By David Munro (auth.)
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Extra info for A Guide to SME Financing
Can the borrower service the loan within the one-year period? If the rate of interest is 12, the equipment will cost 2,240. This leaves 700 in NIBT. Too close for comfort? If Sales are flat, the borrower will have NIBT of 2,100, not enough to service the loan. 1057/9781137373786 Analyzing and Approving Loan Applications the borrower to make a 10 down payment on the equipment from his own funds. This will leave him 1,800 to finance. Principal and interest will then come to 2,016, affordable under both a sales increase of 10 and, for that matter, without a sales increase at all.
In a succeeding chapter, we will project the financial statements one year forward to see what effect the loan will have on the borrower’s financial condition, and ensure that he has the cash flow to repay the loan. 1057/9781137373786 A Guide to SME Financing countries. This fact is indisputable, but as a banker who has fought the “lack of collateral” battles over the years, this author offers the following rationale for a cash-flow-based approach COMBINED WITH a risk mitigation strategy that should make most developing world bankers—if not happy—at least willing to entertain the risk at a (reasonable) price level.
Applicants should provide information on the following components of Operating Expenses: a. Wages; b. Rent; c. Utilities; d. Transport; e. Proprietor’s Draw; f. Advertising and Promotion; g. Legal and Accounting; h. Insurance; i. Maintenance; j. 1 We prefer to ask the proprietor to take a specific draw (a salary, in other words) as pocketing whatever is left leaves no Net Income to be reinvested in the enterprise, something the entrepreneur must be encouraged—or required—to do, as current and future borrowing will be based in part on a leverage ratio, to be explained in succeeding pages.
A Guide to SME Financing by David Munro (auth.)