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How Much Will A Business Franchise Loan Cost When Financing A Franchise In Canada?
The cost of a business franchise loan is often the first questions clients ask when talk to us about financing a franchise in Canada 5. 5% is the answer. So that's it end of story you have your answer!
Of course we're being a bit facetious because what we are referring to is simply the current interest rate on the most popularly utilized loan vehicle for franchise financing in Canada. Cost is of course one thing, getting approved, executing on your franchise financing properly, and finally not entering into the wrong type of financing strategy is another issue altogether.
Let's examine the challenge and the reality of franchise financing as it relates to costs, methodology,[link widoczny dla zalogowanych], and,[link widoczny dla zalogowanych], as we said,[link widoczny dla zalogowanych], doing it right.
If you aren't aware of the specialized methods of franchise financing in Canada and that most popular loan vehicle we discussed then you certainly are a poorly informed and at risk entrepreneur in the franchise environment. Simply walking into a bank and asking for a franchise loan in Canada does not work, as the bank views a new franchise, as it does any other business frankly, as totally based on the 100% collateral and credit worthiness of you the borrow.
If that's the case then, our clients ask, why have they heard that thousands of franchisees in Canada get bank financing? Good question! It's simply that the majority of financing in Canada is done under a specialize program called the CSBF /BIL program, which is under the auspices of the government and administered by the banks. That key word is administered by the banks.
So what is the cost of that loan? In terms of a pure what is the interest rate? Question the answer is 3 over prime rate, which currently in Canada would bring the transaction to the 5 1/2% range. (As prime changes this rate might fluctuate).
But if you as a franchisee are looking for a business franchise loan and financing a franchise properly the other features of this specialized loan are even more compelling - they include a limited owner guarantee, a loan size of up to 350, 000. 00, and other enhancements. That cost,[link widoczny dla zalogowanych], when financing a franchise in Canada is clearly the best deal in town if you accept that a franchise is a new business - which of course it is, but we acknowledge the franchise is of course built on a successful business model of the franchisor.
Remember also that the cost when financing a franchise in Canada is based on the amount you borrow - unfortunately it cant be 100% because business finance dictates it is both prudent and required that you put some of your own equity in the deal - the more you have invested personally the less financing cost you have, that's understood of course.
In the U. S. We are told there are specialized tax strategies to take money out of RRSP type accounts without being taxed, to finance your business - that really doesn't work in Canada and your cost of a business franchise loan will go up considerably when you add in the tax penalty bite of collapsing your savings vehicle.Topics related articles：

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