Access to Finance & Business Planning for Small and Medium Enterprises. Caeman Wall

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1 Access to Finance & Business Planning for Small and Medium Enterprises Caeman Wall

2 Presentation Outline Fáilte Ireland s Business Planning Tools and Calculators Some Finance Options Useful Templates Recent Developments in Credit Availability The Credit Review Office Microfinance Ireland Temporary Partial Loan Guarantee Scheme

3 FI s Business Tools and Calculators A handy resource for business planning Practical guides and easy-to-use templates The calculator tools are a great back-up to support any funding request Helps to build and/or show your financial literacy Tools.aspx

4 FI s Business Tools & Calculators An handy resource for business planning. Practical guides and easy-to-use templates. The calculator tools are a great back-up to support any funding request. Helps to build and/or show your financial literacy. Tools.aspx

5 Some Finance Options Equity: Retained Earnings Equity Injections Government Supports: Feasibility study grants Some funding for expansion via CEBs/Leader groups Employment and Investment Incentive (EII) Scheme replaced the old BES Microfinance Ireland

6 Some Finance Options Medium Term Credit Term Loan Usually associated with the purchase of a major asset or with business expansion Leasing - Finance Lease Enables the business to lease or rent the asset Leasing - Contract Hire/Operating Lease This is similar to a finance lease, except that the lessor is usually responsible for maintenance Hire Purchase Ownership of the asset only transfers to you when the last payment has been made

7 Some Finance Options Long Term Credit Fixed Asset Loan Enables a business to purchase an asset and pay for it over the asset s useful life Sale and Leaseback Agreement The business may reach an agreement with a financial institution under which the firm sells an asset to it and then takes out a long-term lease on the asset sold Commercial Mortgage

8 Useful Templates and Guidance Material The accountancy bodies and the IBF developed a common approach in the preparation of business plans and raising of bank finance This means: There is a common, standard credit application form Code of Conduct for Business Lending to SMEs Set timeline for loan processing by banks

9 Useful Templates & Guidance Material See the following site for two very useful documents: MS Word based business planning template MS Excel based business integrated financial model Using the templates helps to build and/or show your financial literacy

10 Useful Templates & Guidance Material See the following site for two very useful documents: MS Word based business planning template. MS Excel based business integrated financial model. Using the templates helps to build and/or show your financial literacy.

11 A Business Plan s Content Promoter s experience and skills Purpose of the funds sought Realistic cash flow projections Evidence of repayment capacity Personal financial commitment to the business Evidence of good market research Breakdown of how funds will be used Unique selling points

12 A Financial Plan s Content (where possible) Auditor s statements for the previous three year or equivalent annual financial statements Up-to-date management accounts and cash flow statements Up-to-date aged list of creditors and debtors Financial and cash flow projections and underlying assumptions (ideally for period for which funding is sought) Details of all sources of funding: banks want to see what proportion of funding will be provided by the borrower; c.30% is usually required

13 Recent Developments Credit Review Office A review process for SMEs and sole traders refused credit from banks participating in NAMA It accepts applications from those who have had their application for credit refused or reduced or have had credit facilities withdrawn, and feel that the bank s decision is unjustified The following eligibility criteria apply: The business is an SME or sole trader It has applied for credit facilities from 1,000 up to 500,000 The credit facility was refused and the business has exhausted the banks internal appeals process

14 Recent Developments Microfinance Ireland Microfinance Ireland s objective is to provide additional lending to start-up, newly established or growing microenterprises Funded by the government to provide loans to newly established and growing microenterprises turnover less than 2m and less than 10 staff In the first instance you should approach your bank for credit; if declined, then you are eligible to apply Applications can be made directly or via a CEB Loan limits of 25,000. Average loan size of 15,000

15 Recent Developments Loan Guarantee Scheme Gets credit to SMEs who currently struggle to get bank finance by giving a 75% guarantee to banks against losses on qualifying loans to firms with growth and job creation potential Applies in two cases (a) where viable businesses have insufficient collateral and (b) where businesses operate in sectors unfamiliar to banks The purpose of the scheme is to encourage additional lending to SMEs; therefore, the scheme only kicks in when a loan is refused by a bank based on the situations outlined above

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