From depressed resource prices to COVID the market in many areas has been in a suspended and even suppressed state. This has not been the case in all industry sectors but enough to make a negative impact on growth across the country. Early and positive signs however are signaling a change in the opposite direction driven by increasing vaccinations, risking resource prices and anticipation of further government stimulus to drive consumer demand.
A quick turn in the economy that comes back at equal or greater speed is the Boomerang Effect.
Should the market bull show his face, the businesses who can act early and scale will reap the biggest rewards. The challenge SMEs often have in a market with high growth opportunity, is that banks see high growth as risk – and risk is a four-letter word to commercial bankers. There is a better option.
Asset based lenders (ABLs) present SMEs with a solid choice for scaling up with speed, but also a lower overall risk than banking facilities. While banks are still trying to get their heads around the previous years lower financial performance, you will already be growing your business to take advantage of all the opportunity that presents itself. Make no mistake – equipment leasing and finance outside the bank stopped being just an ‘alternative’ years ago. In todays fast moving and more volatile business environment this type of financing is often the 1st choice for not just SMEs, but Fortune 500 companies as well.
While there really is only a hand full of banks in this country who tend to approach each customer the same way, there are 10x more ABL service providers ready to help your business with a wide range of financing products, terms and rates.
Get in the driver’s seat and grow your business on your terms. To know which lease or financing product is best for your business work with established and credible professionals – this country is blessed with many experienced professionals who can help.
At Patron West, we have been serving SME’s across Canada for nearly 20 years and offer financial products to suit companies from start up to high growth. There is no one-size-fits-all lender, but there is a fit for nearly every size of business, and we can find it for you.