1. Credit as a source of financial resources.

When an enterprise needs additional sources of financing, it turns to the bank. Most often this is due to temporary difficulties in ensuring ongoing business activities. As a rule, there are not enough funds to pay bills, taxes, payroll, etc. And even more so, the enterprise has a need to obtain funds from the bank when it comes to large investments in new construction, new technology, and promising valuable assets. paper.

If own capital allows you to ensure financial stability and independence, then a bank loan gives you the opportunity to maneuver resources, accelerates the turnover of capital, and does not divert your own funds to pay off debts.

2. Conditions for issuing a loan.

Financial support for entrepreneurial activity is expressed in obtaining short-term and long-term loans. For loans, people apply to banking institutions, mainly to the bank in which the enterprise has a current account and which carries out settlements and cash transactions for the enterprise.

In order to become a bank client, in particular to open an account, the following documents are required.

2 notarized signature cards officials enterprise (manager and chief accountant).

Minutes of the meeting of founders.

Temporary registration certificate.

Application for registration.

Help them tax office on the size of extra-budgetary funds for which this enterprise must pay.

After submitting these documents, the manager or chief accountant fills out a standard application for opening an account and servicing. However, applying to a bank for a loan does not always guarantee its receipt. Issuing a loan is a responsible banking operation.

To determine the client's reliability, the following indicators are calculated: profitability, working capital turnover, liquidity, and the amount of accounts payable. These calculations reduce the risk for both the bank and the client.

There are certain conditions for issuing a loan.

The loan must be targeted.

Definition of urgency.

Possibility of returning the amount and percentage.

The bank may stipulate in the loan agreement that the interest rate will change.

The loan agreement must indicate the currency in which funds are received and repaid.

The loan agreement defines the obligation that the loan amount is returned by the person who received the money.

There are loans: short-term (from several days to six months), medium-term (from a year to 2-3 years), long-term (up to 8, 10, 15 years).

The demand for short-term loans is especially high. Registration of short-term loans comes down to the fact that the bank determines the level of solvency and liquidity of the enterprise, draws up a loan agreement and issues a loan. The security of short-term loans assumes that the borrowing company has inventory, shipped products, securities, etc.

Obtaining medium-term loans requires special collateral. Inventories, warehouse premises, goods, and finished products of high quality are used as collateral.

Long-term loans are secured by real estate. Long-term loans are associated with technical re-equipment, construction, and reconstruction. Loans issued for these purposes are called mortgages. All property of the enterprise, including the authorized capital, is secured as collateral.

When receiving a loan, an enterprise strives not to cross the limit of what is permissible, that is, its ability to repay the loan. There are several coefficients that determine the solvency of a company.

K1 = equity / total capital.

K2 = borrowed capital / total capital = 1 - K1.

K3 = (debt capital / equity capital) * 100%.

All capital = own + borrowed capital.

For K1 and K2 there is a certain standard: 40 - 50% (and in the USA - 60%, in Japan - 80%).

Bank interest is a fee for a loan, as well as for receiving money by an enterprise at the appointed time.

Credit happens:

state;

bank;

commercial.

3. The effect of financial leverage.

Let's find the return on equity for both enterprises.

r personal A = (200 / 1000) * 100% = 20%

r personal B = (125 / 500) * 100% = 25%

Effect of financial leverage = r personal. B - r sob. A = 25% - 20% = 5%.

The effect of financial leverage works in conditions of short-term credit.

Transactions with securities.

Types of securities.

Revenues by securities.

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Description of work

Financial resources of enterprises are the basis financial system the whole country. They occupy a separating position in this system, since they cover the most important part of all monetary relations in the country, namely, financial relations in the sphere of social monetary reproduction of the country. Financial policy forms the state, it also determines the procedure for the formation, distribution and use of funds from centralized funds of financial resources, which serve as one of the sources of financing for enterprises. By using financial resources entrepreneurs identify huge reserves in improving the financing and organization of their work, optimizing the capital structure, which ensures an increase in production volumes and profit sales, and a balance of material and financial resources.

Files: 1 file

Bank loan as a source of formation of financial resources of enterprises, its role and boundaries

1.2. Credit functions

1.3. The role of credit in economic development

1.4. Forms and types of credit

Introduction

The financial resources of enterprises are the basis of the financial system of the entire country. They occupy a separating position in this system, since they cover the most important part of all monetary relations in the country, namely, financial relations in the sphere of social monetary reproduction of the country. Financial policy is formed by the state; it also determines the procedure for the formation, distribution and use of funds from centralized funds of financial resources, which serve as one of the sources of financing for enterprises. With the help of financial resources, entrepreneurs identify huge reserves in improving the financing and organization of their work, optimizing the capital structure, which ensure an increase in production volumes and profit sales, and a balance of material and financial resources. The basic principle of enterprise finance is equalizing the opportunities for making a profit while overcoming the risk of making advances Money V various areas entrepreneurial activity. In financing with borrowed money Much attention is paid to stimulating commercial initiative and increasing labor productivity.

Debt management is of great importance for both large companies, where current assets account for more than half of its total assets, and for small companies that have Short-term liabilities are the main source of financing.

Without credit support, it is impossible to ensure the rapid and civilized development of farms, enterprises, and the introduction of other types of business activities in the domestic and foreign economic space.

The objective need for lending to enterprises is due to the peculiarities of the circulation of capital, which are: continuous education cash reserves, different duration of turnover of funds in the economy, close intertwining of cash and non-cash turnover, separation of funds within economic entities. In the process of circulation, funds are released in some economic links, while others have a need to use them.

The need for lending is also due to commercial organization management in market conditions, when at each enterprise in the conditions of capital circulation there is an additional need for funds. With help credit mechanism businesses receive the funds they need to operate normally.

Credit is of great importance in development economic ties between industries and regions, in increasing production efficiency, in creating and using income and profits. Credit can have an active impact on the volume and structure money supply, payment turnover and speed of money circulation. Thanks to credit, there is a faster process of capitalization of profits, and, consequently, concentration of production.

The purpose of this work is to analyze the theory of bank loans, determine the types of loans, determine methods of loan management and assessment credit risks. Highlight the most effective methods credit management. Identify lending problems associated with professional banking and Russian national specifics, identify ways to improve banking techniques, and also determine the prospects for banking management in managing loans.

To achieve this goal, regulatory and legislative acts, works of specialists and banking officials, statistical data, research articles in periodicals. In addition to theoretical research, practical data from a particular bank, documents drawn up when applying for a loan, and oral consultations with bank employees were also used.

All this made it possible to fully and in detail examine the lending process as a whole and its individual aspects. The theoretical and documentary aspects of the process have been studied. The functions of the lender and the borrower, their rights and obligations, as well as the behavior of one and the other party in market conditions throughout the interaction were determined. When studying all available data, possible ways of developing credit relations were considered.

The final qualifying work consists of an introduction, three chapters, a conclusion and a list of references. The first chapter is devoted theoretical aspects credit process- it discusses the essence and classification credit operations. The second chapter provides an analysis of the lending process commercial bank legal entity: documents required to provide a loan are indicated, Special attention given loan agreement as the basis of lending, the process of assessing the borrower’s creditworthiness, as well as the guarantee of loan repayment - its collateral, are considered. The third chapter outlines the problems of calculating the credit risks of commercial banks and ways to reduce them in modern conditions.

Each enterprise, starting its production and economic activities, must have a certain a sum of money. With these monetary resources, the enterprise purchases raw materials, materials, fuel on the market or from other enterprises under contracts, pays electricity bills, pays wages to its employees, bears the costs of developing new products, all this represents one of the most important parameters of management, which received name "borrowed funds".

Chapter 1. Credit as an economic category, its functions and role

1.1. Necessity and essence of credit

Credit comes from the Latin "kreditum" (loan, debt). At the same time, “kreditum” is translated as “I believe”, “I trust”. In the broadest sense of the word - both from a legal and economic point of view - a loan is a transaction, an agreement between legal entities or individuals about a loan or loan.

There are many definitions of credit in the economic literature. Let's give some of them.

Credit is the lending of money or goods, usually with the payment of interest.

A loan is a type of economic transaction, an agreement between legal entities and individuals on a loan or loan.

Credit acts as a support modern economy, an integral element economic development. It is used by both large enterprises and associations, and small industrial, agricultural and trading structures; both states, governments and individual citizens.

Lenders who own free resources, only by transferring them to the borrower, have the opportunity to receive additional funds from him. Credit provided in cash is a new means of payment.

Specific economic basis, on which credit relations appear and develop, is the circulation and circulation of funds (capital).

On the basis of the uneven circulation and turnover of capital, it becomes natural for the emergence of relations that eliminate the discrepancy between the time of production and the time of circulation of funds, and resolve the relative contradiction between the temporary settling of funds and the need for their use in the economy. This relationship is credit.

Credit becomes an inevitable attribute of the commercial economy. A loan is taken not because the borrower is poor, but because, due to the objectivity of the circuit and turnover of capital, he is completely lacking own resources, it is irrational to accumulate them in reserve; they are always on the move, in circulation.

Society becomes interested, firstly, in avoiding the idle death of released resources; secondly, that the economy develops continuously on an expanded scale.

At the same time, the circulation and circulation of capital does not yet fully explain the objective need for credit. The unevenness of circulation and turnover only characterizes the fact of the release of funds in one link and the presence of a need for them in another section; Therefore, in the circulation and turnover there is the possibility of the emergence of credit relations.

In order for the possibility of a loan to become a reality, certain conditions are needed, according to at least, two:

The participants in the credit transaction - the lender and the borrower - must act as legally independent entities that materially guarantee the fulfillment of obligations arising from economic ties;

A loan becomes necessary when the interests of the lender and the borrower coincide.

In order for a credit transaction to take place, it is required that its participants mutually show interest in a loan that has certain qualities. These interests are not something subjective, regulated, ultimately, by the will of the participants in production relations. Any interest that generates action is determined primarily by objective processes, specific situation, making the emerging mutual interest inevitable.

In practice, for example, an enterprise as a subject of a loan, due to the circulation of funds, may experience the need to attract additional resources in order to ensure continuity of production. However, the borrower’s need for additional resources is not an absolutely obligatory factor that determines the lender’s issuance of a loan.

Banks, as collective lenders, are obliged to analyze the possibilities of issuing a loan to the borrower, determine his real creditworthiness in accordance with the requirements for repayment of funds and the content of the loan agreement.

In a credit transaction there is no equivalent commodity-money exchange, but there is a transfer of value for temporary use with the condition of return after a certain time and payment of interest for its use. The repayment of the loaned value, which cannot be canceled by the will of one of the subjects of the credit transaction, is an integral feature of the loan as economic category. The essence of credit in all the diversity of credit relations is determined by the objective reasons for its existence in a particular social formation.

The emergence of credit as a special form of value relations occurs when the value released from one economic entity, for some time cannot enter a new reproductive cycle or be used in business transactions. Thanks to the loan, it is transferred to another entity experiencing a temporary need for additional funds, and continues to function within the framework of the reproduction process. Thus, the emergence of credit relations presupposes a certain level of development of commodity production and commodity circulation. For example, early forms of credit, in particular usurious, were not directly related to the circulation of funds of commodity producers. Such a loan served the unproductive expenses of the feudal nobility, small artisans and peasants.

The release of monetary capital is due to the following circumstances.

Firstly, there is a gradual deterioration of fixed capital. In the interval between partial depreciation and complete restoration of fixed capital, part of its value settles in the form of temporary free money capital.

Secondly, the sale of goods does not coincide in time with the costs of purchasing raw materials, supplies, semi-finished products, paying wages, etc., so part of the proceeds from sales finished products acts in the form of temporarily free money capital.

Thirdly, the part of profit intended for its capitalization appears in the form of free money capital. It is annually deferred in cash until it reaches a size sufficient to purchase new equipment and sell investment projects. With the help of a loan, these funds are accumulated and provided on the terms of return and for a fee to other producers who, due to objective reasons, have a temporary lack of capital to carry out the continuous process of reproduction.

Consequently, in conditions of highly developed commodity production, the patterns of credit movement are determined, on the one hand, by the release of value in monetary form in the process of capital circulation from commodity producers, and on the other hand, by the use of the loaned value in the capital circulation of the borrower. It is the completion of the value circuit with a particular borrower that creates the basis for loan repayment.

In the conditions of a modern market economy, on the basis of credit, not only money capital released in the process of reproduction of industrial and commodity capital is accumulated, but also money income and savings of various social groups society temporarily available funds states. Their use on the basis of credit is also not limited solely to servicing the circulation of industrial and commodity capital. However, the patterns of circulation of the latter predetermine the characteristics of the movement of credit in all its forms, regardless of who is the subject of credit relations.

MINISTRY OF EDUCATION AND SCIENCE OF UKRAINE

SUMY STATE UNIVERSITY

COURSE WORK

in the discipline "Financial Management"

“Credit as the main source of attracting financial resources”

Completed by a 5th year student

Faculty of Economics and

management

Group E – 02

Nikolaeva N. A.

Checked by Podlesnaya V.G.

Introduction………………………………………………………………………………….3

Section 1. The essence of credit as the main source of attracting financial resources……………………………………………………………………………….5

The essence and principles of lending…………………………...5

Functions of credit…………………………………………………….10

Section 2. Conditions and forms of lending in Ukraine…………………………13

2.1 Bank loan, as one of the most common

forms of lending………………………………………………………………………………………… .......13

2.2 Commercial lending……………………………………..21

2.3 Consumer loan is one of the forms of lending

in Ukraine…………………………………………………………………………………27

2.4 State credit………………………………………………………33

2.5 International credit – credit in the field of international economic relations……….................................................... ................................39

Section 3. Problems credit policy in Ukraine at the present stage………………………………………………………………………………45

Section 4. Development of the financial part of the business plan……………………….50

Conclusion………………………………………………………………………………….60

List of references……………………………………………………………...62

Introduction

The state form of ownership that prevailed until recently involved mainly centralized budget financing of enterprises. The previously existing system, in which budget funds were allocated as part of state planning for economic development, did not take into account the need for clear legislative regulation of financial and credit issues.

With the development of market relations in our country, the emergence of enterprises of various forms of ownership (both private and state, collective), the problem of clear legal regulation of financial and credit relations of business entities acquires special significance.

The presence of commodity production and money determines the existence and functioning of credit. With the development of commodity production, credit becomes a mandatory attribute of management. Credit helps to consolidate the economic and financial activities of an enterprise, since it is a necessary condition for production assets and circulation funds in conditions of expanded reproduction, makes it possible to continuously carry out the turnover process and, as a result, affects the production and sale of products.

Thus, credit is an objective category, an integral part of commodity-money relations, and its necessity is caused by the existence of commodity-money relations.

The role of credit in different phases of the economic cycle is not the same. In conditions of economic recovery and sufficient economic stability, credit acts as a growth factor. By redistributing huge amounts of money and goods, credit feeds enterprises with additional resources. Its negative impact may, however, manifest itself in conditions of overproduction of goods. This impact is especially noticeable in conditions of inflation. New means of payment entering into circulation through credit increase the already excess amount of money required for circulation.

A loan, regardless of its social side, performs certain functions, such as regulating the volume of total money turnover, redistributing funds on the terms of their subsequent return, and accumulating temporarily free funds.

Enterprises of all forms of ownership increasingly have a need to attract financial resources to carry out their activities and make a profit. That is why this topic “Credit as the main source of attracting financial resources” is relevant in our time.

Section 1. Essence and functions of credit

The essence and principles of lending

Credit - lending money or goods, as a rule, with the payment of interest; a value economic category, an integral element of commodity-money relations. The emergence of credit is directly related to the sphere of exchange, where the owners of goods confront each other as owners ready to enter into economic relations.

The possibility of the emergence and development of credit is associated with the circulation and circulation of capital. In the process of movement of fixed and working capital, resources are released. The means of labor are used in the production process for a long time, their cost is transferred to the cost of the finished product in parts. The gradual restoration of the value of fixed capital in monetary form leads to the fact that the released funds are deposited in the accounts of enterprises. At the same time, at the other pole, there is a need to replace worn-out labor tools and quite large one-time costs. Processes similar in nature occur in the movement of working capital. Moreover, here fluctuations in circulation and turnover manifest themselves in a more diverse manner. Thus, due to seasonality of production, uneven supplies, etc., there is a discrepancy between the time of creation and circulation of products. Some subjects have a temporary surplus of funds, while others have a shortage. This creates the possibility of the emergence of credit relations, that is, credit resolves the relative contradiction between the temporary settling of funds and the need for their use in the economy.

Credit relations in the economy are based on a certain methodological basis, one of the elements of which is the principles that are strictly observed in the practical organization of any operation on the loan capital market.

Loan repayment.

This principle expresses the need for timely return of financial resources received from the lender after completion of their use by the borrower. It finds its practical expression in the repayment of a specific loan by transferring the corresponding amount of funds to the account of the credit institution (or other creditor) that provided it, which ensures the renewability of the bank’s credit resources as a necessary condition for the continuation of its statutory activities. In the domestic practice of lending in a centrally planned economy, there was an unofficial concept of a “non-repayable loan.” This form of lending was quite widespread, especially in the agricultural sector, and was expressed in the provision of loans by state credit institutions, the repayment of which was not initially planned due to the crisis financial condition of the borrower. In their economic essence, non-repayable loans were rather an additional form of budget subsidies provided through the intermediary of a state bank, which traditionally complicated credit planning and led to constant falsification of budget expenditures. In conditions market economy the concept of a non-repayable loan is just as unacceptable as, for example, the concept of a “planned unprofitable private enterprise.”

Loan term

It reflects the need to repay it not at any time acceptable to the borrower, but within a precisely defined period fixed in the loan agreement or a document replacing it. Violation of this condition is a sufficient basis for the lender to apply economic sanctions to the borrower in the form of an increase in the interest charged, and with further delay - presentation of financial claims in judicial procedure. A partial exception to this rule are the so-called on-call loans, the repayment period of which is not initially determined in the loan agreement. These loans, quite common in the 19th and early 20th centuries. (for example, in the US agricultural complex), are practically not used in modern conditions, primarily due to the difficulties they create in the credit planning process. In addition, the on-call loan agreement, without defining fixed term its repayment, clearly establishes the time available to the borrower from the moment he receives the bank’s notification about the return of previously received funds, which to some extent ensures compliance with the principle under consideration.

Payment of the loan. Loan interest.

This principle expresses the need not only for the borrower to directly return the credit resources received from the bank, but also to pay for the right to use them. The economic essence of the loan fee is reflected in the actual distribution of the additional profit received through its use between the borrower and the lender. The principle under consideration finds its practical expression in the process of establishing the amount of bank interest, which performs three main functions:

redistribution of part of legal profits and income individuals;

regulation of production and circulation through the distribution of loan capital at the sectoral, intersectoral and international levels;

at crisis stages of economic development - anti-inflationary protection of bank clients’ cash savings.

The rate (or rate) of loan interest, defined as the ratio of the amount of annual income received on loan capital to the amount of the loan provided, acts as the price of credit resources.

Confirming the role of credit as one of the goods offered on a specialized market, the payment of the loan stimulates the borrower to use it in the most productive way. It is this stimulating function that was not fully used in a planned economy, when a significant part of credit resources was provided by state banking institutions for a minimal fee (1.5 - 5% per annum) or on an interest-free basis.

Fundamentally different from the traditional pricing mechanism for other types of goods, the defining element of which is the socially necessary labor costs for their production, the price of a loan reflects the general relationship between supply and demand in the loan capital market and depends on a number of factors, including purely opportunistic nature:

the cyclical nature of the development of a market economy (at the stage of recession, loan interest, as a rule, increases, at the stage of rapid recovery it decreases);

the pace of the inflation process (which in practice even lags somewhat behind the rate of increase in loan interest);

efficiency of state credit regulation carried out through accounting policy the central bank in the process of lending to commercial banks;

situation in the international credit market (for example, the policy of increasing the cost of credit pursued by the United States in the 80s led to the attraction of foreign capital in American banks, which affected the state of the corresponding national markets);

The financial resources of enterprises should be understood as the totality of their own cash income, savings and capital, as well as external cash flows accumulated by enterprises to form the assets they need in order to carry out all types of activities

In the course of the formation and use of the financial resources of an enterprise, financial relations arise. They accompany the processes of circulation of funds for all types of company activities (current, operational or production, investment, financial, etc.). Funding options are varied; for example, you can call:

Self-financing;

Financing through capital market mechanisms;

Bank lending;

Budget financing;

Mutual financing of business entities.

IN last years Such forms of financing the activities of organizations as financial leasing, factoring, etc.

Self-financing is the financing of an organization's activities mainly through generated profits. In this case, the profit received by the enterprise can be used as follows:

Completely withdrawn from reporting year for the purpose of its consumption or investment;

Reinvest in in full in the development of the organization;

By combining the above options, which involves distributing the resulting net income into two parts: reinvested profits and dividends.

Despite the attractiveness of this method of mobilizing financial resources, not a single enterprise is limited to self-financing, but resorts to attracting additional funds from other sources, the most significant of which is the capital market.

There are two main options for mobilizing resources in the capital market: equity and debt financing. In the first case, the company enters the market with its shares, i.e. receives funds from additional sales of shares or through additional deposits already existing owners. In the second case, the company issues and sells fixed-term debt securities (bonds) on the market, which give their holders the right to receive current income and return of invested capital in accordance with the conditions determined when organizing this bond issue.

The considered methods (methods) of financing are not free from shortcomings. Thus, the first of them is characterized by limited resources attracted, the second is difficult to implement, inaccessible to large quantity small and medium-sized businesses.

The disadvantages of these methods are overcome by using the method of bank lending, which looks very attractive. The fact is that obtaining a bank loan does not fundamentally depend on the size of the borrower’s production, the sustainability and regularity of profit, the negotiability of shares on the capital market, as is the case when mobilizing financial resources in financial markets.

The volume of capital raised using the bank lending mechanism can theoretically be quite large; you can get a loan in minimum terms, and the costs of attracting this source of financing are significantly lower compared to the costs incurred by the company as a result of issuing activities

The main problem in modern conditions is not so much in obtaining short-term loans for financing current activities enterprises, how many are possible to receive investment loans, which are usually long-term in nature. For small businesses, it is extremely important and problematic, for example, to obtain so-called “start-up” loans aimed at financing the formation of a business.

Budget financing involves the use of its various varieties (methods): state guarantees (guarantees of constituent entities of the Russian Federation); budget loans; subsidies; changing the deadline for paying taxes and fees. However, in Lately Due to a number of objective reasons, access to this source is constantly narrowing.

Mutual financing of business entities arises when organizations supply each other with products on deferred payment terms. The fundamental difference between this method of financing and the previous ones is that it is an integral part of the system for financing the current activities of the enterprise, while other methods (except for short-term bank loans) are used to finance the development of the enterprise, i.e. have a strategic focus.

Based on sources of formation, financial resources are divided into three groups (Fig. 4.1):

Financial resources formed at the expense of own and equivalent funds (profit from core activities, sales of disposed property, non-operating transactions, depreciation deductions, proceeds from the founders upon formation authorized capital, additional shares and other contributions, stable liabilities, etc.);

Financial resources generated from borrowed funds (funds from the issue and sale of bonds, credit

Rice. 4.1. Composition of financial resources generated at the enterprise

You are banks and loans to legal entities and individuals, factoring, financial leasing.); financial resources received through redistribution (insurance compensation, funds received from concerns, associations, budget funds, etc.). In turn, its own financial resources are formed from internal and external sources. Included internal sources the main place belongs to the profit remaining at the disposal of the enterprise, which is distributed by decision

Constituent (governing) body for the purpose of consumption and accumulation.

An important role in the composition of own internal sources is also played by depreciation charges, which represent the monetary expression of the cost of depreciation of fixed assets and intangible assets. They don't increase the amount equity, but are a means of its reinvestment.

Among external sources of own financial resources, the main role belongs to the additional issue of shares, through which the share capital of the enterprise is increased, as well as the attraction of additional targeted funds(share contributions) (Fig. 4.2).

As part of external own financial resources, it is necessary to highlight some funds of enterprises, which previously in Russia were classified as stable liabilities (in world practice, similar funds are called accrual accounts). Stable liabilities are borrowed funds that do not belong to a given organization, but are constantly in its circulation. These environments

Rice. 4.2. Composition of enterprises' own financial resources

Stva are used as a source of formation working capital organizations.

In general, borrowed funds are funds that do not belong to the enterprise, but unlike borrowed funds, they are not formalized by special loan agreements and used, as a rule, free of charge. Essentially it is sustainable accounts payable: carryover debt wages and contributions to off-budget funds; debt on reserves for coverage upcoming expenses and payments; debt to the budget for taxes, etc. The formation of these funds is due to the fact that between the moment of receipt of funds intended for the above payments and the fixed (either contract or law) day of payment, there is a certain number of days during which these funds are already in the circulation of the organization, but are not spent in their own way. purpose.

In a market economy, the production and economic activity of an enterprise is impossible without the use of borrowed funds. Attracting borrowed funds into the turnover of an enterprise, provided that they are used effectively, allows it to increase the volume of transactions business transactions, increase income, increase return on equity, since under normal conditions borrowed funds are a cheaper source compared to own financial resources. In addition, attracting borrowed funds allows owners and financial managers to significantly increase the volume of controlled financial resources, i.e. expand the investment opportunities of the enterprise.

However, in a situation where the cost of debt servicing exceeds the additional income from the use of borrowed funds, deterioration is inevitable. financial situation at the enterprise.

To the funds received by way of redistribution, as already

Noted include insurance compensation for risks incurred, funds received from concerns, associations, parent companies, dividends and interest on securities of other issuers. As for budget funds, then they can be used both on a returnable and non-refundable basis. As a rule, they are allocated from budgets of various levels to finance government orders, individual investment programs or as a short-term financial state support organizations whose products are of national economic importance