CC BY
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economics а <<шцшетим~^©ц©ма1>#щ12)),2©1]9
ECONOMICS
UDC 336.7
Vakhrusheva Nadezhda Vladimirovna,
Ph.D., Associate Professor docent of higher mathematics land management faculty Kuban State Agrarian University. I. T. Trubilina DOI: 10.24411/2520-6990-2019-10202 LENDING OPPORTUNITIES FOR SMALL AND MEDIUM-SIZED BUSINESSES
Вахрушева Надежда Владимировна,
Кандидат педагогических наук, доцент доцент кафедры высшей математики землеустроительного факультета Кубанский государственный аграрный университет им. И. Т. Трубилина.
ВОЗМОЖНОСТИ КРЕДИТА ДЛЯ МАЛОГО И СРЕДНЕГО БИЗНЕСА
Abstract.
This article analyzes the different types of loans. The author identifies the most favorable in terms of interest rates and ease of obtaining types of loans for small and medium-sized businesses, offers formulas that allow to determine the interest on the loan, f also the required annual income of the company when making a loan without damage to the business.
Key words: small and medium business, bankruptcy, credit, investment projects, commercial mortgage; leasing
One of the main problems faced by small and medium-sized businesses is the lack of own funds, which is the cause of bankruptcy. One of the possible solutions to this problem is to use Bank credit products that provide both direct financing to the client and guarantee its obligations to improve relations with counterparties.
We list the main types of loans offered by banks to entrepreneurs of small and medium-sized businesses: credit for current activities; revolving loans; investment loans; commercial mortgages; leasing.
We give a brief description of each of them.
Credit for current activities is issued to organizations for replenishment of working capital or acquisition of property. Loans for current activities are provided in the traditional form: in the form of a credit line or overdraft on the current account. Credit lines can be renewable (lines with a debt limit) and non-renewable (loans with an issue limit). Overdraft is issued to legal entities based on the volume of turnover on current accounts. Most suitable for companies whose turnover of goods is 15-20 days. It is necessary to cover small cash gaps in the case when the payment deadline cannot be postponed, for example, for the payment of wages or taxes. The maximum term of the loan for the current activity is limited to 3 years. Entrepreneurs who apply to banks for such loans should take into account that monthly loan payments should not exceed 50% of the company's net profit.
As a security for current loans, the log and guarantee of third parties (both physical and legal) can be used. When surety is provided in the case of LLC, it is necessary to provide sureties of all founders (business owners); when crediting individual entrepreneurs, only the surety of the entrepreneur as an individual is necessary. Logs, in turn, can be represented by movable and
non-movable property of the company, goods in circulation and valuable booms. Real estate collateral is the most liquid collateral, which allows to reduce the interest rate by 1-2 percentage points. The main problem of collateral at the moment is its assessment by the Bank. For most banks the coefficient estimates range from 0.4 to 0.8. The most risky option of collateral is considered to be the goods in circulation, because its banks estimate extremely low (with a coefficient of 0.4 to 0.5). Also, under this loan, the collateral can be acquired by the enterprise property. In this case, the Bank transfers the loan amount directly to the supplier, but the recipient of the loan must independently repay from 10% to 30% of the cost, depending on the requirements of the Bank.
To assess its creditworthiness, an entrepreneur can use a fairly simple formula that determines the amount of interest that must be paid to the borrower on the loan
P • i
[4]: I = (m +1), here Р - the value of the loan;
i - rate mortgage; m - number of loan payments.
Revolving loans are primarily intended for replenishment of the company's working capital. As a rule, this type of loan is issued for a period of 3 years on bail or guarantee. As collateral is the property of the company, the guarantor is often its founders. In the event that the amount of collateral does not cover the risks of the loan, the guarantee Fund - a special state institution that exists to help small businesses in obtaining revolving loans-is attracted.
Investment credit, first of all, is characterized by the goal of obtaining borrowed funds. Such purpose can be purchase, reconstruction or construction of fixed assets of the enterprise, essential expansion of production
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capacities or development of the new direction of activity. Also, investment loans can be considered for a period of more than 5 years, which are provided for the implementation of a specific project and are used to repay all expenses associated with it.
The current profitability of the enterprise is not significant, but the entrepreneur must invest about 30% of his own funds in the investment project. Investment loans are provided by banks for a period of up to 10 years or for the period of project implementation and, what is especially attractive, they can be granted a deferral of principal repayment.
Commercial mortgages, the scheme of which is virtually identical to residential mortgages, have their own characteristics. The collateral for the loan is the purchased premises. Loan terms up to 30 years. The size of the loan depends on the ratio of mortgage debt (
k3), showing the share of mortgage debt in the total
value of real estate. Calculated by the formula: A
k3 = —, here A - the amount of the mortgage loan in
O
monetary units, O - the value of real estate in monetary units of the same currency as A. The higher the value of this ratio, the higher the share of borrowed funds and the lower the share of the investor's own funds in the financial real estate transaction. Most often, banks set the upper limits of this coefficient for entrepreneurs, as a rule, not exceeding 70 - 75 % (0.7 - 0.75) of the value of the pledged property [3].
A distinctive feature of a commercial mortgage is that the purchased premises must be registered as a non-residential Fund.
Leasing by economic nature expresses the system of economic relations between partners (participants of the leasing transaction) associated with the transfer of property for temporary use on the basis of acquisition and subsequent long-term lease on the terms of payment and repayment [1]. This type of loan makes sense for companies that have a large amount of their own funds. A leasing agreement can be concluded if the client is interested in purchasing movable property for rent, for example, a car, equipment, machinery, etc. Banks are often intermediaries between leasing companies - owners of leasing objects and the client. After the expiration of the lease agreement, the customer may acquire ownership of the object, provided that he / she pays the residual value of the object to the Bank less lease payments. The advantages of leasing include a fairly simple design and a minimum list of required financial documents (usually only the balance sheet and statement of financial results). Among the shortcomings should be taken into account the easy withdrawal of the leasing property in cases of violations of the terms of the contract (since the right of ownership belongs to the lessor) and a large amount of investment of own funds (about 20 - 30% of the value of the property). In addition, the method of calculating the repayment plan for leasing has its own characteristics: in most cases, most of the loan funds are repaid in the first year of the contract.
Analysis of various types of loans provided by
banks showed that for small and medium-sized businesses the most profitable in terms of interest rates and ease of obtaining are:
- revolving credit lines, especially when there is a need to replenish the current account in small amounts. This line will allow to have the possibility of permanent financing, but, unlike one-time loans, will not force to overpay for funds that are not used at the moment;
- revolving loan, when the company needs a large sum of money, while taking into account the seasonality of the organization in the preparation of the payment schedule for the loan, as well as the possibility of early repayment;
- investment credit - especially for companies that have business plans for the development of their business with the prospect of developing the economic component of the country. At the same time, the amount of the loan is not limited, the risks are minimal, since the assets purchased with credit funds can go as collateral for such a loan [5].
When choosing the loan, you can use the following formula, which allows you to determine the payback of the investment project:
NPV =
Z R
k
(1+i )fk
> 0,
here NPV - net present value which is the sum of all payments discounted to time 0 at the effective interest rate i, Rk is the amount of payment at time t£ [2].
It necessary be noted that in light of the economic state of the Russian economy, lending to small and medium-sized businesses is a risky operation for banks. This is due, firstly, to the instability of the market in which small and medium-sized enterprises operate, which leads to the latter's inability to return money. Secondly, entrepreneurs do not fully possess financial literacy in determining their capabilities and strength during the credit period.
To solve the latter problem, we offer entrepreneurs to use the following formula, which allows to determine the annual income they should have by taking a loan from a certain Bank for n years without compromising their business.
P + M+S+n-
D = -
( \ m
Z W '+CP+t u=i
Here D - annual income in rubles; M - transaction costs in the form of payments to the Bank (interest on principal, interest on account maintenance and other payments); S - mandatory transaction costs in the form of payments to non-Bank institutions (business insurance, personal insurance and other.); W- employee salaries; m - number of employees; n - loan period; CP -housing and communal payments for the year in rubles; T- taxes.
n
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Thus, for small and medium-sized businesses, loans are one of the ways to prevent bankruptcy and give them the opportunity to maintain their economic potential, which in turn will contribute to the development of industries and positive dynamics of growth of economic indicators of the country as a whole.
List of references
1. Amosova N. N. Leasing, its advantages and disadvantages / Bulletin of Krasnoyarsk state agrarian University. 2011. № 4 (55). P. 7-12.
2. Vakhrusheva N.V. Solving socio-economic problems through mathematical modeling / N.V. Vakhrusheva, E. S. Stadnikova / / Vestnik IMSIT. 2016. №2 (66). P. 42-45.
3. Vakhrusheva N. V. Financial mathematics: textbook / N. V. Vakhrusheva. - Moscow-Berlin: Direct Media, 2014. - 180.
4. Vakhrusheva N. V. Financial calculations in the consumer lending/Collection of scientific works of the Krasnodar branch of Russian state University of Economics. Krasnodar, 2005. P. 29-38.
5. Quintus T. V. Investment credit, its advantages and disadvantages/ In the collection: the Potential of the Russian economy and innovative ways of its implementation materials of the international scientific-practical conference of students and postgraduates. Financial University under the Government of the Russian
Federation, Omsk branch. 2016. P. 242-245.
Список литературы:
1. Апосова Н.Н. Лизинг, его преимущества и недостатки / Вестник Красноярского государственного аграрного университета. 2011. № 4 (55). С. 712.
2. Вахрушева Н. В., Стадникова Е. С. Решение социально-экономических проблем путём математического моделирования / Вестник ИМСИТ. 2016. № 2 (66). С. 42-45.
3. Вахрушева Н.В. Финансовая математика: учебное пособие / Н.В. Вахрушева. - М.-Берлин: Директ-Медиа, 2014. - 180 с.
4. Вахрушева Н.В. Финансовые расчеты в потребительском кредитовании//Сборник научных трудов Краснодарского филиала РГТЭУ. Краснодар, 2005. С. 29-38.
5. Квиндт Т.В. Инвестиционный кредит, его преимущества и недостатки/ В сборнике: Потенциал российской экономики и инновационные пути его реализации материалы международной научно-практической конференции студентов и аспирантов. Финансовый университет при Правительстве РФ, Омский филиал. 2016. С. 242245.
УДК: 334.027
Петров Сергей Валерьевич
кандидат экономических наук, доцент кафедры государственного права и управления таможенной деятельностью
Владимирского государственного университета им. Александра Григорьевича и Николая Григорьевича Столетовых.
Россия, г. Владимир Голованов Михаил Сергеевич студент 5 курса, юридического института, специальность таможенное дело,
Владимирского государственного университета им. Александра Григорьевича и Николая Григорьевича Столетовых.
Россия, г. Владимир Владимирский Государственный Университет DOI: 10.24411/2520-6990-2019-10203 ПРАКТИЧЕСКОЕ ЗНАЧЕНИЕ ПОСТРОЕНИЯ ФИНАНСОВОЙ МОДЕЛИ ПРЕДПРИЯТИЙ
Petrov Sergey Valerevich, Golovanov Mikhail Sergeevich
Vladimir State University (VSU)
PRACTICAL BEARING ON FINACIAL MODEL -BUILDING OF ENTERPRISES. Аннотация.
В статье говорится о целях, которые предприятие достигает, применяя финансовое моделирование. Раскрываются подходы к элементам финансовой модели. Отражаются особенности различных видов финансовых моделей, говорится об их плюсах и минусах. Abstract.
The article talks about the goals that the company achieves by applying financial modeling. Reveals approaches to the elements of the financial model. The features of various types of financial models are reflected, they are talked about their pros and cons.
Ключевые слова: финансовая модель, бюджет, статьи доходов и расходов, предприятие, модули. Key words: financial model, budget, budget expenses, enterprise, programme unit.
