30+mba-第17部分

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smaller　firms。　
Bankers　like　to　speak　of　the　‘five　Cs’　of　credit　analysis；　factors　they　look　
at　when　they　evaluate　a　loan　request。　When　applying　to　a　bank　for　a　loan；　
be　prepared　to　address　the　following　points：
56　The　Thirty…Day　MBA　
。　Character：　Bankers　lend　money　to　borrowers　who　appear　honest　
and　who　have　a　good　credit　history。　Before　you　apply　for　a　loan；　it　
makes　sense　to　obtain　a　copy　of　your　credit　report　and　clean　up　any　
problems。　
。　Capacity：　This　is　a　prediction　of　the　borrower’s　ability　to　repay　the　loan。　
For　a　new　business；　bankers　look　at　the　business　plan。　For　an　existing　
business；　bankers　consider　financial　statements　and　industry　trends。　
。　Collateral：　Bankers　generally　want　a　borrower　to　pledge　an　asset　that　
can　be　sold　to　pay　off　the　loan　if　the　borrower　lacks　funds。　
。　Capital：　Bankers　scrutinize　a　borrower’s　net　worth；　the　amount　by　
which　assets　exceed　debts。　
。　Conditions：　Whether　bankers　give　a　loan　can　be　influenced　by　the　current　
economic　climate　as　well　as　by　the　amount。　
Types　of　bank　funding　
Banks　usually　offer　three　types　of　loan：　
。　Overdra。。s：　Though　technically　short…term　money　as　they　can　be　called　
in　at　a　moment’s　notice；　these　tend　to　form　a　part　of　the　permanent　
capital　of　a　business；　albeit　a　fluctuating　one。　
。　Term　loans：　Offered　for　set　periods。　
。　Government…backed　loans：　These　are　available　to　some　types　of　business；　
usually　small　or　new　ventures；　where　the　banker’s　normal　criteria　
might　not　be　met；　but　the　government　would　like　to　encourage　the　
sector。　
Overdrafts　
The　principal　form　of　short…term　bank　funding　is　an　overdra。。；　secured　by　
a　charge　over　the　assets　of　the　business。　A　li。。le　over　a　quarter　of　all　bank　
finance　for　small　firms　is　in　the　form　of　an　overdra。。。　If　you　are　starting　
out　in　a　contract　cleaning　business；　say；　with　a　major　contract；　you　need　
sufficient　funds　initially　to　buy　the　mop　and　bucket。　Three　months　into　the　
contract　they　will　have　been　paid　for；　and　so　there　is　no　point　in　ge。。ing　a　
five…year　bank　loan　to　cover　this；　as　within　a　year　you　will　have　cash　in　the　
bank　and　a　loan　with　an　early　redemption　penalty！　
However；　if　your　bank　account　does　not　get　out　of　the　red　at　any　stage　
during　the　year；　you　will　need　to　re…examine　your　financing。　All　too　o。。en　
panies　utilize　an　overdra。。　to　acquire　long…term　assets；　and　that　overdra
。。　never　seems　to　disappear；　eventually　constraining　the　business。　
The　a。。raction　of　overdra。。s　is　that　they　are　very　easy　to　arrange　and　take　
li。。le　time　to　set　up。　That　is　also　their　inherent　weakness。　The　key　words　in　
the　arrangement　document　are　‘repayable　on　demand’；　which　leaves　the　
bank　free　to　make　and　change　the　rules　as　it　sees　fit。　（This　term　is　under　
Finance　57　
constant　review；　and　some　banks　may　remove　it　from　the　arrangement。）　
With　other　forms　of　borrowing；　as　long　as　you　stick　to　the　terms　and　conditions；　
the　loan　is　yours　for　the　duration。　It　is　not　so　with　overdra。。s。　
Term　loans　
Term　loans；　as　long…term　bank　borrowings　are　generally　known；　are　funds　
provided　by　a　bank　for　a　number　of　years。　
The　interest　can　either　be　variable；　changing　with　general　interest　rates；　
or　fixed　for　a　number　of　years　ahead。　The　proportion　of　fixed…rate　loans　
has　increased　from　a　third　of　all　term　loans　to　around　one　in　two。　In　some　
cases　it　may　be　possible　to　move　between　having　a　fixed　interest　rate　
and　a　variable　one　at　certain　intervals。　It　may　even　be　possible　to　have　a　
moratorium　on　interest　payments　for　a　short　period；　to　give　the　business　
some　breathing　space。　Provided　the　conditions　of　the　loan　are　met　in　such　
ma。。ers　as　repayment；　interest　and　security　cover；　the　money　is　available　
for　the　period　of　the　loan。　Unlike　in　the　case　of　an　overdra。。；　the　bank　
cannot　pull　the　rug　from　under　you　if　circumstances　（or　the　local　manager）　
change。　
Just　over　a　third　of　all　term　loans　are　for　periods　greater　than　10　years；　
and　a　quarter　are　for　3　years　or　less。　
Government　Small　Firm　Loan　Guarantee　Schemes　
These　are　operated　by　banks　at　the　instigation　of　governments　in　the　UK；　
and　in　Australia；　the　United　States　and　elsewhere。　These　schemes　guarantee　
loans　from　banks　and　other　financial　institutions　for　small　businesses　with　
viable　business　proposals　that　have　tried　and　failed　to　obtain　a　conventional　
loan　because　of　a　lack　of　security。　Loans　are　available　for　periods　between　2　
and　10　years　on　sums　from　￡5；000　to　￡2；500；000。　
The　government　guarantees　70–90　per　cent　of　the　loan。　In　return　for　the　
guarantee；　the　borrower　pays　a　premium　of　1–2　per　cent　per　year　on　the　
outstanding　amount　of　the　loan。　The　mercial　aspects　of　the　loan　are　
ma。。ers　between　the　borrower　and　the　lender。　
BONDS；　DEBENTURES　AND　MORTGAGES　
Bonds；　debentures　and　mortgages　are　all　kinds　of　borrowing　with　different　
rights　and　obligations　for　the　parties　concerned。　For　a　business　a　mortgage　
is　much　the　same　as　for　an　individual。　The　loan　is　for　a　specific　event；　buying　
a　particular　property　asset　such　as　a　factory；　office　or　warehouse。　Interest　
is　payable　and　the　loan　itself　is　secured　against　the　property；　so　should　the　
business　fail　the　mortgage　can　substantially　be　redeemed。　
panies　wanting　to　raise　funds　for　general　business　purposes；　rather　
than　as　with　a　mortgage　where　a　particular　property　is　being　bought；　issue　
58　The　Thirty…Day　MBA　
debentures　or　bonds。　These　run　for　a　number　of　years；　typically　three　years　
and　upwards；　with　the　bond　or　debenture　holder　receiving　interest　over　
the　life　of　the　loan　with　the　capital　returned　at　the　end　of　the　period。　
The　key　difference　between　debentures　and　bonds　lies　in　their　security　
and　ranking。　Debentures　are　unsecured　and　so　in　the　event　of　the　pany　
being　unable　to　pay　interest　or　repay　loans　they　may　well　get　li。。le　or　
nothing　back。　Bonds　are　secured　against　specific　assets　and　so　rank　ahead　
of　debentures　for　any　payout。　
Unlike　bank　loans；　which　are　usually　held　by　the　issuing　bank；　though　
even　that　assumption　is　being　challenged　by　the　escalation　of　securitization　
of　debt　being　packaged　up　and　sold　on；　bonds　and　debentures　are　sold　to　
the　public　in　much　the　same　way　as　shares。　The　interest　demanded　will　be　
a　factor　of　the　prevailing　market　conditions　and　the　financial　strength　of　the　
borrower。　
Categories　of　bond　
There　are　several　general　categories　of　bond　that　panies　can　tap　into：　
。　Standard　bonds　pay　interest；　a　coupon；　half…yearly　on　the　principal　
amount；　known　as　the　face　or　par　value。　At　the　maturity　date　the　principal　
is　repaid。　The　value　of　bonds　fluctuates　dependent　on　market　
conditions；　the　length　of　time　to　maturity　and　the　likelihood　of　the　
borrower　defaulting。　None　of　these　ma。。ers　are　of　immediate　concern　
to　the　recipient　of　the　funds；　as　long　as　they　can　service　the　interest。　The　
risk　is　for　the　bondholder　who　can　see　the　value　of　their　investment　
alter　over　time。　
。　Zero　coupon　bonds　pay　no　interest　over　their　life　but　pay　a　lump　sum　
at　maturity　equivalent　to　the　value　of　the　interest　such　an　investment　
would　normally　bear。　The　buyer　of　the　bond　receives　a　return　by　the　
gradual　appreciation　of　the　bond’s　price　in　the　marketplace。　This　could　
be　an　a。。ractive　financing　strategy　for　a　business　making　an　investment　
which　itself　will　not　bear　fruit　for　a　number　of　years。　
。　Junk　bonds　are　bonds　usually　subordinated　to；　that　is；　put　below　others　
in　the　pecking　order　of　who　gets　paid　in　tough　times；　other　regular　
bonds。　Such　bonds　carry　a　higher　interest　burden。　
。　Callable　bonds　are　used　when　an　issuer　wants　to　retain　the　option　
to　buy　back　their　bonds　from　the　public　if　general　interest　rates　fall　
sharply　a。。er　the　issue　date。　The　issuer　notifies　bondholders　that　a。。er　
a　certain　date　no　further　interest　will　be　paid；　leaving　the　holders　with　
no　reason　to　keep　the　bond。　The　pany　issuing　the　bond　can　then　go　
out　to　the　market　and　launch　a　new　bond　at　a　lower　rate　of　interest　and　
so　lower　its　cost　of　capital。　This　process　is　also　known　as　refinancing。
Finance　59　
ASSET…BACKED　FINANCIERS　
The　banks　are　more　covert　when　it　es　to　looking　for　security　for　money　
lent。　Two　other　major　sources　of