I know it might seem strange to look at what financial literacy means in the second post of a financial series and not the first, but sometimes, with every step forward we need to take a step back and look at the bigger picture. This is more true in finance than anywhere. So what better way to do that than to break it down now.Continue reading “Finance Series – Part Two: Financial Literacy”
If this year has taught us anything, it’s just how important an emergency fund is. An emergency fund, also known as a contingency fund, is money you set aside to pay for unexpected expenses. The reality is, most of us will likely have to deal with a financial emergency at some point in our lifetime.
Here are a few tips for getting started with an emergency fund.Continue reading “Finance Series – Part One: An emergency fund”
Positive Cash flow is when you have more money coming in than goes out each month. Simple to understand but for many of us, this just isn’t happening right now.Continue reading “It’s all about cash flow.”
The Business Development Bank of Canada (BDC) is devoted exclusively to entrepreneurs.
Here is a quick outline of some BDC Financing Options
- Been in business for more than 2 years (at least 24 months of sales)
- Looking for a loan of $100,000 or less
- They can fill in the application using the link below. If they don’t have a rep, leave it blank
If you require more than $100,000, there is another program being offered by BDC which the details have yet to come out. Rumor has it will be based on completion of (a) statement of personal affairs form by each shareholder (b) application for financing and (c) last 2 years of financials prepared by a CPA
Support for entrepreneurs impacted by the coronavirus COVID-19
Effective March 18, 2020, new relief measures for qualified businesses include:
- Working capital loans of up to $2 million with flexible repayment terms such as principal postponements for qualifying businesses;
- Postponement of payments for up to 6 months, free of charge, for existing BDC clients with total BDC loan commitment of $1 million or less;
- Reduced rates on new eligible loans;
- Additional details regarding Business Credit Availability Program (BCAP) measures, including industry specific support, to be announced in the coming days.
As always, I welcome your comments, calls and questions.
Steve Garganis 416 224 0114 email@example.com
Your best interest is my only interest.
Contrary to media reports about our ‘record personal debt levels’, it’s extremely prudent to ensure you have access to emergency money.
The line of credit popularity that took place in the ’90s wasn’t a bad thing. It allowed us to borrow at low rates to invest or spend as needed. Many successful investors have been doing this for decades. Borrowing to invest makes smart financial success. Don’t let anyone tell you differently.
We’re seeing more reasons for Canadians to get a secured line of credit now: Age; Income; and Qualification.