Kostochko Anastasia student of the Faculty of Finance and Economics

Annotation. The article examines the sources of financing the company's activities, identifies the main manifestations of the role of credit, under the influence of specific economic conditions. Conducted comparative analysis debt burden between Russia and the USA. The results of a study of factors influencing the volume of loans issued to the private sector in relation to GDP in Russia for 2005-2015 are reflected. A comparative analysis of the advantages and disadvantages of credit as a source of financing was carried out economic activity companies with the issue of shares.

Key words: sources of financing the company's activities; issue of shares, loan; the role of credit; debt load; factors influencing lending volumes.

Keywords: sources of company's funding; issue of shares; the credit; the role of the credit; debt burden; factors affecting the volume of lending.

When asking a question about the role of credit, it is worth initially noting that it has an objective nature, as it is determined by its essence. At the same time, specific economic conditions have a significant impact on the degree and nature of the implementation of this objective role of credit - the results of its use in the reproduction process. This allows us to state the fact that the role of credit, as well as the scope of its application, are not constant or stable. On the contrary, with changes economic environment There are also changes in the role of credit and the scope of its application in the country. Since awareness of this aspect will allow us to correctly understand the further thought, correctly defining the role of credit, we need to verify the veracity of the thesis put forward, so we will dwell on it in a little more detail.

For example, in the conditions of the functioning of full-fledged money, the role of credit in the sphere of cash circulation was less significant than in the functioning of fiat money. precious metals banknotes. This is due to the conditions for the functioning of full-fledged money, under which changes in the mass of money are practically not associated with the use of credit. Thus, the decrease in the mass of full-fledged money in the sphere of circulation is accompanied by its transformation into treasure and occurs practically without the participation of credit. On the contrary, an increase in the mass of money in circulation can occur from a treasure, but also without the participation of credit.

The opposite picture can be observed when inferior ones are used in circulation. banknotes. An increase/decrease in their mass in circulation with the participation of credit occurs in connection with the implementation of credit operations by banks, which have a “special role in the economy, ... as well as in budget system» .

It is also important to note how the role of credit is influenced by the specific type economic system. After all, Russia is now gradually, through trial and error, moving from a planned-administrative type of economic system, where the role of credit, in fact, was manifested in the automatic nature of lending. Credit redistribution often played an anti-stimulative role, because it was carried out without taking into account the creditworthiness of business entities and was used to cover the losses of inefficiently operating industries at the expense of well-functioning enterprises. The principle of loan repayment was not always observed. This lending practice, which did not take into account or even contradicted the essential properties of credit, developed under the influence of the planning and administrative type of economic system, making this instrument ineffective. But in recent decades, Russia has been moving away from this type. In this connection, this issue is incredibly relevant and topical, since the role of credit in the conditions market economy is completely opposite, its correct definition will allow Russia to successfully implement the long-awaited transition to market type management, where the role of credit is to develop and improve the efficiency of the production process of business entities, which leads to economic growth.

A manufacturing company, like any other business entity, has several sources of financing its activities, which are presented in Figure 1.

A loan is borrowed funds that are an external source of financing the activities of an organization.

Systematizing the literature studied, I provide a list of the main manifestations of the role of credit:

The role of credit in promoting the continuity of the reproduction process and accelerating capital turnover. Loans satisfy temporary discrepancies between current cash receipts and expenses of enterprises. As a result, repeated delays in the reproduction process are overcome and uninterrupted and accelerated production is ensured. This role of credit is especially important during seasonal production and sales of certain types of products. Thus, while contributing to the continuity of the reproduction process, credit is at the same time a factor in its acceleration. Of course, a loan cannot directly affect the reduction in the production time of goods, since it has objective limits determined by non-economic factors, in particular production technology. Its impact on accelerating the reproduction process is expressed in reducing the time spent on changing the functional forms of a product, which ultimately increases the rate of turnover of funds.

The role of credit in expanding production. At the same time, a loan can be used as a source of funds to increase fixed assets - buildings, structures, purchase of equipment, etc. In this case, it increases the ability of enterprises to create new fixed assets necessary for the development of production. In addition, the use of a loan as a source of funds for capital investments allows for more consistent monitoring of the effectiveness of such costs by determining the possibility of repaying loans from the profits from the activities carried out and establishing loan repayment periods within the payback period of the activities being financed.

The stimulating role of credit. Credit relationships that involve the return of temporarily borrowed value with an increment in the form of interest encourage the borrower to use the loan more rationally and to conduct housekeeping more rationally when receiving a loan. The repayment of funds inherent in credit relations, combined with the collection of fees for the use of funds, increases the interest in saving on the amount of funds raised and the timing of their use.

Lending as a factor in the development of innovation. The loan not only encourages the expansion of production, but also forces the borrower to carry out innovations in the form of implementation in production scientific developments and new technologies. In general, credit relations accelerate scientific and technological progress.

Having familiarized ourselves with the theoretical side of this issue, let’s turn to the numbers. Let’s compare the share of the volume of loans issued in GDP in Russia with the volume of lending in the United States. When choosing a country for comparison, we are not guided by which state is closer to us economic development, for example, Brazil, but in which country we are experiencing successful, stable economic growth. In addition, America is our main competitor on the world stage, we need to know the strengths and weak sides opponent.

Figure 1. Data on the volume of domestic loans provided to the private sector.

In the graph we see a slight increase in the share of loans issued to the private sector in Russia's GDP from 31% in 2006 to 56% in 2015, while in America this indicator has a stable condition for 11 years around the 200% mark, which is almost 4 times higher than in our country.

To understand why we have such a share of the volume of issued loans in the country in relation to GDP, we will use an econometric research tool - multiple regression.

- Deposit interest rate (%) - interest rate on deposits (explanatory variable xl);
- Lending interest rate (%) - interest rate on loans (explanatory variable x2);
- Interest rate spread (lending rate minus deposit rate, %) - the difference between the interest rate on the loan and deposit (explanatory variable x2);
- Domestic credit to private sector (% of GDP) - volumes of domestic loans provided to the private sector in relation to GDP (dependent variable y is a performance indicator).

By constructing a regression equation based on the stated data array, the following equation was obtained:

y = 36.02 + 8.76*x1 - 3.97*x2 + 0*x1

It is worth noting that Rnabl is greater than Rcrit, this Fisher statistic indicates to us that the equation is significant.

The coefficients in front of the explanatory variables tell us how, on average, the value of the resulting characteristic will change if the corresponding factor characteristic increases by one with fixed values of all other factors. In the resulting equation, y = 36.02 + 8.76*x1 - 3.97*x2 + 0*x1, the regression coefficient of 8.76 means that an increase in deposit interest by one point on average leads to an increase in the share of loans by 8.76 %, provided that other factors do not change. Regression coefficient -

3.97 with the second factor means that an increase in the interest rate on a loan by one point leads on average to a decrease in the share of loans by
3.97% provided that other variables remain unchanged. A regression coefficient of 0 for the third factor means that an increase in the difference between the interest rate on a loan and a deposit by one point does not lead to any changes, provided that other variables do not change.

From which we conclude that the interest rate on deposits has the greatest impact on the volume of domestic loans provided to the private sector in relation to GDP.

Next, we will conduct a correlation analysis of the data array in order to find out the degree of connection between the two variables “x” and “y”. The linear correlation coefficient r xy takes values from -1 to +1. If the correlation coefficient is negative, this means that there is an opposite relationship: the higher the value of one variable, the lower the value of the other. The strength of the connection is also characterized by the absolute value of the correlation coefficient. To verbally describe the value of the correlation coefficient, the following gradations are used:

The sign of the correlation coefficient coincides with the sign of the regression coefficient and determines the slope of the regression line, i.e. general direction of dependence (increasing or decreasing). The absolute value of the correlation coefficient is determined by the degree of proximity of the points to the regression line. Having carried out a correlation analysis, the following data were obtained, see Fig. 2.

Figure 2. Data correlation analysis

From which we can draw the following conclusion that the strongest connection is between the variable x1 and y (the interest rate on deposits and the volume of loans to GDP). The connection between x2 (interest rate on loans) and y is weak. And there is practically no difference between x3 (the difference between the interest rate on a loan and a deposit) and y. Which reinforces what was said above.

However, lending is not the only instrument for the redistribution of free Money, an alternative option is securities, which also allow you to mobilize free funds and provide the company with the opportunity to ensure the continuity of the reproduction process, accelerate the turnover of capital, and also expand its production by increasing fixed assets. As a result, the question quite logically arises: what instrument is better for a company to use to finance its activities? To answer this question, let’s analyze the advantages and disadvantages of both the loan and valuable papers see Table 1 and 2.

Table 1. Advantages and disadvantages of credit as a source of financing activities.

Table 2. Advantages and disadvantages of issuing shares as a source of financing activities.

Based on the above, the following conclusions can be drawn:

The role of credit in economic development is:

- ensuring the continuity of capital circulation, which is achieved through regular sales finished goods and presupposes active commercial lending, availability of bank lending for entrepreneurs, the presence of a sufficiently developed consumer loan. It is also important to timely purchase raw materials, materials, and update fixed capital. This becomes possible by obtaining a commercial or bank loan;
- accelerating the concentration and centralization of capital, which is a necessary condition for economic growth and stable development, and allows expanding the boundaries of individual accumulation. Using a loan can significantly reduce the time to expand the scale of production, update products and increase production and labor efficiency. Large companies have undeniable advantages in lending, in the size, timing of the loan and in the percentage for its use. These advantages play a significant role in competition and lead to the absorption of small businesses by larger ones;
- helps reduce distribution costs. Commercial lending allows you to speed up the process of selling goods and reduce distribution costs. The loan allows you to reduce the unit costs of storing inventory by expanding trade turnover and sales of goods.

Literature

1. Didenko V.Yu. Strategic management based on key indicators financial activities organizations. Strategic management of organizations in a changing world is a collection of scientific papers of the All-Russian scientific and practical conference with international participation. Peter the Great St. Petersburg Polytechnic University. Department of Strategic Management. Responsible for the release: A.N. Burmistrov. 2015. pp. 94-95.
2. Morkovkin D.E. Funding challenges and priorities innovative development real sector Economics // Bulletin of the Financial University. - 2015. - No. 6 (90). - P. 39-49.
3. Morozko N.I. Specifics tax administration banking// Taxes and taxation. 2011. No. 12. p. 24.

Morozko N.I. Specifics of tax administration of banking activities // Taxes and taxation. 2011. No. 12. p. 24. Compiled by the author
Compiled from data from The World Bank, data.worldbank.org/

Short description

An invention such as credit is the most incredible creation of man, naturally, after money. If there were no credit, we would spend a lot of time on various types of satisfaction. human needs. The borrowing company has the opportunity to increase its assets (resources) through their additional attraction. Using a loan, absolutely anyone has the opportunity to expand their business or business, or to speed up the opportunity to quickly get into use things, objects, and valuables that they could only receive in the future if there were no loan.

INTRODUCTION
1 BANK LOAN, ITS NEED AND ROLE IN THE ACTIVITY OF THE ENTERPRISE
1.1 The essence of a bank loan, the need to attract it

2. ANALYSIS OF ATTRACTION AND USE OF BANK CREDIT BY THE ENTERPRISE.
2.1 Analysis of the effectiveness of using a bank loan.
2.2 Problems of bank lending to business entities and ways to solve them
2.3 Ways to increase the efficiency of use of a bank loan by an enterprise
Conclusion

Attached files: 1 file

INTRODUCTION

1 BANK LOAN, ITS NEED AND ROLE IN THE ACTIVITY OF THE ENTERPRISE

1.1 The essence of a bank loan, the need to attract it

1.2 Assessing the creditworthiness of an enterprise

2. ANALYSIS OF ATTRACTION AND USE OF BANK CREDIT BY THE ENTERPRISE.

2.1 Analysis of the effectiveness of using a bank loan.

2.2 Problems of bank lending to business entities and ways to solve them

2.3 Ways to increase the efficiency of use of a bank loan by an enterprise

Conclusion

List of used literature

Applications

INTRODUCTION

An invention such as credit is the most incredible creation of man, naturally, after money. If there were no credit, we would spend a huge amount of time satisfying various kinds of human needs. The borrowing company has the opportunity to increase its assets (resources) through their additional attraction. Using a loan, absolutely anyone has the opportunity to expand their business or business, or to speed up the opportunity to quickly get into use things, objects, and valuables that they could only receive in the future if there were no loan.

An enterprise always needs to develop very quickly when it has the opportunity to supply an attractive, competitive product or some kind of profitable service to the market. Without extensive growth, it is almost impossible for an enterprise to take a leading position in the market. Therefore, those companies that, due to their distrust or simply other reasons, do not use borrowed funds to develop their business, may simply lose time, and someone will take their position much faster. And as a result, when time delay is undesirable for enterprises in the current economy, the company loses its position and it becomes much more difficult for it to compete with another company or enterprise that has strengthened and taken advantage of the current situation in the economy and used all the opportunities for its growth.

Today, no matter how sad it may sound, most domestic companies still continue to rely on their own strengths, without borrowing funds, when sometimes this is an excellent opportunity to increase the economic growth rate of the enterprise.

I would like to note that borrowed funds are primarily necessary to finance small or growing enterprises, when the growth rate lags behind the rate of provision of their own resources, for the development of new types of products, improvement of production, purchase of some other type of business, etc. Borrowed funds are raised for financing working capital due to processes such as inflation or due to insufficient working capital.

Debt capital is everything borrowed sources which together bring profit to the company. One of the sources of formation of borrowed capital is a bank loan, the problems of attracting and using which will be discussed in this work.

Today, the role of credits and loans has increased dramatically. Especially the role of loans is of great importance at the stage of formation of an enterprise, when an enterprise uses borrowed funds, investing them for the future, that is, pours them into long-term investments in order to create new property.

Short-term loans are needed by an enterprise to speed up the turnover of funds and help maintain an optimal level of working capital.

In the current conditions of the global financial crisis enterprises must carefully select instruments for attracting borrowed capital and their parameters, that is, learn to manage borrowed capital to solve assigned problems in difficult conditions. The relevance of my course work is that it to some extent allows us to present a picture in which effective management of borrowed capital in the capital structure of an enterprise can provide additional income to its business turnover and increase

profitability of the production process itself, increase the market value of the enterprise.

The purpose of my course work is to study the very concept of a bank loan, and to consider the principle of financing an enterprise through a bank loan. In accordance with the goal, the following objectives of the course work were formulated:

Study the concept and essence of a bank loan, its necessity and role in the activities of the enterprise;

Study the creditworthiness of business entities;

Study the concept of the effect of financial leverage in analyzing the efficiency of using a bank loan;

Assess the creditworthiness of an enterprise based on an analysis of financial ratios;

Study the problems of using and ways to improve the efficiency of bank credit.

1 Bank loan, its necessity and role in the activities of the enterprise

1.1 The essence of a bank loan, the need to attract it

Bank loan- the main form of credit. This means that it is banks that most often provide their loans to entities in need of temporary financial assistance. This is a monetary form of credit that arises when funds are transferred into debt on terms of urgency, repayment, and payment. The circulation of funds allows you to mobilize temporarily released funds and at the same time redistribute them in favor of those who need them. The bank undertakes this issue, since free funds are deposited in bank accounts, and the bank has information about how these resources can be used.

Bank loan 1 represents the movement of loan capital lent by banks for a fee for temporary use. He expresses economic relations between lenders (banks) and lending entities (borrowers), which can be legal entities and individuals. Legal entities of other states - non-residents of the Russian Federation, apply the same rules in relation to loans and bear the same duties and responsibilities as legal entities of the Russian Federation, unless otherwise provided by law.

Bank credit can operate within a national framework and in the form of an international loan. It is provided with the conclusion of a loan agreement for each borrower individually, so that

the risk level of the credit transaction was minimal. Loan agreement –

This legal document regulating the relationship between the bank and the borrower 3 when issuing a loan, defining the mutual rights and obligations of the parties.

A bank loan can be direct or indirect. Direct credit relationships (borrower bank) are predominant. Indirect bank lending is used more limitedly, i.e. providing a loan to a borrower through an intermediary, e.g. trade organization, pawn shops, etc.

Short term,

Medium term,

Long-term;

Taking into account their directions by economic sectors:

Credit investments in industry, Agriculture, trade, construction, etc.;

The objects are distinguished:

Loans for costs associated with the creation and increase of current and non-current (long-term) assets;

Consumer needs of the population.

Depending 4 on the form of provision, there are one-time loans and loans issued according to line of credit. From the point of view of the provision technique, we can distinguish consortium, bill of exchange, pawnshop, acceptance, cash, non-cash loans, in the form of credit cards etc. According to the methods of loan repayment, there are urgent, deferred, overdue, long-term repaid.

Credit is also the main source of satisfaction

huge demand for financial resources. Even with high level profitability and self-financing of businesses economic entities sometimes it's not enough own funds For current activities and making investments. Loans are needed (for example) when:

Enterprise 5 is “in a breakthrough” because the sale of products has failed for one reason or another.
let down by suppliers or buyers
there were difficulties with payment wages employees, etc.

Thus, credit stimulates the development of production forces, accelerates the formation of sources of capital for the expansion of production based on the achievements of scientific and technological progress.

The subjects of credit 6 relations in the field of bank credit are enterprises and firms, the population, the state and the banks themselves. As is known, in a credit transaction the subjects of credit relations always act as lenders and borrowers. Creditors are persons (legal and physical) who provided their temporary available funds at the disposal of the borrower for a specified period. Borrower is a party to a credit relationship that receives funds for use (loan) and is obliged to return them to fixed time. As for a bank loan, the subjects of credit transactions here necessarily act in two persons, i.e. both as a lender and as a borrower. This is due 7 to the fact that banks work mainly on borrowed funds and, therefore, act as borrowers in relation to the owners of these funds.

Loans, performing the functions of credit, have various shapes and help to use the funds received more flexibly. An enterprise can receive a loan in the most convenient form for itself - directly

a loan, in the form of a bill of exchange, or by issuing bonds.

The need and possibility of a loan is determined by laws

circulation and circulation of capital in the process of reproduction: in some places temporarily free funds are released, acting as a source of credit, in others there is a need for credit, for example, to expand production. Thus, credit contributes economic growth: the lender receives payment for the loan, and the borrower increases his productive assets and renews them.

1.2 Assessing the creditworthiness of an enterprise

Creditworthiness should be understood as such a financial and economic condition of an enterprise that gives confidence in the effective use borrowed money, the ability and willingness of the borrower to repay the loan in accordance with the terms of the agreement. In other words, the borrower's creditworthiness is the ability to repay the loan debt. Its score of 8 represents the bank’s assessment of the borrower in terms of the possibility and feasibility of providing him with a loan. It determines the probability of timely return and payment of interest on it.

Unlike solvency, creditworthiness does not record non-payments for the past period or at some date, but predicts the ability to repay debt in the near future. In addition, creditworthiness shows financial strength and allows the rating to be assigned to the appropriate classes.

Factors affecting creditworthiness:

Client's capacity. This is the client's eligibility to receive a bank loan.
Borrower reputation
Asset ownership
Client's position in the market.

Assessing creditworthiness involves, first of all, the use of indicators that characterize the borrower’s activities in terms of the ability to repay loan debt.

The most common methods for assessing a borrower’s creditworthiness in world practice include the “5 C Rules” 9, where the client selection criteria are indicated by words beginning with the letter “C”:

A more specific consideration of the indicators of the rules of the five “SI” is presented below:

1. Character of the borrower.	The client’s reputation, the degree of responsibility of the client (legal or private entity) for repaying the debt, the attitude of partners towards to this client, credit history borrower, communication with the client to confirm his stability, moral qualities, collecting information about clients.
2. Financial opportunities	Analysis of the client’s income and expenses, cash flows, the ability to repay the loan, data on current cash receipts, inventory and their sales, borrowing.
3. Capital	Determining the adequacy of equity capital, its relationship with other items of assets and liabilities, determining the degree of investment of equity capital in a credit operation.
4. Providing	The presence of a ratio between the value of the borrower’s assets and debt obligations to repay the bank loan, the presence of a specific secondary source of debt repayment (collateral, guarantee, surety, insurance), if insufficient cash flows at the bank client.
5. General economic conditions	Taking into account the current or forecast situation in the country, region, industry, political factors, business climate, competition from other enterprises, tax status, raw material prices, etc.

Bank loan represents, on the one hand, sum of money provided by the bank for a certain period and on certain conditions, and on the other hand, a certain technology for satisfying the financial needs declared by the borrower. In the second case, a bank loan is an orderly set of interrelated organizational, technical, technological, informational, financial, legal and other procedures that constitute an integral regulation of the interaction of the bank, represented by its employees and departments, with the bank’s client regarding the provision of funds. Carried out in the form of issuing loans, discounting bills and other forms. This form of financing is the most common.

Advantages of the loan:

the credit form of financing is characterized by greater independence in the use of received funds without any special conditions;

Most often, a loan is offered by a bank that services a specific enterprise, so the process of obtaining a loan becomes very quick.

TO credit deficiencies the following can be attributed:

the loan term in rare cases exceeds 3 years, which is prohibitive for enterprises aimed at long-term profit;

To obtain a loan, an enterprise must provide collateral, often equivalent to the amount of the loan itself;

in some cases, banks offer to open a current account as one of the conditions for bank lending, which is not always beneficial to the enterprise;

With this form of financing, an enterprise can use a standard depreciation scheme for purchased equipment, which obliges it to pay property taxes throughout the entire period of use.

34. Financial leasing as a source of financing for an enterprise

Leasing is a special complex form entrepreneurial activity, allowing one party - the lessee - to effectively update fixed assets, and the other - the lessor - to expand the boundaries of activity on mutually beneficial terms for both parties.

Advantages of leasing:

Leasing involves 100% lending and does not require you to start payments immediately. When using a conventional loan to purchase property, the company must pay about 15% of the cost from its own funds.

Leasing allows an enterprise that does not have significant financial resources, start implementing a major project.

It is much easier for an enterprise to obtain a leasing contract than a loan - after all the equipment itself serves as security for the transaction.

When leasing, an enterprise can calculate its income and work out with the lessor an appropriate financing scheme that is convenient for it. Repayment can be made from funds received from the sale of products produced on leased equipment. The company has additional opportunities to expand production capacity: payments under the leasing agreement are distributed over the entire term of the agreement and, thus, additional funds are freed up for investment in other types of assets.

Leasing does not increase debt in the company’s balance sheet and does not affect the ratio of equity and borrowed funds, i.e. does not reduce the enterprise’s ability to obtain additional loans. It is very important that equipment purchased under a leasing agreement may not be listed on the lessee’s balance sheet during the entire term of the agreement, and therefore does not increase assets, which exempts the company from paying taxes on acquired fixed assets.

Leasing payments, paid by the enterprise, are entirely included in production costs. If property received under lease is accounted for lessee's balance sheet, then the enterprise can receive benefits associated with the possibility of accelerated depreciation of the leased asset. Depreciation charges for such property may be accrued based on its value and norms approved in accordance with the established procedure, increased by a factor not exceeding 3.

Leasing companies unlike banks no deposit needed, if the property or equipment is liquid on the secondary market.

Leasing allows an enterprise to minimize taxation on completely legal grounds, as well as to attribute all costs of equipment maintenance to the lessor.

External (borrowed) sources of financing for the enterprise

In a market economy, external sources of financial resources are of great importance: in practice, an enterprise cannot do without borrowing funds. Borrowed funds in normal economic conditions help improve production efficiency and are necessary for expanded production. The variety of channels for attracting borrowed resources will create the opportunity to use them in various situations.

Sources of borrowed funds : (1) bank loans, (2) commercial loans, (3) factoring, (4) leasing, (5) creditors, etc.

Attracting borrowed capital becomes necessary in case of covering the enterprise's needs for basic and revolving funds. Such a need may arise during the reconstruction and technical re-equipment of production, due to the lack of sufficient start-up capital, the presence of seasonality in production, procurement, processing, supply and marketing of products, as well as as a result of deviations in the normal course of the circulation of funds for reasons beyond the control of the enterprise : optionality of partners, emergency circumstances, etc.

Borrowed capital is divided into short-term and long-term. Usually, borrowed capital for a period of up to one year refers to short-term capital, and more than a year - to long-term . The question of how to finance certain assets of an enterprise - through short-term or long-term (long-term debt and equity) capital - depends on the specific case. However, an enterprise often follows the rule that the elements of fixed capital, as well as the most stable part of working capital (for example, safety stock, part accounts receivable) are financed by long-term capital. The rest current assets, the value of which depends on the flow of goods, on the contrary, is financed by short-term capital.

All external sources of financing fall into one of two categories: financing by obtaining loans and issuing securities (except shares). Next, we will dwell in more detail on the credit form of borrowed capital as it is more common among Russian enterprises.

In world practice, the following types of loans are distinguished: bank, commercial, consumer, state, international and usurious. For enterprises, the most relevant are commercial and, of course, bank loans.

Commercial loan

An enterprise can receive this type of loan when purchasing goods or creating production stock at the supplier. For many small businesses, this is the most important source of financing. Although lost profits when using a commercial loan are not reflected in accounting, it can nevertheless represent a significant amount if the supplier provides the buyer with a discount on the price when paying for the transaction in a shorter period than specified in the contract. For example, when paying within 10 days with a payment period of 30 days, the supplier may provide a discount of 2% of the payment cost.

As in all cases of raising capital, a business receiving a commercial loan must pay attention to the problem of dependency. The supplier may impose unfavorable prices or lower quality goods on the company, demand the termination of business contacts with competitors of this supplier, and other conditions.

Bank loan

Worldwide commercial banks are most often used by enterprises as sources of short-term and long-term credit resources. Bank lending to enterprises for production and social needs is carried out in strict compliance with certain principles, which are the main element of the lending system, as they reflect the essence and content of the loan. These principles spontaneously emerged at the early stage of credit development and were then reflected in credit legislation. The principles of lending include: repayment, payment and urgency (Federal Law “On Banks and Banking Activities in the RSFSR”, p. 1).

Loan repayment means that you are obligated to pay the lender the principal amount on the agreed terms.

Loan term means that the repayment of borrowed funds to the lender should not be made at any time suitable for the borrower, but within a pre-agreed loan repayment period. The loan term is the maximum time during which the loan funds are at the disposal of the borrower. Violation of this principle by borrowers entails the application of certain sanctions in the form of an increase in the interest charged, and then the presentation financial requirements judicially.

Loan payment - the borrower must not only return the credit resources received from the bank, but also pay for the right to use them, which is associated with the fees for services provided by banks when lending. A bank loan typically incurs a fee in the form of interest. The interest rate is set by the parties to the loan agreement.

Bank loans are provided by specialized financial institutions licensed to carry out these operations by the Central Bank. Borrowers of a bank loan can only be legal entities. The instrument of credit relations is a credit agreement or credit agreement.

1. Lending process

The lending process begins from the day the loan is issued. However, before and after this moment, active work is carried out between the borrower enterprise and the creditor bank, which includes several stages (Fig. 24.3).

Rice. 24.3. Main stages of the loan process

(1) Loan negotiations. An offer to issue a loan can come from both the client and the bank. For Western practice, a typical situation is when a bank is looking for a client, offering him loans on various conditions.
(2) Consideration of a specific project. The Bank shows special care and caution in assessing the creditworthiness of the client, the loan object and the reliability of the collateral, the quality of the collateral and guarantees.
(3) Preparation of loan documentation. Bank employees draw up a loan agreement, issue instructions to the bank to issue a loan, and create a special dossier on the borrower client (loan file).
(4) Use of credit and control over credit operations: compliance with the credit limit (credit line), targeted use of the loan, payment of loan interest, completeness and timeliness of loan repayment. At this stage, the bank does not stop working on operational and traditional analysis of creditworthiness and financial results work of the client (meetings and negotiations with the client can be held, the terms and conditions of the loan will be clarified).
2. Loan documentation provided to the bank

Credit transaction requires documentation. Oral negotiations that the company conducts with the bank at the preliminary stage end with the submission of a written request to the credit institution - justification for the need for a loan for certain purposes. Petition (also called feasibility study ) contains the client’s request to receive a loan, indicating the purpose, required amount, interest, term.

The application is considered by the bank as part of other accompanying documents, allowing the bank to determine financial position the client and his creditworthiness. These documents include a balance sheet at the beginning of the year (as a rule, banks require a balance sheet for the last two to three years, and if necessary, request a balance sheet for the nearest date) and profit and loss statements.

3. Conclusion of a loan agreement and issuance of a loan

In accordance with the Law of the Russian Federation “On Banks and Banking Activities of the Russian Federation,” credit transactions of the bank with clients are carried out on the basis of the conclusion of loan agreements between them.

Loan agreement - this is the most important document that defines the rights and obligations of participants in a credit transaction. According to current legislation, the loan agreement must be concluded in writing, otherwise it will be declared invalid (Civil Code of the Russian Federation, Art. 820). The loan agreement concluded between the bank (lender) and the borrower determines the legal and economic conditions of the loan transaction. It is a legal document, all clauses of which are binding on the parties to it. The legal nature of the loan agreement is determined by the relevant articles of the Civil Code of the Russian Federation (Part II).

The law does not regulate the structure of the loan agreement, although in practice it has established sections that record the full name of the participants, their legal addresses, the subject of the agreement, the amount, term, repayment procedure, interest rate, commission amount, security and guarantees. Particular importance is attached to positions that give the bank the right, in the event of a delay in payment, non-compliance with contractual terms, to exercise its right to repay the loan and pay interest at the expense of the resources and property of both the client and his guarantors, special sections dedicated to the responsibilities of the client and the bank. An additional collateral agreement may also be concluded if collateral is present in the transaction. During the lending process, the client can submit guarantees and guarantees from third parties to the bank.

Essence legal relations, reflected in the loan agreement, is determined by the Civil Code of the Russian Federation as follows.

Under a loan agreement, a bank or other creditor undertakes to provide funds (loan) to the borrower in the amount and on the terms provided for by the agreement, and the borrower undertakes to return the amount received and pay interest on the debt (Civil Code of the Russian Federation, Part 11, Article 819).

(1) Introductory part
(2) General provisions
(3) Subject and amount of the contract
(4) Procedure for issuing and repaying a loan
(5) Loan fee
(6) Ways to ensure loan repayment
(7) Rights and obligations of the parties
(8) Liability of the parties
(9) Additional terms agreement
(10) Dispute resolution
(11) Duration of the contract
(12) Legal addresses, details and signatures

The contract is considered concluded when the parties have reached agreement on all its essential terms (Civil Code of the Russian Federation, Article 432, clause 1). The Civil Code of the Russian Federation names the first among the essential conditions subject of the agreement . It is in this section that the parties’ agreement on the loan amount is recorded, which is determined by the financial needs and capabilities of the lender and borrower and is most often of an individual nature. The loan agreement must clearly define the dates for receipt and repayment of the loan, and often provide for the intended use of the loan, since when issuing a loan, the bank assesses the risk of its investments depending on the nature of the loan object.

The conclusion of a loan agreement will provide the basis for issuing a loan, which will be issued with a written order from a bank employee (president, his deputy, chief credit management etc.). The order to issue a loan is sent to the department that conducts settlement and credit operations on customer accounts; it indicates the last name, first name, patronymic, amount, and account for which the loan should be issued. The order establishes the direction of the loan. Three cases are possible:

(1) the loan is credited to the company’s current account;
(2) a loan, bypassing the current account, is provided to pay for various payment documents for commodity and non-commodity transactions;
(3) the loan is used to repay other previously issued loans.

During the validity of the loan agreement, the bank can exercise control over credit operations, including monitoring compliance with the lending limit (credit line), intended use loan, payment of loan interest, completeness and timeliness of loan repayment. In addition, work on the operational and traditional analysis of the creditworthiness and financial results of the enterprise does not stop; if necessary, meetings and negotiations are held, the terms and conditions of the loan are clarified.

4. Ensuring loan repayment

These are the types and forms of guaranteed obligations of the borrower to the lender (bank) to repay the loan in the event of its possible non-repayment by the borrower.

Various aspects of ensuring loan repayment are discussed in Civil Code RF, Federal law"ABOUT Central Bank(Bank of Russia)", Federal Law "On Banks and Banking Activities". Arbitration Procedure Code, etc.

In practice, sources of loan repayment are divided into primary and secondary. Primary the source is revenue from the sale of products or services produced by the enterprise. However, the real guarantee of loan repayment is the proceeds (income) of only financially stable enterprises, which include enterprises with a high level of profitability and high security own capital. For such enterprises - first-class clients of the bank, legal stipulation in the loan agreement of the repayment of loans from incoming revenue seems quite sufficient.

In practice, a situation occurs more often when there is a certain risk of timely receipt of revenue. In these cases, there is a need for additional loan repayment guarantees, which requires secondary sources. These include: penalty, pledge, retention of the debtor’s property, surety, bank guarantee, deposit and other methods, provided by law or an agreement (Civil Code of the Russian Federation, Article 329, paragraph 1).

Bank loan is the main form of credit. This means that it is banks that most often provide their loans to entities in need of temporary financial assistance. This is a monetary form of credit that arises when funds are transferred into debt on terms of urgency, repayment, and payment. The circulation of funds allows you to mobilize temporarily released funds and at the same time redistribute them in favor of those who need them. The bank undertakes this issue, since free funds are deposited in bank accounts, and the bank has information about how these resources can be used.

A bank loan is the movement of loan capital lent by banks for a fee for temporary use. It expresses the economic relations between lenders (banks) and lending entities (borrowers), which can be both legal and individuals. Legal entities of other states - non-residents of the Republic of Kazakhstan, apply the same rules in relation to loans and bear the same duties and responsibilities as legal entities of the Republic of Kazakhstan, unless otherwise provided by law.

Bank credit can operate within a national framework and in the form of an international loan. It is provided with the conclusion of a loan agreement for each borrower individually, so that the risk level of the loan transaction is minimal. A loan agreement is a legal document that regulates the relationship between the bank and the borrower when issuing a loan, defining the mutual rights and obligations of the parties.

A bank loan can be direct or indirect. Direct credit relationships (borrower bank) are predominant. Indirect bank lending is used more limitedly, i.e. providing a loan to the borrower through an intermediary, for example, a trading organization, pawn shops, etc.

Within the loan form, there are types of loans that are formed depending on the characteristics of the object, the target direction of the loan, its term, the security of repayment and other characteristics. For example, taking into account the timing of issuance, the following types of loans are distinguished: short-term, medium-term, long-term; taking into account their direction by sector of the economy: credit investments in industry, agriculture, trade, construction, etc.; by object, loans are distinguished for costs associated with the creation and increase of current and non-current (long-term) assets; consumer needs population. Depending on the form of provision, there are one-time loans and loans issued under a line of credit. From the point of view of granting technology, we can distinguish consortium loans, bills of exchange, pawnshop loans, acceptance loans, cash loans, non-cash loans, in the form of credit cards, etc. According to the methods of loan repayment, there are urgent, deferred, overdue, long-term repaid.

Credit is also the main source of satisfying the huge demand for financial resources. Even with a high level of profitability and self-financing, economic entities may not have enough of their own funds for current activities and investments. Loans are needed (for example) when:

the enterprise is “in a breakthrough” because the sale of products has failed for one reason or another.

let down by suppliers or buyers

difficulties arose with paying salaries to employees, etc.

Thus, credit stimulates the development of production forces, accelerates the formation of sources of capital for expanding production based on the achievements of scientific and technological progress.

The subjects of credit relations in the field of bank credit are enterprises and firms, the population, the state and the banks themselves. As is known, in a credit transaction the subjects of credit relations always act as lenders and borrowers. Lenders are persons (legal and physical) who provide their temporarily available funds at the disposal of the borrower for a certain period. Borrower is a party to a credit relationship that receives funds for use (loan) and is obliged to repay them within a specified period. As for a bank loan, the subjects of credit transactions here necessarily act in two persons, i.e. both as a lender and as a borrower. This is due to the fact that banks work mainly on borrowed funds and, therefore, act as borrowers in relation to the owners of these funds.

Loans, performing the functions of a loan, have various forms and help to use the funds received more flexibly. An enterprise can receive a loan in the most convenient form for itself - directly, in the form of a bill, or by issuing bonds.

The need and possibility of credit is determined by the laws of circulation and turnover of capital in the process of reproduction: in some places temporarily free funds are released, serving as a source of credit, in others there is a need for credit, for example, to expand production. Thus, credit contributes to economic growth: the lender receives payment for the loan, and the borrower increases and renews his productive assets.

The need to increase competitiveness increases the requirements for the quality of enterprise management. An increase in the level of management is unthinkable without the use of a formalized, scientifically based approach to making management decisions. Let's consider an example of a scientific approach to making a decision on attracting a bank loan to finance the current expenses of an enterprise.

The methodology for calculating the need to attract a bank loan to finance the current expenses of an enterprise is a logical procedure for assessing the feasibility of using a bank loan as an instrument external financing.

Calculation of the need for a bank loan as a source of investment financing is based on the following basic conditions. Firstly, the possibility of attracting credit resources is considered as one of the alternatives for eliminating the temporary gap between the inflow and outflow of funds. The decision to take out a loan is made subject to greater economic feasibility of this method of external financing, in comparison with other available methods of covering the cash gap. Secondly, the enterprise planning system must support the simulation function. To select the optimal source of financing, it is important to be able to make a preliminary assessment of the consequences of making various decisions - in in this case when using certain methods of covering the cash gap.

The process of calculating the need to attract a bank loan to cover the time gap between the receipt and outflow of funds includes two stages: identifying the cash gap (identifying the need for funds) and analyzing the use of various alternatives to cover the identified deficit. Each stage is characterized by its task and content. The task of the first stage is to identify in advance the size of the cash deficit, the date of its occurrence, as well as the period of its persistence. The task of the second stage is to determine the most effective way covering cash shortages. Let's consider the content of each stage.

The task of the first stage is implemented within the framework of operational management of the enterprise on the basis of a budgeting system - technology for planning, accounting and control of funds and financial results. The budgeting system includes a hierarchy financial plans, combining the main budgets (cash flow budget, income and expenditure budget, balance sheet budget) and operating budgets, budgets for activities not related to core activities.

The hierarchy of budgets determines the direction of information flows: the main budgets are formed from data provided by budgets more low level: operational, as well as budgets for investment and financial activities. In turn, the data necessary for the formation of operating budgets is formed on the basis of data from internal management accounting registers, which record the parameters of business operations at the enterprise. These registers of internal management accounting are individual for each enterprise; what they have in common is the reflection of changes in the parameters of the state of the enterprise under the influence of ongoing operations. Internal accounting registers, as a rule, include databases that record the state of the enterprise’s resources, orders accepted for execution, specifications for different kinds products produced by the enterprise, production program, etc.

The information necessary to solve the problem of identifying the fact of a cash deficit, its magnitude, and duration is directly reflected in the cash flow statement. The cash flow statement shows projected cash balances as of a specific date and signals the planned need for additional resources. The data used as input to the cash flow statement is generated by the output of operating budgets. A method for calculating an enterprise’s need for a bank loan as a source of investment financing, built on the principle of being able to maintain a dialogue “what will happen if?” must take into account the peculiarities of the formation of operating budgets, the content of which depends on the operating parameters of the enterprise recorded in the system of internal management accounting registers.

After identifying the size of the cash deficit, the date of its formation and the period of operation, it is necessary to take measures to eliminate it. First of all, the cause of the deficit is determined; the first option to cover the deficit may be to eliminate its cause. All available alternatives can be divided into three groups. The first group includes various options modifications of the cash flow structure associated with changes in planned payment schedules (consideration of options for delaying payments, possibilities for reducing the period of planned cash receipts). The second group includes options for making changes to production program enterprises in order to postpone the implementation of a production schedule that requires an outflow of funds (purchase of raw materials, components). The third group of ways to cover the cash deficit includes instruments for attracting external financing, in particular a bank loan. Each option for covering cash shortages has individual characteristics associated with the nature of the consequences resulting from the use of this option. For example, the use of a bank loan as a source of investment financing is characterized by the need to repay the loan amount and interest on it by a certain date; the receipt of funds is expected no earlier than a certain date.

The choice of a specific method to cover the cash deficit is carried out in two stages. At the first stage, methods are selected from the available alternatives, the feasibility of which is confirmed by calculations of a strategic nature. For example, asking counterparties to speed up settlements can reduce the level of trust in the enterprise, so it is not advisable to use them. At the second stage, the consequences of using each option are analyzed. The selection criterion is the financial condition of the enterprise caused by the use of a specific method of covering the deficit. Consequences of any business transaction committed by the enterprise are reflected in its financial condition, which can be preliminarily estimated using a simulation system. Using the connection “internal accounting registers operating budgets main budgets: cash flow budget and expense and income budget,” we can analyze the consequences of choosing each option to cover the cash deficit, which is reflected in the structure of the cash flow statement and the structure of income and expenses. Taking into account the consequences of using each of the available alternatives will allow you to make the optimal choice.