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Sources of Finance

QuestionAnswer
Bank Overdraft allows customers to withdraw more funds from their current account than they have in the account, up to a certain limit.
Trade Credit involves buying goods on credit from creditors and paying for them later. E.g. stock
Accrued Expenses refers to expenses a business has incurred but not yet paid for. E.g. telephone, electricity
Taxation deducted from payrolls, PRSI and VAT collected on sales are paid for in arrears. The money is available for the business to use until the taxes are due for payment.
Factoring the sale of a firms debts to a financial institution.
Term Loan Negotiated with the bank and repaid in fixed instalment over an agreed period of time, usually 1-5 years.
Hire Purchase means purchasing an asset by paying an initial deposit and then paying the balance together with interest monthly by regular instalments over an agreed period of time.
Leasing renting fixed assets e.g. machinery, in return for the payment of an agreed monthly sum. Suitable for assets that become obsolete rapidly. The Hirer of the asset never becomes the owner. Rental payments can be offset against tax.
Equity share capital is provided by the owner or shareholders of the business. It does not involve repayment of interest.
Debentures Provided by financial institutions. Interest payments are tax deductible Loans are usually secured on the assets of the business.
Venture Capital Also known as Seed Capital. This is finance for business start-ups in high risk ventures.
Grants are provided by government agencies. They do not have to be repaid.They have conditions attached that must be fullfilled.
Created by: bccns business
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