This document discusses Small Business Investment Companies (SBICs) and mezzanine financing. It provides an overview of the SBIC program, noting that it has provided over $60 billion to small US companies. SBICs make investments of $3 million to $15 million in areas like acquisitions and growth financing. Mezzanine financing sits between senior debt and equity in a company's capital structure, and is commonly used for transactions like acquisitions, growth capital, and dividend recapitalizations. The document provides contact information for Joe Burkhart at Saratoga Investment Corp to discuss SBICs and mezzanine financing further.
Final international marketing presentationAfzaal Ali
This document discusses the concept of core competencies and how they contribute to competitive advantage. It provides examples of how Japanese companies like NEC identified and built upon their core competencies in technologies like semiconductors and telecommunications to grow significantly between 1980 and 1988, while American companies like GTE that did not focus on core competencies fell behind. The key lessons are that companies must identify their core competencies, invest in building them up, and use strategic architectures to guide competence acquisition and new business development in order to secure long-term competitiveness.
The OECD Corporate Governance Committee is reviewing the G20/OECD Principles of Corporate Governance. The review was launched in November 2021 and will be completed in 2023. OECD, G20 and FSB members participate in the review, as well as other countries through the Committee’s regional Roundtables (Asia, Latin America and the Middle East and North Africa).
The Terms of Reference and Roadmap agreed by the Corporate Governance Committee sets out the main priorities and timeline for the review. The review’s overall goal is to strengthen the Principles, in particular by adapting relevant elements to the post COVID-19 environment, taking into account any structural effects of the crisis on capital markets and corporate governance practices. The revised Principles will aim to strengthen corporate sector resilience through better risk management and to improve companies’ access to finance from capital markets.
In October 2021, OECD Ministers and G20 Leaders supported the Committee’s decision to review the Principles. Ministers and Leaders “recognised the importance of good corporate governance frameworks and well-functioning capital markets to support the recovery, and looked forward to the review of the G20/OECD Principles of Corporate Governance”.
A public consultation on proposed revisions to the Principles will be held in fall 2022.
This presentation discusses corporate governance in Bangladeshi companies. It introduces the group members and defines corporate governance. It then discusses the history of corporate governance in Bangladesh and relevant laws. It also examines common issues with corporate governance in Bangladesh such as ownership structures and lack of disclosure. The presentation analyzes how ownership structure relates to factors like firm performance, managerial decisions, and debt policy. It recommends improving disclosure policies and limiting family members on corporate boards.
The document provides an overview of the history and operations of General Electric (GE). It details how GE was formed through a merger in 1892 and grew to become a multinational conglomerate. It also describes some of the key people who led GE, including Thomas Edison, Jack Welch, and current CEO Jeffrey Immelt, and how their leadership and strategies transformed the company.
The document discusses the key characteristics of corporations, including separate legal existence, limited liability for stockholders, transferable ownership rights, ability to acquire capital, continuous life, government regulations, additional taxes, and corporate management. It differentiates between paid-in capital, which is the total amount of cash and assets paid in by stockholders in exchange for stock, and retained earnings, which is net income that a corporation retains for future use.
Final international marketing presentationAfzaal Ali
This document discusses the concept of core competencies and how they contribute to competitive advantage. It provides examples of how Japanese companies like NEC identified and built upon their core competencies in technologies like semiconductors and telecommunications to grow significantly between 1980 and 1988, while American companies like GTE that did not focus on core competencies fell behind. The key lessons are that companies must identify their core competencies, invest in building them up, and use strategic architectures to guide competence acquisition and new business development in order to secure long-term competitiveness.
The OECD Corporate Governance Committee is reviewing the G20/OECD Principles of Corporate Governance. The review was launched in November 2021 and will be completed in 2023. OECD, G20 and FSB members participate in the review, as well as other countries through the Committee’s regional Roundtables (Asia, Latin America and the Middle East and North Africa).
The Terms of Reference and Roadmap agreed by the Corporate Governance Committee sets out the main priorities and timeline for the review. The review’s overall goal is to strengthen the Principles, in particular by adapting relevant elements to the post COVID-19 environment, taking into account any structural effects of the crisis on capital markets and corporate governance practices. The revised Principles will aim to strengthen corporate sector resilience through better risk management and to improve companies’ access to finance from capital markets.
In October 2021, OECD Ministers and G20 Leaders supported the Committee’s decision to review the Principles. Ministers and Leaders “recognised the importance of good corporate governance frameworks and well-functioning capital markets to support the recovery, and looked forward to the review of the G20/OECD Principles of Corporate Governance”.
A public consultation on proposed revisions to the Principles will be held in fall 2022.
This presentation discusses corporate governance in Bangladeshi companies. It introduces the group members and defines corporate governance. It then discusses the history of corporate governance in Bangladesh and relevant laws. It also examines common issues with corporate governance in Bangladesh such as ownership structures and lack of disclosure. The presentation analyzes how ownership structure relates to factors like firm performance, managerial decisions, and debt policy. It recommends improving disclosure policies and limiting family members on corporate boards.
The document provides an overview of the history and operations of General Electric (GE). It details how GE was formed through a merger in 1892 and grew to become a multinational conglomerate. It also describes some of the key people who led GE, including Thomas Edison, Jack Welch, and current CEO Jeffrey Immelt, and how their leadership and strategies transformed the company.
The document discusses the key characteristics of corporations, including separate legal existence, limited liability for stockholders, transferable ownership rights, ability to acquire capital, continuous life, government regulations, additional taxes, and corporate management. It differentiates between paid-in capital, which is the total amount of cash and assets paid in by stockholders in exchange for stock, and retained earnings, which is net income that a corporation retains for future use.
The Small Business Investment Company (SBIC) Program provides capital to small businesses through private investment funds licensed by the SBA. In FY 2012, SBIC funds provided over $3 billion to more than 1,000 small businesses, a 17% increase from the previous year. SBICs manage over $18 billion in capital from private and SBA sources. The program has grown significantly in recent years while operating at zero cost to taxpayers.
SBI Magnum Balanced Fund: An Open Ended Balanced Fund - Dec 2015SBI Mutual Fund
SBI Magnum Balanced Fund invests in a mix of equity and debt investments. It provides a good investment opportunity to investors who do not wish to be completely exposed to equity markets, but are looking for relatively higher returns than those provided by debt funds. This presentation highlights the asset allocation of this fund along with its characteristics and performance. For more information about this hybrid scheme check our website page https://www.sbimf.com/Products/HybridSchemes/Magnum_Balanced_Fund.aspx
SBA Program Creates New Category of SBICs Focused on Early Stage Small Busine...Patton Boggs LLP
The SBA has created a new Early Stage SBIC Program focused on investments in early-stage small businesses. The program will provide $150 million in 2012 and $200 million each year through 2017 to license Early Stage SBICs. Early Stage SBICs can qualify for up to $50 million in leverage from the SBA. The SBA will begin accepting applications this Spring and does not have a limit on the number of funds licensed in 2012. Prospective applicants should prepare to apply under this new program.
SBI Magnum Balanced Fund: Balance Between Growth And Stability - Feb 2016SBI Mutual Fund
This document provides an overview and summary of the SBI Magnum Balanced Fund. It discusses what a balanced fund is and the characteristics of equity and debt assets. It then summarizes the objective, features, and risk profile of the SBI Magnum Balanced Fund specifically. The document also reviews the fund's past performance, asset allocation strategies, portfolio holdings, and biographies of the fund managers. Key points include that the fund aims to balance risk and return through a mix of 50-50% equity and debt allocation, with active management within asset classes to achieve growth and stability objectives.
The document discusses the Indian banking sector, including non-banking financial companies (NBFCs). It notes that robust demand, innovation in services, and policy support have contributed to growth in the sector. Some key points:
- Total banking assets in India are projected to grow from ₹90.12 trillion in FY12 to ₹1712.28 trillion in FY25, driven by rising incomes and the growing unbanked population.
- NBFCs play an important role by providing financial services to those without access to banks and by taking on higher risks than banks in sectors like infrastructure and SME financing.
- Major types of NBFCs include housing finance companies, investment companies
IDFC FIRST Bank's investor presentation for FY23 provided an overview of the bank's vision, financial highlights, approach to building the bank, background, products, and digital innovations. The key highlights included strong loan and deposit growth of 24% and 47% respectively, improved profitability with PAT of Rs. 2,437 Cr up from Rs. 145 Cr in FY22, and a focus on building a strong retail franchise guided by ethics and powered by technology. Asset quality was maintained with GNPA of 2.51% and retail NPA of 1.65%, and the bank is well capitalized for future growth.
This document provides information on financial management concepts including:
- The differences between wealth maximization and profit maximization, and the relationship between finance and accounting.
- Factors that affect capital structure such as leverage, cost of capital, cash flow projections, and dilution of control.
- The capital budgeting process including project screening, market appraisal, technical appraisal, economic appraisal, and financial appraisal.
- Concepts of working capital such as gross working capital, net working capital, permanent working capital, and temporary working capital. Determinants of working capital such as nature of business, operating cycle, and growth of the firm are also discussed.
This document discusses portfolio management and mutual fund analysis for SBI Group. It provides an overview of the project objectives, which were to understand the role of banks in investment solutions, compare different investment options available at SBI Group, and create an ideal portfolio. It also provides background on SBI Group as one of the largest mutual funds in India with over 3.8 million investors. The document outlines the research methodology used and discusses findings from analyzing different mutual fund schemes to select an ideal portfolio.
1) The document discusses a study on the risk-return profile of mutual funds in India, specifically looking at funds offered by SBI Mutual Fund.
2) It analyzes 10 SBI mutual fund schemes using various risk metrics like beta, Sharpe ratio, Treynor ratio, and Jensen ratio to evaluate their performance over 5 years.
3) The results show that SBI Focused Equity Fund had the lowest risk as measured by beta and highest returns as measured by Sharpe, Treynor, and Jensen ratios, indicating it performed better than other funds in managing risk and return.
Nonprofit Executives and their boards often wonder if their investment policies are lacking. Through his work on the Study on Nonprofit Investing (SONI), Dennis Gogarty of Raffa Wealth Management has developed an easy-to-follow investment policy framework which will assist nonprofits in developing or strengthening their organization’s policy and procedures.
The document discusses issues facing India's financial system including high non-performing assets, declining credit growth and profitability, and increasing bad loans. It outlines several signs of risk, including recent leadership changes at large private banks and over a dozen public sector banks being classified as potentially weak. Solutions proposed include mergers of public sector banks, giving banks more freedom over lending, and privatizing some banks. The document also covers new risks emerging in retail banking, MSME lending, and from government loan programs, as well as steps regulators are taking to strengthen oversight of non-banking financial companies.
What is a Business Development Company (BDC)dcalaway
The document discusses ABC Corporation becoming a Business Development Company (BDC) to fund future growth. It provides an overview of what a BDC is, the benefits to investors and portfolio companies, how BDC's invest and are regulated, tax treatment, valuation of assets, management structures, and industry trends. Recent trends show the BDC model has proven resilient with dividend payments resuming and stock prices increasing for many companies.
SBI Magnum Balanced Fund: Balance Between Growth And Stability - Jan 2016SBI Mutual Fund
SBI Magnum Balanced Fund invests in a mix of equity and debt investments. It aims to balance the risk & return of the portfolio by investing in more than one asset class.Equity funds provide capital appreciation and generate returns above inflation. Debt funds provide stability and generate consistent income. Balanced fund aims at striking a balance between both. For more information about this hybrid scheme check our website page https://www.sbimf.com/Products/HybridSchemes/Magnum_Balanced_Fund.aspx
The document discusses a debt syndication project for Sumedha Fiscal Services Limited. It provides an introduction to debt syndication and outlines the objectives, scope, methodology, and limitations of the project. It also includes analysis of the financial services industry and company profile. Key points analyzed include the project cost, bank financing structure, loan repayment terms, and debt service coverage ratios. The review of literature covers past research on benefits of syndication and loan pricing structures.
2016-10-27 A Framework for Strengthening Your Nonprofits Investment Reserve P...Raffa Learning Community
This document summarizes the results of a survey of 722 nonprofit finance executives about their organization's investment policies and results. It finds that nonprofit investment policies often do not fully align with strategic plans or asset allocation strategies. Additionally, many nonprofits do not have clear expectations around investment performance benchmarks and risk tolerances. The document recommends that nonprofits review their policies to ensure goals, governance, reporting, policy components, and key considerations are addressed when evaluating investment strategies.
2017-01-25 A Framework for Strengthening Your Nonprofit’s Investment Reserve ...Raffa Learning Community
Nonprofit Executives and their Boards know they must periodically review reserve or investment policies. They don’t always know, however, what’s involved. Through his work on the Study on Nonprofit Investing (SONI), Dennis Gogarty of Raffa Wealth Management has developed an easy-to-follow investment policy framework which will assist nonprofits in developing or strengthening their organization’s policy and procedures.
This document provides information about a project report on portfolio management and mutual fund analysis conducted for SBI Mutual Fund & Securities Ltd. It includes the company profile of SBI Mutual Fund, which is one of the largest mutual funds in India. It also lists the objectives of the study, which were to understand portfolio management and mutual funds, compare and evaluate the performance of different equity fund schemes, identify outperformers and laggards, and create an ideal portfolio. The document further includes details about SBI Mutual Fund's products and schemes, awards received, risk management team, and key personnel.
This document is a study on the deposit and investment products of Islami Bank Bangladesh Limited (IBBL) presented by Mohammed Wasiful Alam Fahim to his lecturer Iffat Ishrat Khan. The study analyzes IBBL's banking system and techniques according to Islamic principles. It provides an overview of IBBL, including its mission to establish equitable banking and encourage socio-economic development. It also outlines IBBL's deposit products like Al-Wadeah and Mudaraba accounts, and investment modes including Mudaraba, Musharaka, and Bai-based contracts. Finally, it discusses IBBL's contribution to sectors of the Bangladeshi economy and concludes that IBBL is a fast-growing bank
The document discusses options for debt and equity finance in the South West region. It begins with an introduction to the speakers and their backgrounds. Richard Davis then discusses various debt financing options available from Lloyds TSB Commercial such as overdrafts, term loans, and the Enterprise Finance Guarantee Scheme. Bruce Colley then presents on alternative funding sources to fill the gap between traditional bank lending and equity finance. He discusses the current lending context and median interest rates.
The document is a private placement memorandum from Everyday Capital LLC describing the company and its real estate investment offering. Some key points:
- Everyday Capital LLC is a newly formed Delaware LLC that will raise and manage capital to invest in real estate secured notes, real estate assets, and bridge loans.
- The minimum offering is for 1,000 Class A membership units at $1,000 per unit, with a maximum of 50,000 units. Class A units will receive a 5% preferred return distribution annually.
- The management team has over 15 years of experience investing over $2 million of its own capital in real estate transactions in multiple states.
- The company will focus investments on lending to
The Small Business Investment Company (SBIC) Program provides capital to small businesses through private investment funds licensed by the SBA. In FY 2012, SBIC funds provided over $3 billion to more than 1,000 small businesses, a 17% increase from the previous year. SBICs manage over $18 billion in capital from private and SBA sources. The program has grown significantly in recent years while operating at zero cost to taxpayers.
SBI Magnum Balanced Fund: An Open Ended Balanced Fund - Dec 2015SBI Mutual Fund
SBI Magnum Balanced Fund invests in a mix of equity and debt investments. It provides a good investment opportunity to investors who do not wish to be completely exposed to equity markets, but are looking for relatively higher returns than those provided by debt funds. This presentation highlights the asset allocation of this fund along with its characteristics and performance. For more information about this hybrid scheme check our website page https://www.sbimf.com/Products/HybridSchemes/Magnum_Balanced_Fund.aspx
SBA Program Creates New Category of SBICs Focused on Early Stage Small Busine...Patton Boggs LLP
The SBA has created a new Early Stage SBIC Program focused on investments in early-stage small businesses. The program will provide $150 million in 2012 and $200 million each year through 2017 to license Early Stage SBICs. Early Stage SBICs can qualify for up to $50 million in leverage from the SBA. The SBA will begin accepting applications this Spring and does not have a limit on the number of funds licensed in 2012. Prospective applicants should prepare to apply under this new program.
SBI Magnum Balanced Fund: Balance Between Growth And Stability - Feb 2016SBI Mutual Fund
This document provides an overview and summary of the SBI Magnum Balanced Fund. It discusses what a balanced fund is and the characteristics of equity and debt assets. It then summarizes the objective, features, and risk profile of the SBI Magnum Balanced Fund specifically. The document also reviews the fund's past performance, asset allocation strategies, portfolio holdings, and biographies of the fund managers. Key points include that the fund aims to balance risk and return through a mix of 50-50% equity and debt allocation, with active management within asset classes to achieve growth and stability objectives.
The document discusses the Indian banking sector, including non-banking financial companies (NBFCs). It notes that robust demand, innovation in services, and policy support have contributed to growth in the sector. Some key points:
- Total banking assets in India are projected to grow from ₹90.12 trillion in FY12 to ₹1712.28 trillion in FY25, driven by rising incomes and the growing unbanked population.
- NBFCs play an important role by providing financial services to those without access to banks and by taking on higher risks than banks in sectors like infrastructure and SME financing.
- Major types of NBFCs include housing finance companies, investment companies
IDFC FIRST Bank's investor presentation for FY23 provided an overview of the bank's vision, financial highlights, approach to building the bank, background, products, and digital innovations. The key highlights included strong loan and deposit growth of 24% and 47% respectively, improved profitability with PAT of Rs. 2,437 Cr up from Rs. 145 Cr in FY22, and a focus on building a strong retail franchise guided by ethics and powered by technology. Asset quality was maintained with GNPA of 2.51% and retail NPA of 1.65%, and the bank is well capitalized for future growth.
This document provides information on financial management concepts including:
- The differences between wealth maximization and profit maximization, and the relationship between finance and accounting.
- Factors that affect capital structure such as leverage, cost of capital, cash flow projections, and dilution of control.
- The capital budgeting process including project screening, market appraisal, technical appraisal, economic appraisal, and financial appraisal.
- Concepts of working capital such as gross working capital, net working capital, permanent working capital, and temporary working capital. Determinants of working capital such as nature of business, operating cycle, and growth of the firm are also discussed.
This document discusses portfolio management and mutual fund analysis for SBI Group. It provides an overview of the project objectives, which were to understand the role of banks in investment solutions, compare different investment options available at SBI Group, and create an ideal portfolio. It also provides background on SBI Group as one of the largest mutual funds in India with over 3.8 million investors. The document outlines the research methodology used and discusses findings from analyzing different mutual fund schemes to select an ideal portfolio.
1) The document discusses a study on the risk-return profile of mutual funds in India, specifically looking at funds offered by SBI Mutual Fund.
2) It analyzes 10 SBI mutual fund schemes using various risk metrics like beta, Sharpe ratio, Treynor ratio, and Jensen ratio to evaluate their performance over 5 years.
3) The results show that SBI Focused Equity Fund had the lowest risk as measured by beta and highest returns as measured by Sharpe, Treynor, and Jensen ratios, indicating it performed better than other funds in managing risk and return.
Nonprofit Executives and their boards often wonder if their investment policies are lacking. Through his work on the Study on Nonprofit Investing (SONI), Dennis Gogarty of Raffa Wealth Management has developed an easy-to-follow investment policy framework which will assist nonprofits in developing or strengthening their organization’s policy and procedures.
The document discusses issues facing India's financial system including high non-performing assets, declining credit growth and profitability, and increasing bad loans. It outlines several signs of risk, including recent leadership changes at large private banks and over a dozen public sector banks being classified as potentially weak. Solutions proposed include mergers of public sector banks, giving banks more freedom over lending, and privatizing some banks. The document also covers new risks emerging in retail banking, MSME lending, and from government loan programs, as well as steps regulators are taking to strengthen oversight of non-banking financial companies.
What is a Business Development Company (BDC)dcalaway
The document discusses ABC Corporation becoming a Business Development Company (BDC) to fund future growth. It provides an overview of what a BDC is, the benefits to investors and portfolio companies, how BDC's invest and are regulated, tax treatment, valuation of assets, management structures, and industry trends. Recent trends show the BDC model has proven resilient with dividend payments resuming and stock prices increasing for many companies.
SBI Magnum Balanced Fund: Balance Between Growth And Stability - Jan 2016SBI Mutual Fund
SBI Magnum Balanced Fund invests in a mix of equity and debt investments. It aims to balance the risk & return of the portfolio by investing in more than one asset class.Equity funds provide capital appreciation and generate returns above inflation. Debt funds provide stability and generate consistent income. Balanced fund aims at striking a balance between both. For more information about this hybrid scheme check our website page https://www.sbimf.com/Products/HybridSchemes/Magnum_Balanced_Fund.aspx
The document discusses a debt syndication project for Sumedha Fiscal Services Limited. It provides an introduction to debt syndication and outlines the objectives, scope, methodology, and limitations of the project. It also includes analysis of the financial services industry and company profile. Key points analyzed include the project cost, bank financing structure, loan repayment terms, and debt service coverage ratios. The review of literature covers past research on benefits of syndication and loan pricing structures.
2016-10-27 A Framework for Strengthening Your Nonprofits Investment Reserve P...Raffa Learning Community
This document summarizes the results of a survey of 722 nonprofit finance executives about their organization's investment policies and results. It finds that nonprofit investment policies often do not fully align with strategic plans or asset allocation strategies. Additionally, many nonprofits do not have clear expectations around investment performance benchmarks and risk tolerances. The document recommends that nonprofits review their policies to ensure goals, governance, reporting, policy components, and key considerations are addressed when evaluating investment strategies.
2017-01-25 A Framework for Strengthening Your Nonprofit’s Investment Reserve ...Raffa Learning Community
Nonprofit Executives and their Boards know they must periodically review reserve or investment policies. They don’t always know, however, what’s involved. Through his work on the Study on Nonprofit Investing (SONI), Dennis Gogarty of Raffa Wealth Management has developed an easy-to-follow investment policy framework which will assist nonprofits in developing or strengthening their organization’s policy and procedures.
This document provides information about a project report on portfolio management and mutual fund analysis conducted for SBI Mutual Fund & Securities Ltd. It includes the company profile of SBI Mutual Fund, which is one of the largest mutual funds in India. It also lists the objectives of the study, which were to understand portfolio management and mutual funds, compare and evaluate the performance of different equity fund schemes, identify outperformers and laggards, and create an ideal portfolio. The document further includes details about SBI Mutual Fund's products and schemes, awards received, risk management team, and key personnel.
This document is a study on the deposit and investment products of Islami Bank Bangladesh Limited (IBBL) presented by Mohammed Wasiful Alam Fahim to his lecturer Iffat Ishrat Khan. The study analyzes IBBL's banking system and techniques according to Islamic principles. It provides an overview of IBBL, including its mission to establish equitable banking and encourage socio-economic development. It also outlines IBBL's deposit products like Al-Wadeah and Mudaraba accounts, and investment modes including Mudaraba, Musharaka, and Bai-based contracts. Finally, it discusses IBBL's contribution to sectors of the Bangladeshi economy and concludes that IBBL is a fast-growing bank
The document discusses options for debt and equity finance in the South West region. It begins with an introduction to the speakers and their backgrounds. Richard Davis then discusses various debt financing options available from Lloyds TSB Commercial such as overdrafts, term loans, and the Enterprise Finance Guarantee Scheme. Bruce Colley then presents on alternative funding sources to fill the gap between traditional bank lending and equity finance. He discusses the current lending context and median interest rates.
The document is a private placement memorandum from Everyday Capital LLC describing the company and its real estate investment offering. Some key points:
- Everyday Capital LLC is a newly formed Delaware LLC that will raise and manage capital to invest in real estate secured notes, real estate assets, and bridge loans.
- The minimum offering is for 1,000 Class A membership units at $1,000 per unit, with a maximum of 50,000 units. Class A units will receive a 5% preferred return distribution annually.
- The management team has over 15 years of experience investing over $2 million of its own capital in real estate transactions in multiple states.
- The company will focus investments on lending to
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
1. The ABCs of SBICs
Why SBICs Can Make Great Investment Partners
January 17th 2013
17th,
2. Saratoga Investment Corp.
Saratoga Investment Corp. is a publicly traded (NYSE: SAR) business development
company (BDC). We provide customized financing solutions for middle market companies
located in the United States. Our investment professionals have a combined 80+ years of
States
experience investing over $4 billion in middle market businesses.
We typically make $3 million to $15 million investments in:
Leveraged & Management Buyouts | Recapitalizations | Growth Financings
Acquisition Financings | Transitional Financings
Joe Burkhart is a Managing Director and leads Saratoga’s new business efforts.
Previously, he was the Director of Business Development for American
Capital’s Private Equity Group. Prior to joining American Capital, Mr.
p q y p j g p ,
Burkhart was Managing Director at EJF Capital a $3 billion hedge fund focused
on credit strategies. Mr. Burkhart began his career at Allied Capital
Corporation. Mr. Burkhart has a bachelor’s degree in accounting from the
University of Notre Dame and an MBA from the Darden Graduate School of
y
Business Administration at the University of Virginia.
1
3. Overview of SBIC Program
Small Business Investment Company (SBIC) Program
• Multi-billion dollar investment program created in 1958 and
administered by the Small Business Administration (SBA)
• Mission is to bridge the gap between business owners’ need for
capital and the lack of traditional sources of financing
• SBICs operate as a public-private partnership
– Government does not directly invest in small businesses, but provides
SBA-guaranteed leverage to privately owned and managed investment
funds
– Funds make loans and investments into qualifying small businesses
– These funds are licensed by the SBA and are subject to their legal
authority to ensure they operate in compliance with SBIC Program rules
and regulations
2
4. SBIC Overview
SBIC Basics
• The SBIC offers qualified funds
leverage of up to two times investors'
capital commitment at very competitive
interest rates
• SBIC program has provided over $60
billion of long-term debt and equity
capital to more than 107,000 small U.S.
companies
• “The SBA's program is rigorous and
so, for many investors, has an added
benefit of another layer of diligence
la er
analysis.” Mario Giannini, CEO
Hamilton Lane (Pension & Investments
November 26, 2012)
3
5. SBIC Overview
The SBA relies on the sound judgment of SBIC fund managers to identify promising
small businesses. The SBA plays no role in the investment decision-making process of
its licensees. However, SBICs are subject to certain restrictions to ensure their financing
However
goes to the kinds of companies the program is designed to assist.
SBICs may . . . SBICs may not . . .
• Invest in small businesses using loans, debt • Invest in companies with more than $6mm
with equity features or straight equity in Net Income
• Invest in small businesses located in the U.S. • Invest in companies with less than $18mm
or its territories in Tangible Book Value
g
• Invest in small businesses in a variety of • Invest an amount greater than 30% of their
sectors, such as manufacturing and Regulatory Capital in any one business
consumer goods • Invest in businesses with more than 49% of
their employees located abroad
• Invest in project finance, real estate,
financial intermediaries or sectors deemed
contrary to the public interest
• Control small businesses for more than
seven years without SBA approval
4
6. SBIC Program Highlights
• In FY 2012, SBICs provided $3.1 billion in financing to over 1,000 small
businesses, a 17% increase from FY 2011 and an 83% increase from FY2010
• SBA estimates these financings created or sustained over 65,000 jobs
• SBA approved $1.9 billion in SBA-guaranteed leverage commitments to
SBICs, a 65% increase over commitments issued in FY 2010 and an 87%
increase over commitments issued in FY 2008
• Private and SBA capital under active management reached over $18 billion,
distributed across 301 operating SBICs
p g
• SBA licensed 30 new SBICs in 2012 that have raised approximately $1 billion
in private capital
• The Trust Certificate rate for debentures reached 2.245%, the lowest cost
of capital in over a decade
• The SBIC debenture program has historically operated at zero cost to
ta paye s
taxpayers
5
17. What is Mezzanine Financing?
Mezzanine financing is the portion of a company’s capital that sits
between senior debt and common equity in the form of
subordinated debt, preferred equity, or some combination of these
two securities. While mezzanine financing can be structured in a
number
n mber of ways, common characteristics incl de
a s include:
• Subordinate to senior debt in terms of payment priority and
senior to common equity
q y
• Unlike bank loans, junior capital is typically unsecured and
commands a higher yield than senior debt
• Limited fixed principal amortization
• A portion of the return is fixed making this type of security less
dilutive than common equity.
equity
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19. Common Uses of SBIC Mezzanine Financing
Shareholder Liquidity
The owner agrees to sell a portion of the business to other existing shareholders. The company
borrows a combination of senior debt and mezzanine capital. The proceeds are used to buy out the
selling shareholder at a fair market value, providing other shareholders with controlling interest
value interest.
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20. Common Uses of SBIC Mezzanine Financing
• Acquisition Financing
• Growth Capital
• Dividend Recapitalizations
• Support P i
S Private Equity firms when making an acquisition
E i fi h ki iii
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21. Considerations when Seeking SBIC Mezzanine Financing
Certain business or transaction characteristics that make it difficult
to utilize mezzanine financing include:
• High customer concentration
• Capital expenditure intensive business
• Lack of management
• Commodity-like products or services
Commodity like
• Cyclicality resulting in volatile cash flow
• Total debt exceeding 60% – 65% of the market value of the
company
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22. Resources
Visit my LinkedIn profile for more information . . .
www.linkedin.com/in/josephsburkhart/
SBA Annual Report SRR Mezz Overview SAR Overview
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23. Contact Information
Joe Burkhart
Managing Director
Saratoga Investment Corp.
S t I t tC
535 Madison Avenue, Fourth Floor
New York, NY 10022
Tel: 212.906.7840
jburkhart@saratogainvestmentcorp.com
http://www.saratogainvestmentcorp.com
p // g p
http://www.linkedin.com/in/josephsburkhart
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