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Look up “business finance” on the internet and you will find Commercial Loan Brokers (CLB’s) all offering the same thing, a one stop solution for every kind of business financing need.  Offers include quick fundings with low rates requiring very little information which is impossible.  The temptation to click is too great for those in [...]

Imagine a world where the internet is the only place for business owners to get information about financing.  All they would see is “low rates, easy qualifying and quick payouts” and “click here”.  Everyone knows it’s all lies but apparently okay to say because it’s just Sales. Businesses development on the other hand takes time [...]

The last two years have been the greatest journey I’ve ever been on, from unemployment in the middle of a pandemic to where I am today.  I’ve been able to combine my decades of experience with a new and improved set of business financing tools in a high-tech environment.  I continue to learn something every [...]

I haven’t Blogged for a while as I was selling our house, launching the kids, and downsizing into a condo.  True Viking Finance also had a busy first year.  I look forward to 2022 but I think we all should enter it slowly so happy new year. We can’t be sure what the business climate [...]

Every time someone starts a conversation by asking “what is your interest rate” I should just hang up.  The chances of me doing business with them are slim.  They are either looking for a “bank like” rate and shopping around or I will explain the facts and never get a call back. I find that [...]

Today, all SME lenders begin their application process by checking the business owners personal credit score. Whether applying for $10,000 or $500,000 if the number is too low the applicant is declined. If the number is high enough there could be an approval within hours and a payout within days. There are three credit bureaus, [...]

I do not like the term SME (Small to Medium-Sized Enterprise). It sounds derogatory when some people say it, and far too broad to provide any value to anyone for anything. In Canada 98% of businesses are SMEs.  What is the value of a category if nearly every business is included? There are 1.1 million [...]

Business finance professionals HATE having to constantly ask for updated financial statements and business owners HATE being asked.  Underwriters on the other hand LOVE financial statements and spend hours pouring over them.  The subsequent report they write can have a significant impact on the future of the business. When business owners ask me why they [...]

TIME is the Most Valuable Business Asset The first question that most lenders ask is “how long have you been in business?” If the answer is not “enough” they might not even look at the application. Questions like “what is your background” or “what does the future of your business look like” never get asked. [...]

So many different scenarios could play out in 2021 that we are certainly heading into unknown times. Business owners should be ready for anything and prepared to act quickly. Now is the time for them to look closely at their cashflow and working capital needs and as business finance professionals we need to prepare for [...]