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credit rating meaning
origin of credit rating agency
importance, benefits,objectives, needs
credit rating agency in India . Items rated
CRISIL rating symbols for long term and short term instruments
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credit rating meaning
origin of credit rating agency
importance, benefits,objectives, needs
credit rating agency in India . Items rated
CRISIL rating symbols for long term and short term instruments
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how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
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Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
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when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
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The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
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how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
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2. 12–2
1. Describe how the nature of a firm affects its financing sources.
2. Evaluate the choice between debt financing and equity financing.
3. Identify typical sources of financing used at the outset of a new venture.
4. Discuss the basic process for acquiring and structuring a bank loan.
5. Explain how business relationships can be used to finance a small firm.
6. Describe the two types of private equity investors that offer financing to
small firms.
7. Distinguish among the different government loan programs available to
small companies.
8. Explain when large companies and public stock offerings can be
sources of financing.
Looking Ahead
After studying this chapter, you should be able to:
3. 12–3
Basic Types of Financing
Sources of
Financing
Spontaneous
Financing
Profit
Retention
External
Financing
4. 12–4
The Nature of a Firm and
Its Financing Sources
Firm’s
economic
potential
Owner
preferences
for debt or
equity
Company
size and
maturity
Factors That Determine
Financing
Types of
assets
5. 12–5
Debt or Equity Financing?
Tradeoffs
Between Debt
and Equity
Potential
Profitability
Voting
Control
Financial
Risk
7. 12–7
Debt or Equity Financing? (cont’d)
• Return on Assets
Rate of return earned on a
firm’s total assets invested
Computed as operating
income ÷ total assets
• Return on Equity
Rate of return earned on the
owner’s equity investment
Computed as net income ÷
owner’s equity investment
14. 12–14
Understanding a Banker’s Perspective
• Bankers’ Concerns
How much the bank will earn on the loan?
What is the likelihood that the lender will be able to
repay the loan?
• The Five C’s of Credit
Character of the borrower
Capacity of the borrower to repay the loan
Capital invested in the venture by the borrower
Conditions of the industry and economy
Collateral available to secure the loan
15. 12–15
Questions Lenders Ask
• Lender’s Questions:
1. Do the purpose and amount of the loan make sense, both for
the bank and for the borrower?
2. Does the borrower have strong character and reasonable
ability?
3. Does the loan have a certain primary source of repayment?
4. Does the loan have a certain secondary source of repayment?
5. Can the loan be priced profitably to the customer and to the
bank, and are this loan and the relationship good for both the
customer and the bank?
6. Can the loan be properly structured and documented?
16. 12–16
The Banker’s Concerns
How much
money is
needed?
What is the venture
going to do with the
money?
When and
how will the
money be
paid back?
When will
the money
be
needed?
17. 12–17
Financial Information Required
for a Bank Loan
• Three years of the firm’s historical statements
Balance sheets, income statements, and statements
of cash flow
• The firm’s pro forma financial statements
The timing and amounts of the debt repayment
included as part of the forecasts
• Personal financial statements
The borrower’s personal net worth (assets – debts)
and estimated annual income
19. 12–19
Negotiating a Loan: Interest Rate
• Prime Rate
Interest rate charged by a commercial bank on loans
to its most creditworthy customers
• LIBOR (London InterBank Offered Rate)
Interest rate charged by London banks on loans to
other London banks
• Fixed Interest Rates
Interest rate remains the same for the term of the loan
• Floating Interest Rates
Interest rate varies with the changes in the prime rate
20. 12–20
Negotiating a Loan: Term of the Loan
• Loan Maturity Date
Maturity date matched to use of funds
• Repayment Schedule
Equal monthly or annual payments
Decreasing monthly or annual payments
• Loan Covenants
Bank-imposed restrictions on a borrower
Financial statements
Loan use restrictions and salary limits
Equity requirements
Personal guarantees by borrower
21. 12–21
Business Suppliers and
Asset-Based Lenders
• Accounts Payable (Trade Credit)
Supplier-provided financing of inventory to a
company, which sets up an account payable for the
amount.
Short-duration financing (30 days)
Amount of credit available
depends on type of firm
and supplier’s willingness
to extend credit
22. 12–22
Business Suppliers and
Asset-Based Lenders (cont’d)
• Equipment Loan and Leases
Installment loan (mortgage on equipment) from the
seller of machinery purchased by a business.
Equipment leased from a supplier:
Frees up cash for other purposes
Leaves lines of credit open
Provides a hedge against
obsolescence
23. 12–23
Business Suppliers and
Asset-Based Lenders (cont’d)
• Asset-Based Lending
A line of credit secured by working-capital assets
Factoring
Obtaining cash by selling accounts receivable to factor at
discount to invoice value.
Factor can refuse questionable accounts.
Factor charges fees for servicing accounts and for amount
advanced to firm prior to collection.
Purchase-order financing
Lender advances the amount of the borrower’s cost of goods
sold for a specific customer order.
24. 12–24
Private Equity Investors
• Business Angels
Private individuals who invest in others’
entrepreneurial ventures.
• Informal Venture Capital
Funds provided by wealthy private individuals
(business angels) to high-risk ventures
• Formal Venture Capitalists
Form limited partnerships for the purpose of raising
venture capital from large institutional investors
The firm’s expected profits in future years
The venture capitalist’s required rate of return.
25. 12–25
The Government
• Small Business Administration (SBA) loans
The 7 (a) Guaranty Loan Program
SBA guarantees repayment of loan to lender
The Certified Development Company (CDC) 504
Loan Program
The 7(m) Microloan Program
Small Business Investment Companies (SBICs)
Small Business Innovative Research (SBIR)
26. 12–26
The Government (cont’d)
• State and Local Government Assistance
Loan guarantees help lower down payment.
Focus on enhancing specific industries or facilitating
certain community goals.
• Community-Based Financial Institutions
Lenders that provide financing to small businesses in
low-income communities for the purpose of
encouraging economic development.
27. 12–27
Where Else to Look
• Large Corporations
Provide financing and technical assistance to critical
suppliers and technology developers
• Stock Sales
Private placement
The sale of a firm’s capital stock
to selected individuals
Initial public offering (IPO)
The issuance of stock that is to be
traded in public financial markets
Places firm under SEC securities regulations
28. 12–28
Key Terms
• return on assets
• return on equity
• line of credit
• revolving credit agreement
• term loan
• chattel mortgage
• real estate mortgage
• prime rate
• LIBOR (London InterBank
Offered Rate)
• balloon payment
• loan covenants
• limited liability
• accounts payable (trade credit)
• equipment loan
• asset-based loan
• factoring
• purchase-order financing
• informal venture capital
• business angels
• informal venture capitalists
• formal venture capitalists
• 7(a) Loan Guaranty Program
• Certified Development Company
(CDC) 504 Loan Program
• 7(m) Microloan Program
• small business investment
companies (SBICs)
• Small Business Innovative
Research (SBIR) Program
• community-based financial
institution
• private placement
• initial public offering (IPO)