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Employability and Personal Skills

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UNIT 2 P4 BUSINESS RESOURCES
Asif & Sons Ltd
EXTERNAL SOURCES OF FINANCE
External sources of finance are found outside the business, eg from creditors or banks .External sources of finance can be short term, where it has to be paid within a year or long term where it has to be paid over a period of years.
External Sources of finance for Asif & Sons will include:
BANK LOAN/ OVERDRAFT
ADDITIONAL PARTNERS
SHARE ISSUE
LEASING
HIRE PURCHASE
MORTGAGE
TRADE CREDIT
GOVERNMENT GRANTS
Bank loan is funding that is obtained from a bank for short term or long term purposes. An overdraft facility is where a bank allows a firm to take out more money than it has in its bank account.
For sole traders and partners this can be their savings. For companies, the funding invested by shareholders is called share capital.
Share issue is the stock that the company sells publicly, in order to generate capital and it can also be the stock given to insiders as part of their compensation package. The amount of shares issued can be all or part of the total amount of authorised shares of the corporation.
Hire purchase, is where monthly payments are made for use of equipment such as a car. Hired equipment is owned by the buyer after the final payment Leasing, is when monthly payments are made for use of equipment such as property. Leased equipment is rented and not owned by the buyer. A mortgage is a special type of loan for buying property, where monthly payments are spread over a number of years.
Trade credits, this where suppliers deliver goods now and are willing to wait for a number of days before payment. MARGET JOBE

Grants from charities or the government to help businesses get started, especially in areas of high unemployment. It does not have to be paid back.
MARGET JOBE
ADVANTAGES OF EXTERNAL FUNDING THROUGH:
Bank loans/ over draft: It is one of the easiest ways to get funds for a business. Interest rate is low and fixed if it is borrowed on short term.
It can be used to increase customer base or bring in a major return on investment.
DISADVANTAGES OF BANK LOAN/ OVERDRAFT ARE:
Banks expect their principal and interest payments every month, whether you make money or not. Failing to meet those requirements, will limit your borrowing power in the future and will also affect your credit rating.
Interest rates will be higher if borrowed over a long period of time.
ADVANTAGES OF ADDITIONAL PARTNERS ARE: The business is easy to establish as start up cost are low.
Because the business is funded from additional partners, it will have greater borrowing capacity.
DISADVANTAGES ARE:
There is the risk of disagreement amongst partners.
The liability of partners for the debts of the business is unlimited.
ADVANTAGES OF SHARE ISSUES ARE:
It will help in the expansion of the business.
Share issues will prevent the company from taking on debt because it will have enough money to finance its operations. DISADVANTAGES ARE:
Owners do not have full control of the business and will become accountable to its stockholders.
Shares will have to be shared amongst a lot of investors, as the original owners will lose much of the money they would otherwise have earned through revenue.
ADVANTAGES OF HIRE PURCHASE:
When a product is hire purchased, the cost is spread over a long period of time so money doesn’t have to be paid up front. This will help keep cash flow under control.
Hire purchase is a medium term funding that cannot be withdrawn if the business is making payments on time.
DISADVANTAGES OF HIRE PURCHASE:
Although leasing allows the company to avoid paying a large sum of money, it often works out very expensive over a long period of time.
Hire purchase is not a flexible option if you change your mind because there will be a huge termination fee.
ADVANTAGES OF LEASING ARE: Leased products are still owned by the leasing company, meaning they have better security over your finance. This means it’s very unlikely to need further security to be able to start a leasing contract and therefore have a much better chance of passing credit checks than with other forms of finance.
Financing with lease saves the company’s capital that can be reinvested in other projects, in order to generate more income for the business.

DISADVANTAGES OF LEASING:
There is no ownership of the property. The leasing company will continue to be the owner during and after the lease. Although leasing allows the company to avoid paying a large sum of money, it often works out very expensive over a long period of time. ADVANTAGES OF MORGAGES ARE:
Because mortgage repayments can be spread over so many years, the money paid every month is more manageable and affordable.
Interest rates on mortgages tend to lower than any form of borrowing because the loan is secured against your property.
DISADVANTAGES OF MORTGAGES ARE:
Since the mortgage is secured on the property, you could lose it if you don’t keep up with repayments.
Although the monthly amount to be payable seem reasonable, the total amount you pay over a long period of time is huge.
ADVANTAGES OF TRADE CREDITS ARE:
Businesses can buy now and pay later and even if they don’t have the money at first, they can purchase the items, sell them and make payments at the end of the month.
If a new business set up has trade credit, they will require less money in capital to start up the business.
DISADVANTAGES OF TRADE CREDITS ARE:
If repayments are not made on time, it will result in poor credit rating.
Only companies with good credit history will get trade ratings and this will make it difficult for new ones to build up their credit ratings.
ADVANTAGES OF GRANTS ARE:
It doesn’t have to be paid back and interest is not payable on it.
Control of the business is not lost even after a grant is given.
DISADVANTAGES OF GRANTS ARE:
It can be difficult to find a grant that suits your specific project.
There’s a lot of competition for grants, as so many people will be applying.
Not everyone will be eligible for a grant.
Asif & Sons will have to depend on external funding at some point, so that the company’s internal resources can be used for expansion or other projects.

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