000,000
- The maximum value of all CSBF Loans an independent small business may have outstanding with all lenders cannot exceed $500,000 ($350,000 for leasehold improvements and equipment)
- Applications must be submitted with a business plan which includes financial statements or projections
- Eligible purchases made within the past six months can be financed
- Loan terms are generally 7-10 years depending on the asset being financed
- Maximum interest rate on variable rate loans is Prime + 3.0%, fixed rate loans is Residential Mortgage Rate + 3.0% which includes an annual administration fee equal to an annual rate of 1.25% which is payable to the government
- Personal guarantees are required but are limited to a maximum of 25% of the loan
- A one-time up front government registration fee of 2% of the loan amount is payable to the government and can be added to the loan principal
- Business Loan Insurance Plan from bank is available (certain restrictions may apply)
* Purchase * Build * Refinance * Renovate * Owner-occupied
EQUIPMENT FINANCING
