A Structured Approach to Business Financing, Part 3: Putting It All Together A Case Study

Size: px
Start display at page:

Download "A Structured Approach to Business Financing, Part 3: Putting It All Together A Case Study"

Transcription

1 A Structured Approach to Business Financing, Part 3: Putting It All Together A Case Study By MARK EIKELAND, CGA Case study Review of financial statements Normalized statement of cash flow Uses and sources of funds The financing proposal a tiered approach Summary This article is the third in a three-part series by Mr. Eikeland on the subject of Corporate Finance Strategic Financing to be carried on PD Net. The second article in this series discussed the financing proposal, a key component in every business plan, and how a tiered financing approach could be applied. This last article will go through an actual case study of how this approach was used and applied successfully. To begin with, a financing program is not a static do it once only occurrence in the lifetime of a business. A business goes through many stages of growth: Seed Start-up Expansion Maturity Divesture/Decline And very often these stages of growth can even repeat themselves within an organization as an established (mature) company introduces a new product or begins to manufacture its own supply. In this case, a mature business begins a new start-up phase, which may even include setting up a new independent business unit. In this example, a business that installs electrical panels (purchased and supplied through an outside third-party source) might establish a new company that can now manufacture the electrical panels to supply the installation company. The business model makes a case for vertically integrating and controlling supply, quality, and price. Here we have a new business cycle within a business cycle, a start-up within an established mature company. Furthermore, each new significant level of sales is a new stage of growth, often with a new financing requirement. In many cases, the financing requirements may be unique and, as a result, the appropriateness of the financing product and lender will vary. For example, unique seasonal patterns in an industry may affect the limits required of an operating line of credit (LOC). For example, an operating line of credit may be set up to match the seasonal cash flow ups and downs. During the peak sales months in a year, an LOC facility may have a higher limit and then be reduced during off-peak periods when inventory and sales levels are reduced. The financing program should be reviewed annually and updated to meet the new requirements and operating environment of the business. As you will see in the following case study, when the financing program does not keep in step with sales growth, a company can experience severe working capital shortages that hinder its ability to operate.

2 Case study Tiered Financing Approach This company began in 995 to supply and install insulation panels for commercial and industrial projects throughout Western Canada. Sales have grown significantly over the last few years, and during this entire growth period the company has operated with its original line of credit facility of $250,000. As a result, the years of sales growth have outgrown the available credit facility limit, resulting in negative working capital implications. Current sales were $3.3 million over the previous year s $2 million. Accounts receivable balances now average close to $ million per month. In this example, the company is in an expansion/growth cycle. Sales are expanding, yet their financing facility has not been updated to accommodate this growth. As a result, the company needs to increase its credit facility to meet the new operating demands imposed by a new level in sales in order to operate efficiently. An ideal financing program would address the current working capital needs of the company and allow some room to grow. Our financing proposal case study includes the following components:. Financial statement review 2. Normalized statement of cash flow 3. Uses and sources of funds 4. Projected cash flow statement (not provided) Review of financial statements In preparing a financing proposal, the first step is to review current financial statements, including the balance sheet and income statement. A review of the balance sheet will indicate the financial problems the company is experiencing and/or the opportunities for establishing a properly structured financing program. ABC Sample LTD. Balance sheet as at December 3, 2xxx Current assets Cash and equivalents $ 2,598 Accounts receivable, net 96,367 Inventories 40,23,004,088 Capital assets Automotive 84,074 Office/computer 37,7 Equipment 50,40 Less: Accumulated depreciation (33,826) Total capital assets, net 37,820 Total assets $,4,908 Current liabilities Line of credit $ 263,446 Accounts payable 396,368 Income taxes 6, ,868 A Structured Approach to Business Financing, Part 3: Putting It All Together A Case Study 2

3 Long-term debt Long-term debt 0 0 Equity Common shares 00 Retained earnings 45,05 Shareholder advances 5,835 42,040 Total liability and equity $,4,908 A review of the balance sheet shows the following financial picture: No long-term debt Debt to equity ratio of.7: Current ratio of.39: Working capital of $283,220 Good equity/well capitalized Good accounts receivable coverage Some capital assets As a general rule, for presentation purposes, the balance sheet is restated to show any shareholder advances as equity (see example). Upon further review, accounts payable showed amounts of $75,000 over 90 days. The company is maxing out its supplier payable 30-day terms and using this as longer-term financing. There is a risk the suppliers will cut back on their extension of credit. The company does not have the ability to pay its current corporate taxes of $6,054, is over its approved LOC facility of $250,000, and is at risk of having its credit facility pulled. This company is on the verge of insolvency, not able to pay its debts in a timely fashion. Yet, at the same time, its sales are growing and it has good net income. ABC Sample LTD. Income statement For the year ended December 3, 2xxx Sales $ 3,240,909 Cost of sales,63,005 2,077,904 Expenses,802,793 Income before taxes 275, Income taxes 64,44 Net income $ 20,670 A more detailed review of the income statement reveals the following: Strong sales growth 65% increase (current year $3.3 million, previous year $2 million) Good net income Amortization of $35,725 Shareholder bonus of $30,000 Unusual professional fees (non-recurring) $2,000 In this case, it would be appropriate to restate the income statement on a normalized cash flow basis to determine available cash flow for debt servicing. A Structured Approach to Business Financing, Part 3: Putting It All Together A Case Study 3

4 Normalized statement of cash flow A restatement of the income statement on a normalized cash flow basis would add back the following:. Amortization This is a non-cash expense. 2. Shareholder bonus This is a discretionary expense at the discretion of management. It is not an operation expense, but the result of tax planning. 3. Professional fees One-time non-recurring expenses should be identified and added back. These are not expected to occur in future operating years. 4. Long-term interest expense would be added back to show cash flow available for a new financing program with new terms and rates. In this case, there is no long-term debt. ABC Sample LTD. Normalized statement of income For the year ended December 3, 2xxx Sales $ 3,240,909 Cost of sales,63,005 2,077,904 Expenses,802,793 Income before taxes 275, Income taxes 64,44 Net income 20,670 Add backs: Amortization 35,725 Shareholder bonus 30,000 Interest on long-term debt 0 Unusual professional fees 2,000 77,725 Normalized cash flow $ 288,395 Normalized cash flow is $288,395 before debt servicing and any shareholder loan repayments. The debt servicing costs of the proposed new financing program could be calculated and deducted from the above to reflect the net cash flow after debt servicing. In any case, a normalized statement of income provides the lender with valuable information on the debt servicing ability of the company. Uses and sources of funds Uses (Purpose). New term loan financing The first step is to address the immediate working capital shortfall as follows: to bring trade accounts payable current to pay off corporate income taxes to pay down line of credit Accounts Payable > 90 days $ 75,000 Corporate Taxes 6,054 Working capital 78,946 35,000 A Structured Approach to Business Financing, Part 3: Putting It All Together A Case Study 4

5 2. Operating line of credit The next step is to address future requirements and provide a financing solution to accommodate future growth. An increased operating line would be the most appropriate solution to address the current and future operating needs of the company. In this case, the operating line was increased to $350,000. (This LOC level would be based on cash flow projections showing monthly cash flow balances and requirements.) Sources (Product/Lenders) Now the task is to identify and match the most appropriate financing products and lenders for the uses established. In this case, the proposed financing program called for the following financing products: Term loan to address the working capital shortfall and re-structure the balance Operating line increase to address future operating requirements Term Loan $35,000 The balance sheet is typical of a company operating in a service-based industry nominal capital assets and inventory with a book value of $37,820. A review of the normalized statement of income shows good cash flow that could more than adequately debt service on $35,000 in-term financing. Considering the weak asset collateral for the full amount of the term loan, the proposed new term financing would be made up of two components or sources: # Equipment term loan: $00,000 good conventional loan/value coverage This loan would be secured by a first charge on the capital assets of the company, with equal payments over 60 months and interest at the base rate plus %. This is conventional term loan financing secured by specific equipment assets with loan-to-value coverage of 60 70%. Note: Capital assets are stated at cost on the balance sheet and as such may be understated in value, hiding significant equity. Though this was not done here, it may be appropriate to obtain an appraisal of the assets for fair market value and increase the value of available collateral. This would provide the lender with better security coverage and may increase the amount to be financed. #2 Sub-debt term loan: $25,000 cash flow financing (unsecured) This loan is based on cash flow and secured by a General Security Agreement subordinated to a chartered bank for the accounts receivable and inventory. It has equal payments over 60 months with interest charged at the base rate plus 3%. Rate on this term loan was higher due to the under secured and subordinate position of the lender. This is a typical subordinated debt financing program whose main focus is on available cash flow, whereas conventional financing is based on a combination of available assets, equity, and cash flow. (A normalized statement of income can make a very important case for this specialized type of financing.) The above program would increase working capital by $35,000 and adequately address the immediate working capital problems of the company (defined previously as $35,000). Operating Line of Credit $350,000 Inventory is minimal and as such would not be considered as good security. The accounts receivable balances average between $700,000 and $ million per month. As a rule, a line of credit is margined against 75% of eligible accounts receivable balances that are under 90 days due. In this case, available margined receivables would average between $525,000 and $750,000 without considering accounts over 90 days due. It would appear that the company has excellent line of credit coverage with average accounts receivable balances. This excess margin can also provide good additional security comfort for the subordinated term loan. (A definition of subordinated debt is found in the glossary.) A Structured Approach to Business Financing, Part 3: Putting It All Together A Case Study 5

6 The proposed financing program will increase the available LOC room by $84,500, and based on projected cash flows (not provided), the company should not require a line of credit facility beyond $350,000. Note: A loan proposal can always include an annual review to increase the line of credit based on the company reaching certain financial milestones. This can often be written right into the loan agreement. Balance sheet before and after new financing program ABC Sample LTD. Proforma balance sheet As at December 3, 2xxx Reflecting new term financing Before After Current assets Cash and equivalents 2,598 2,598 Accounts receivable, net 96,367 96,367 Inventories 40,23 40,23,004,088,004,088 Capital assets Automotive 84,074 84,074 Office/computer 37,7 37,7 Equipment 50,40 50,40 Less: accumulated depreciation (33,826) (33,826) Total capital assets, net 37,820 37,820 Total assets,4,908,4,908 Current liabilities Line of credit 263,446 78,946 84,500 Accounts payable 396,368 75,000 22,368 Income taxes 6,054 6, , ,868 Long term debt Long-term debt # 00,000 00,000 Long-term debt #2 25,000 25,000 Equity Common shares Retained earnings 45,05 45,05 Shareholder advances 5,835 5,835 42,040 42,040 Total liability and equity,4,908 35,000 35,000,4,908 Proceeds from term loan The above program has achieved the following: Increased available working capital by $35,000 Increased current ratio from.39: to 2.48: Improved monthly cash flow by terming out short-term debt Payout of critical short-term payables and taxes Stabilized balance sheet (eliminate short-term debt being used as long term) Reduced trade payable accounts (from overdue to current) No increase in debt to equity ratio.7: Increased available credit in operating line by $65,500 ($350,000 84,500) A Structured Approach to Business Financing, Part 3: Putting It All Together A Case Study 6

7 Additional tiered possibilities The above financing program addressed the biggest issues facing the company: Immediate working capital crisis Allowance for future growth The company has increased its operating credit by $84,500, taken some immediate pressure off its short payables, and now is well positioned to move forward. To further stabilize its future financing requirements, the company could consider the following value-added financing options for future working capital needs (say in the next 2 months):. Unsecured top-up line of credit Many chartered banks are now providing line of credit financing of up to $00,000 for small businesses on an unsecured basis only requiring the personal guarantee of the shareholders. In this way, the company can access this top-financing without affecting or infringing on existing credit arrangements. The benefit of this product is that it is available on a standby basis and can be used when needed. 2. Factoring A factoring program can supplement an existing line of credit facility. For many businesses, a growth spurt has consumed the entire LOC, yet there may be excess margin available. A factoring company can work with the bank to purchase invoices over margin. Again this is set up in advance, provided for on a standby basis, and used in tandem with an existing operating line. 3. EDC insurance This is a federal government organization (Export Development Canada) that provides accounts receivable insurance to a company in cases where the customer account goes bad and does not pay. If EDC has insured the account, the company does not suffer a loss but is paid by EDC for the amount of the unpaid customer invoice(s). As a result, with this enhanced protection, chartered banks will provide additional margin as high as 90% on EDC-insured accounts receivable balances. This can work well when a company is exporting and/or customer payment terms exceed 90 days. The financing proposal a tiered approach If the company was to fully incorporate the previously outlined program, the tiered financing structure would resemble the following: Use of funds Sources of funds Payables/working capital $ 35,000 2-Term loan sub debt $ 25,000 -Term loan secured 00,000 Accounts receivable 550,000 -Line of credit secured 350,000 3-EDC insured margin to 90% 4-Line of credit unsecured 00,000 5-Factoring facility top up 00,000 Total $ 865,000 $ 865,000 Note: In the above example, there would be five different lenders involved working in tandem. Another alternative might be to increase the line of credit facility from $350,000 to $565,000 and eliminate the sub-debt lender #2. This type of financing is more costly (prime plus 4% versus prime plus % on the operating line), and there appears to be a lot of accounts receivable margin to accomplish this. In this case though, long-term debt (sub debt) was used to increase balance sheet stability (reduce short liabilities), increase working capital by $25,000 (which would not be achieved by increasing the operating line), and leave the operating line increase as an option available in the future. A Structured Approach to Business Financing, Part 3: Putting It All Together A Case Study 7

8 Summary Access to capital is one of the biggest issues facing entrepreneurs and one of the best opportunities for CGAs to deliver valuable professional services to their small and mediumsized business clients. In the past, if the bank refused a loan, the business owner would likely be without a suitable financing alternative. Fortunately, these days there are many alternatives and solutions to successfully finance a business. A tiered or layered financing approach uses multiple financing products and funding sources. Today, a small business financing program might include some, all, or more of the following products:. Operating line Secured 2. Operating line Unsecured 3. Factoring 4. Capital term loan Secured 5. Capital lease Secured 6. Working capital term loan Unsecured 7. Operating lease Secured Each of these products, in many cases, would be provided by different lenders. As a result, successful financing is a puzzle with many pieces. Developing the structure for a proposed financing program is therefore critical to success. A proper financing structure identifies and matches the: Purpose to the product Product to the asset Asset to the lender Lender to the industry CGAs can play a valuable role in guiding their clients through the ever-expanding maze of options to establish an effective, tiered financing strategy. By providing lenders with a financing proposal structured to the lender s requirements, the chances for success in obtaining financing are greatly increased. Mark Eikeland, CGA, is the founder and President of NetFinance.ca (e-capital Networks Group), an online corporate finance resource for accountants and accounting firms in BC and Alberta. He has been an entrepreneur, a business counsellor with the Business Development Bank of Canada, a college business lecturer, a sought-after seminar leader, and has held a variety of senior financial positions including Senior Finance Officer within the banking industry. Prior to forming NetFinance.ca in 2002, Mr. Eikeland operated a successful 0-year private practice as a professional accountant and business consultant to clients throughout BC and Alberta. Focusing in the area of Corporate Finance, he raised capital for small to mid-sized businesses to finance their start-up, acquisition, reorganization, and expansion plans. Visit NetFinance.ca for more information about NetFinance.ca. Or contact Mr. Eikeland at This is the third of three articles by Mr. Eikeland on the subject of Corporate Finance Strategic Financing to be carried on PD Net. Appendix Debt Financing Glossary of Terms A Structured Approach to Business Financing, Part 3: Putting It All Together A Case Study 8

A Structured Approach to Business Financing, Part 1: Current Landscape Tiered Financing

A Structured Approach to Business Financing, Part 1: Current Landscape Tiered Financing A Structured Approach to Business Financing, Part 1: Current Landscape Tiered Financing By MARK EIKELAND, CGA Times have changed Show me the money A tiered approach to financing More reasons to use the

More information

A Structured Approach to Business Financing, Part 2: The Financing Proposal

A Structured Approach to Business Financing, Part 2: The Financing Proposal A Structured Approach to Business Financing, Part 2: The Financing Proposal By MARK EIKELAND, CGA This article is the second in a three-part series by Mr. Eikeland on the subject of Corporate Finance Strategic

More information

Ipx!up!hfu!uif Dsfeju!zpv!Eftfswf

Ipx!up!hfu!uif Dsfeju!zpv!Eftfswf Ipx!up!hfu!uif Dsfeju!zpv!Eftfswf Credit is the lifeblood of South Louisiana business, especially for the smaller firm. It helps the small business owner get started, obtain equipment, build inventory,

More information

Topic 7: Financial Performance

Topic 7: Financial Performance Topic 7: Financial Performance One of the most important tasks in transition planning is analyzing the financial performance of the farm operation. Too many farms move ahead making decisions regarding

More information

Key Points to Borrowing Money

Key Points to Borrowing Money Key Points to Borrowing Money Borrowing money is one of the most common sources of funding for a small business, but obtaining a loan isn't always easy. Before you approach your banker for a loan, it is

More information

APPENDIX 1 The Statement of Financial Position

APPENDIX 1 The Statement of Financial Position APPENDIX 1 The Statement of Financial Position 1. Assets: the resources of the organization which are used to provide service and generate value 2. Current assets: assets which can be converted to cash

More information

Understanding Financial Statements. For Your Business

Understanding Financial Statements. For Your Business Understanding Financial Statements For Your Business Disclaimer The information provided is for informational purposes only, does not constitute legal advice or create an attorney-client relationship,

More information

! "#$ %&!& "& ' - 3+4 &*!&-.,,5///2!(.//+ & $!- )!* & % +, -).//0)& 7+00///2 *&&.4 &*!&- 7.00///2 )!*.//+ 8 -!% %& "#$ ) &!&.

! #$ %&!& & ' - 3+4 &*!&-.,,5///2!(.//+ & $!- )!* & % +, -).//0)& 7+00///2 *&&.4 &*!&- 7.00///2 )!*.//+ 8 -!% %& #$ ) &!&. ! "#!""#$%$#$#$"& $'"()*+,$-).,/ 012! "#$ %&!& "& '!(&)!*&%+,-).//0 -#$#3-4' &,'1$1# $!-!(.//0)& +01+///2 *&& - 3+4 &*!&-.,,5///2!(.//+ &!(!-6%(!(.//.$(!(.//0)& 01,///2 //+2% &*!&- 5,0///2 //32%!(.//+

More information

In this chapter, we build on the basic knowledge of how businesses

In this chapter, we build on the basic knowledge of how businesses 03-Seidman.qxd 5/15/04 11:52 AM Page 41 3 An Introduction to Business Financial Statements In this chapter, we build on the basic knowledge of how businesses are financed by looking at how firms organize

More information

Module 1: Corporate Finance and the Role of Venture Capital Financing TABLE OF CONTENTS

Module 1: Corporate Finance and the Role of Venture Capital Financing TABLE OF CONTENTS 1.0 ALTERNATIVE SOURCES OF FINANCE Module 1: Corporate Finance and the Role of Venture Capital Financing Alternative Sources of Finance TABLE OF CONTENTS 1.1 Short-Term Debt (Short-Term Loans, Line of

More information

Module 2: Preparing for Capital Venture Financing Building Pro-Forma Financial Statements

Module 2: Preparing for Capital Venture Financing Building Pro-Forma Financial Statements Module 2: Preparing for Capital Venture Financing Building Pro-Forma Financial Statements Module 2: Preparing for Capital Venture Financing Building Pro-Forma Financial Statements TABLE OF CONTENTS 1.0

More information

UNDERSTANDING WHERE YOU STAND. A Simple Guide to Your Company s Financial Statements

UNDERSTANDING WHERE YOU STAND. A Simple Guide to Your Company s Financial Statements UNDERSTANDING WHERE YOU STAND A Simple Guide to Your Company s Financial Statements Contents INTRODUCTION One statement cannot diagnose your company s financial health. Put several statements together

More information

Chapter 9 Solutions to Problems

Chapter 9 Solutions to Problems Chapter 9 Solutions to Problems 1. a. Cash and cash equivalents are cash in hand and in banks, plus money market securities with maturities of 90 days or less. Accounts receivable are claims on customers

More information

How Do I Qualify for a loan?

How Do I Qualify for a loan? How Do I Qualify for a loan? Borrowing money is one of the most common sources of funding for a small business, but obtaining a loan isn't always easy. Before you approach your banker for a loan, it is

More information

Financing a New Venture

Financing a New Venture Financing a New Venture A Canadian Innovation Centre How-To Guide 1 Financing a new venture New ventures require financing to fund growth Forms of financing include equity (personal, family & friends,

More information

Analyzing Cash Flows. April 2013

Analyzing Cash Flows. April 2013 Analyzing Cash Flows April 2013 Overview Introductions Importance of cash flow in underwriting decisions Key attributes to calculating cash flow Where to obtain information to calculate cash flows Considerations

More information

Debt Service Analysis: Can I Repay?

Debt Service Analysis: Can I Repay? Purdue Extension Knowledge to Go Debt Service Analysis: Can I Repay? Low prices and incomes have made many farmers and their lenders concerned about the farmers ability to fulfill debt obligations. Lenders

More information

Analyzing the Statement of Cash Flows

Analyzing the Statement of Cash Flows Analyzing the Statement of Cash Flows Operating Activities NACM Upstate New York Credit Conference 2015 By Ron Sereika, CCE,CEW NACM 1 Objectives of this Educational Session u Show how the statement of

More information

Finding sources of capital. Secured and unsecured borrowing Selling equity Government programs Frequently overlooked sources

Finding sources of capital. Secured and unsecured borrowing Selling equity Government programs Frequently overlooked sources Finding sources of capital BusineSS Coach series Secured and unsecured borrowing Selling equity Government programs Frequently overlooked sources Business Coach series The fundamentals of finance The situation

More information

aggressive short-term financing policy amortization cash budget cash conversion cycle conservative short-term financing policy commercial paper

aggressive short-term financing policy amortization cash budget cash conversion cycle conservative short-term financing policy commercial paper aggressive short-term financing policy amortization cash budget cash conversion cycle commercial paper conservative short-term financing policy costly trade credit inventory blanket lien inventory conversion

More information

The Corporate Finance Shift to Asset- Based Loans PART I

The Corporate Finance Shift to Asset- Based Loans PART I The Corporate Finance Shift to Asset- Based Loans PART I Realistic Business Owners Look Beyond Bank Cash Flow Loans 1 Brian Ballo Corporate Finance Associates The Good News 1 Financing is currently available

More information

how to prepare a cash flow statement

how to prepare a cash flow statement business builder 4 how to prepare a cash flow statement zions business resource center zions business resource center 2 how to prepare a cash flow statement A cash flow statement is important to your business

More information

RISK ASSESSMENT FOR SMALL BUSINESS. Terry S. Campbell, Community Development Officer Department of Development & Technology

RISK ASSESSMENT FOR SMALL BUSINESS. Terry S. Campbell, Community Development Officer Department of Development & Technology RISK ASSESSMENT FOR SMALL BUSINESS Terry S. Campbell, Community Development Officer Department of Development & Technology Date: March 25, 2004 1 Counseling Tool Outline - Cover Page - Outline - Introduction

More information

EMC CORPORATION Consolidated Income Statements (in thousands, except per share amounts) Unaudited

EMC CORPORATION Consolidated Income Statements (in thousands, except per share amounts) Unaudited EMC CORPORATION Consolidated Income Statements (in thousands, except per share amounts) March 31, March 31, 2012 2011 Revenues: Product sales $ 3,068,857 $ 2,931,259 Services 2,025,521 1,676,359 5,094,378

More information

How to Assess Your Financial Planning and Loan Proposals By BizMove Management Training Institute

How to Assess Your Financial Planning and Loan Proposals By BizMove Management Training Institute How to Assess Your Financial Planning and Loan Proposals By BizMove Management Training Institute Other free books by BizMove that may interest you: Free starting a business books Free management skills

More information

E2-2: Identifying Financing, Investing and Operating Transactions?

E2-2: Identifying Financing, Investing and Operating Transactions? E2-2: Identifying Financing, Investing and Operating Transactions? Listed below are eight transactions. In each case, identify whether the transaction is an example of financing, investing or operating

More information

Module 2: Preparing for Capital Venture Financing Financial Forecasting Methods TABLE OF CONTENTS

Module 2: Preparing for Capital Venture Financing Financial Forecasting Methods TABLE OF CONTENTS Module 2: Preparing for Capital Venture Financing Financial Forecasting Methods Module 2: Preparing for Capital Venture Financing Financial Forecasting Methods 1.0 FINANCIAL FORECASTING METHODS 1.01 Introduction

More information

CASH FLOW STATEMENT (AND FINANCIAL STATEMENT)

CASH FLOW STATEMENT (AND FINANCIAL STATEMENT) CASH FLOW STATEMENT (AND FINANCIAL STATEMENT) - At the most fundamental level, firms do two different things: (i) They generate cash (ii) They spend it. Cash is generated by selling a product, an asset

More information

Jackson Masonry loan relationship: A case in commercial bank lending

Jackson Masonry loan relationship: A case in commercial bank lending Jackson Masonry loan relationship: A case in commercial bank lending Steve A. Nenninger Sam Houston State University James B. Bexley Sam Houston State University ABSTRACT This case describes a series of

More information

Financial Transactions and Fraud Schemes

Financial Transactions and Fraud Schemes Financial Transactions and Fraud Schemes Accounting Concepts 2013 Association of Certified Fraud Examiners, Inc. Accounting Basics Assets = Liabilities + Owners Equity Accounting Basics By definition,

More information

CR CREDIT RISK. 58 April 2013 The RMA Journal Copyright 2013 by RMA

CR CREDIT RISK. 58 April 2013 The RMA Journal Copyright 2013 by RMA CR CREDIT RISK Let Us Count the Ways 58 April 2013 The RMA Journal Copyright 2013 by RMA ONLY CASH PAYS LOANS ys to Measure Cash Flow This first article in a two-part series discusses the four most widely

More information

Consolidated Interim Earnings Report

Consolidated Interim Earnings Report Consolidated Interim Earnings Report For the Six Months Ended 30th September, 2003 23th Octorber, 2003 Hitachi Capital Corporation These financial statements were prepared for the interim earnings release

More information

EQUINIX, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - GAAP PRESENTATION (in thousands, except per share data) (unaudited)

EQUINIX, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - GAAP PRESENTATION (in thousands, except per share data) (unaudited) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - GAAP PRESENTATION (in thousands, except per share data) Recurring revenues $ 314,727 $ 282,117 $ 216,517 $ 834,080 $ 610,384 Non-recurring revenues 15,620

More information

BUYING OR SELLING A BUSINESS: A CHECKLIST FOR SUCCESSFULLY NEGOTIATING PRICE

BUYING OR SELLING A BUSINESS: A CHECKLIST FOR SUCCESSFULLY NEGOTIATING PRICE BUYING OR SELLING A BUSINESS: A CHECKLIST FOR SUCCESSFULLY NEGOTIATING PRICE Phil Thompson Business Lawyer, Corporate Counsel www.thompsonlaw.ca A COMMON GOAL AND COMMON UNDERSTANDINGS Agreed: Our common

More information

SEAGATE TECHNOLOGY PLC CONDENSED CONSOLIDATED BALANCE SHEETS

SEAGATE TECHNOLOGY PLC CONDENSED CONSOLIDATED BALANCE SHEETS CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) June 28, ASSETS Current assets: Cash and cash equivalents $ 2,259 $ 1,708 Short-term investments 47 480 Restricted cash and investments 4 101 Accounts

More information

What Do Short-Term Liquidity Ratios Measure? What Is Working Capital? How Is the Current Ratio Calculated? How Is the Quick Ratio Calculated?

What Do Short-Term Liquidity Ratios Measure? What Is Working Capital? How Is the Current Ratio Calculated? How Is the Quick Ratio Calculated? What Do Short-Term Liquidity Ratios Measure? What Is Working Capital? HOCK international - 2004 1 HOCK international - 2004 2 How Is the Current Ratio Calculated? How Is the Quick Ratio Calculated? HOCK

More information

Financial Terms & Calculations

Financial Terms & Calculations Financial Terms & Calculations So much about business and its management requires knowledge and information as to financial measurements. Unfortunately these key terms and ratios are often misunderstood

More information

So You Want to Borrow Money to Start a Business?

So You Want to Borrow Money to Start a Business? So You Want to Borrow Money to Start a Business? M any small business owners cannot understand why a lending institution would refuse to lend them money. Others have no trouble getting money, but they

More information

Financial Plan. A) Estimated One-Time Financial Requirements. Part One

Financial Plan. A) Estimated One-Time Financial Requirements. Part One Financial Plan The Financial Plan is perhaps one of the most important components of your Business Plan (see Business Plan Handout). Not only is it essential if you are seeking external financing it is

More information

SMALL BUSINESS DEVELOPMENT CENTER RM. 032

SMALL BUSINESS DEVELOPMENT CENTER RM. 032 SMALL BUSINESS DEVELOPMENT CENTER RM. 032 FINANCING THROUGH COMMERCIAL BANKS Revised January, 2013 Adapted from: National Federation of Independent Business report Steps to Small Business Financing Jeffrey

More information

TUCKAMORE CAPITAL MANAGEMENT INC.

TUCKAMORE CAPITAL MANAGEMENT INC. Consolidated Interim Financial Statements of TUCKAMORE CAPITAL MANAGEMENT INC. Three and Six Months Ended June 30, 2013 and 2012 (Unaudited) These statements have not been reviewed by an independent firm

More information

TOWN OF HAMDEN, CONNECTICUT Economic & Community Development Department 2750 Dixwell Avenue Hamden, Connecticut 06518

TOWN OF HAMDEN, CONNECTICUT Economic & Community Development Department 2750 Dixwell Avenue Hamden, Connecticut 06518 TOWN OF HAMDEN, CONNECTICUT Economic & Community Development Department 2750 Dixwell Avenue Hamden, Connecticut 06518 Dale Kroop, Director TO ALL INTERESTED LOAN APPLICANTS NOTICE OF AVAILABLE FUNDS SMALL

More information

Brief Report on Closing of Accounts (connection) for the Term Ended March 31, 2007

Brief Report on Closing of Accounts (connection) for the Term Ended March 31, 2007 MARUHAN Co., Ltd. Brief Report on Closing of (connection) for the Term Ended March 31, 2007 (Amounts less than 1 million yen omitted) 1.Business Results for the term ended on March, 2007 (From April 1,

More information

Financial Guidelines for Long-Term Care Home Licensing Applications

Financial Guidelines for Long-Term Care Home Licensing Applications Financial Guidelines for Long-Term Care Home Licensing Applications Performance Improvement and Compliance Branch, Ministry of Health and Long-Term Care Revised: June 2015 Table of Contents Introduction...

More information

The Insider s Guide to Leasing

The Insider s Guide to Leasing The Insider s Guide to Leasing Table of Contents 1 The Power of Leasing 2 The 11 Advantages of Leasing 4 Cash Flow & Credit 6 Upgrading & Adding Equipment 7 Tax & Reporting Advantages 8 The Three Types

More information

This week its Accounting and Beyond

This week its Accounting and Beyond This week its Accounting and Beyond Monday Morning Session Introduction/Accounting Cycle Afternoon Session Tuesday The Balance Sheet Wednesday The Income Statement The Cash Flow Statement Thursday Tools

More information

ICAP GROUP S.A. FINANCIAL RATIOS EXPLANATION

ICAP GROUP S.A. FINANCIAL RATIOS EXPLANATION ICAP GROUP S.A. FINANCIAL RATIOS EXPLANATION OCTOBER 2006 Table of Contents 1. INTRODUCTION... 3 2. FINANCIAL RATIOS FOR COMPANIES (INDUSTRY - COMMERCE - SERVICES) 4 2.1 Profitability Ratios...4 2.2 Viability

More information

5.3.2015 г. OC = AAI + ACP

5.3.2015 г. OC = AAI + ACP D. Dimov Working capital (or short-term financial) management is the management of current assets and current liabilities: Current assets include inventory, accounts receivable, marketable securities,

More information

13:11. Statement of Cash Flows. Chapter. Illustration. Statement of Cash Flows- summary. Overview

13:11. Statement of Cash Flows. Chapter. Illustration. Statement of Cash Flows- summary. Overview Overview Statement of Cash Flows Chapter 23 BECAUSE of the SCF, users of the financial statements get the best of both worlds! SCF bridges the gap created by paper income resulting from applying an accrual

More information

CIMA F3 Course Notes. Chapter 3. Short term finance

CIMA F3 Course Notes. Chapter 3. Short term finance CIMA F3 Course Notes c Chapter 3 Short term finance Personal use only - not licensed for use on courses 31 1. Conservative, Aggressive and Matching strategies There are three over-riding approaches to

More information

Cash Flow Management Workshop

Cash Flow Management Workshop Cash Flow Management Workshop CBDC, NB February 2008 Presented by: ACSBE Previous Training Session The seven attributes to success One line diagnostic tools Understanding margins Vertical and Horizontal

More information

GrowFL and SunTrust Bank Present: How To Utilize The SBA Loan Programs To Improve Cash Flow And Grow Your Business

GrowFL and SunTrust Bank Present: How To Utilize The SBA Loan Programs To Improve Cash Flow And Grow Your Business GrowFL and SunTrust Bank Present: How To Utilize The SBA Loan Programs To Improve Cash Flow And Grow Your Business GrowFL Webinar Series Date: March 5, 2012 Presented by: Hetal Engineer, SunTrust VP hetal.engineer@suntrust.com

More information

LOAN APPLICATION. Name of Business (Legal Name): Address: City, State, Zip: Business Phone: Federal Tax ID #:

LOAN APPLICATION. Name of Business (Legal Name): Address: City, State, Zip: Business Phone: Federal Tax ID #: LOAN APPLICATION Name of Business (Legal Name): Business Phone: Federal Tax ID #: Fax: Principals Name: Phone: Social Security #: Type of Business Sole Proprietorship Corporation Partnership Date Established

More information

Use this section to learn more about business loans and specific financial products that might be right for your company.

Use this section to learn more about business loans and specific financial products that might be right for your company. Types of Financing Use this section to learn more about business loans and specific financial products that might be right for your company. Revolving Line Of Credit Revolving lines of credit are the most

More information

BUSINESS PLAN TEMPLATE

BUSINESS PLAN TEMPLATE iplanner.net Small Business Plans Online BUSINESS PLAN TEMPLATE For a start-up company 18/01/2012 12:33:19(GMT) Executive Summary... 3 Business Overview... 3 Products and Services... 3 Sales Forecast...

More information

Overview of Financial Solutions

Overview of Financial Solutions Overview of Financial Solutions The Etra Advisory Group provides solutions to businesses for growth, expansion, cash flow, refinance and acquisition. We cover the world of business financing that banks

More information

Understanding A Firm s Financial Statements

Understanding A Firm s Financial Statements CHAPTER OUTLINE Spotlight: J&S Construction Company (http://www.jsconstruction.com) 1 The Lemonade Kids Financial statement (accounting statements) reports of a firm s financial performance and resources,

More information

ARC LOAN PROGRAM. Office of Small Business & Entrepreneurship and SBA

ARC LOAN PROGRAM. Office of Small Business & Entrepreneurship and SBA ARC LOAN PROGRAM Office of Small Business & Entrepreneurship and SBA 1 Timeline June 8 th : Regulation, Procedural Guidance and Forms Released Week of June 8 th : Lender Training June 15 th : SBA Begins

More information

ACCOUNTING FOR NON-ACCOUNTANTS

ACCOUNTING FOR NON-ACCOUNTANTS Deutsch and Chikarovski's ACCOUNTING FOR NON-ACCOUNTANTS A Question and Answer Handbook Robert Deutsch and Kris Chikarovski THE FEDERATION PRESS 2012 Preface - x Who is this book for? x What is in this

More information

TheSmallBusiness. ReportCard. Is your business making the grade? This number-crunching study guide has the answer.

TheSmallBusiness. ReportCard. Is your business making the grade? This number-crunching study guide has the answer. ReportCard TheSmallBusiness Is your business making the grade? This number-crunching study guide has the answer. MasterCard Solutions For Small Business MasterCard Solutions for Small Business encompasses

More information

QUARTERLY AND YEAR END REPORT BC FORM 51-901F (previously Form 61)

QUARTERLY AND YEAR END REPORT BC FORM 51-901F (previously Form 61) British Columbia Securities Commission QUARTERLY AND YEAR END REPORT BC FORM 51-901F (previously Form 61) INCORPORATED AS PART OF: X Schedule A Schedules B and C (Place X in appropriate category.) ISSUER

More information

performance of a company?

performance of a company? How to deal with questions on assessing the performance of a company? (Relevant to ATE Paper 7 Advanced Accounting) Dr. M H Ho This article provides guidance for candidates in dealing with examination

More information

Syndicated Revenue Loans. Secured Lines of Credit

Syndicated Revenue Loans. Secured Lines of Credit Syndicated Revenue Loans. Syndicated Revenue Loans are Revenue loans grouped together through a syndicate. Typically these loans are given while a revenue loan is still outstanding, but the business owner

More information

THE FINANCING TOOLKIT for Small and Medium Businesses

THE FINANCING TOOLKIT for Small and Medium Businesses THE FINANCING TOOLKIT for Small and Medium Businesses Taking the next step with confidence GARY A. FITCHETT CA 1 THE FINANCIAL EXECUTIVES INSTITUTE CONFERENCE OCTOBER 22, 2009 2 GARY A. FITCHETT CA Gary

More information

6.3 PROFIT AND LOSS AND BALANCE SHEETS. Simple Financial Calculations. Analysing Performance - The Balance Sheet. Analysing Performance

6.3 PROFIT AND LOSS AND BALANCE SHEETS. Simple Financial Calculations. Analysing Performance - The Balance Sheet. Analysing Performance 63 COSTS AND COSTING 6 PROFIT AND LOSS AND BALANCE SHEETS Simple Financial Calculations Analysing Performance - The Balance Sheet Analysing Performance Analysing Financial Performance Profit And Loss Forecast

More information

WESTERN DIGITAL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS. (in millions; unaudited) ASSETS

WESTERN DIGITAL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS. (in millions; unaudited) ASSETS CONDENSED CONSOLIDATED BALANCE SHEETS (in millions; unaudited) ASSETS Apr. 1, July 3, 2016 2015 Current assets: Cash and cash equivalents $ 5,887 $ 5,024 Short-term investments 146 262 Accounts receivable,

More information

Tabletop Exercises: Allowance for Loan and Lease Losses and Troubled Debt Restructurings

Tabletop Exercises: Allowance for Loan and Lease Losses and Troubled Debt Restructurings Tabletop Exercises: Allowance for Loan and Lease Losses and Troubled Debt Restructurings Index Measuring Impairment Example 1: Present Value of Expected Future Cash Flows Method (Unsecured Loan)... - 1

More information

Business Financing. An Article by Michael L. Messer and Thomas L. Hofstetter SCHENCK, PRICE, SMITH & KING, LLP

Business Financing. An Article by Michael L. Messer and Thomas L. Hofstetter SCHENCK, PRICE, SMITH & KING, LLP Business Financing An Article by Michael L. Messer and Thomas L. Hofstetter SCHENCK, PRICE, SMITH & KING, LLP Even in these challenging economic times, businesses still have a need to grow and to obtain

More information

Model is used to calculate Financial Statements on a Quarterly Basis for a One Year period. Model provides the ability to:

Model is used to calculate Financial Statements on a Quarterly Basis for a One Year period. Model provides the ability to: ADDITIONAL REFERENCES AND FINANCIAL MODELS: For more information about financial statements and terms refer to e book, How to Read Financial Statements. Advanced financial models providing 5 year projections

More information

Western Energy Services Corp. Condensed Consolidated Financial Statements September 30, 2015 and 2014 (Unaudited)

Western Energy Services Corp. Condensed Consolidated Financial Statements September 30, 2015 and 2014 (Unaudited) Condensed Consolidated Financial Statements September 30, 2015 and 2014 (Unaudited) Condensed Consolidated Balance Sheets (Unaudited) (thousands of Canadian dollars) Note September 30, 2015 December 31,

More information

Module 6 Understanding Lending Decisions Module Outline

Module 6 Understanding Lending Decisions Module Outline Module 6 Understanding Lending Decisions Module Outline Introduction The Five C s of Credit Roadside Chat #1 1. Character Adapting to Change Management Ability Commitment to Loan Repayment Sound Production

More information

Preparing Financial Statements

Preparing Financial Statements Preparing Financial Statements Understanding financial statements is essential to the success of a small business. They can be used as a roadmap to steer you in the right direction and help you avoid costly

More information

Receivables insurance Protection against the biggest unidentified exposure facing Canadian business

Receivables insurance Protection against the biggest unidentified exposure facing Canadian business Receivables insurance Protection against the biggest unidentified exposure facing Canadian business Presentation to: Alberta Trade Contractors Coalition By: Ian Miller Receivables Insurance Association

More information

Valuation of a business, Part 3

Valuation of a business, Part 3 Valuation of a business, Part 3 By TOM McCALLUM, FCGA, CBV This is the last of three articles by Mr. McCallum on Valuation of a business to be carried on PD Network. Testing the valuation conclusion Cash

More information

ABOUT FINANCIAL RATIO ANALYSIS

ABOUT FINANCIAL RATIO ANALYSIS ABOUT FINANCIAL RATIO ANALYSIS Over the years, a great many financial analysis techniques have developed. They illustrate the relationship between values drawn from the balance sheet and income statement

More information

OLR RESEARCH REPORT ANALYSIS OF STATE SMALL BUSINESS LOAN GUARANTEE PROGRAMS. By: Michelle Kirby, Associate Analyst

OLR RESEARCH REPORT ANALYSIS OF STATE SMALL BUSINESS LOAN GUARANTEE PROGRAMS. By: Michelle Kirby, Associate Analyst OLR RESEARCH REPORT February 19, 2013 2013-R-0054 ANALYSIS OF STATE SMALL BUSINESS LOAN GUARANTEE PROGRAMS By: Michelle Kirby, Associate Analyst You asked for an analysis of state small business loan guarantee

More information

Chapter 18 Working Capital Management

Chapter 18 Working Capital Management Chapter 18 Working Capital Management Slide Contents Learning Objectives Principles Used in This Chapter 1. Working Capital Management and the Risk- Return Tradeoff 2. Working Capital Policy 3. Operating

More information

TYPES OF FINANCIAL RATIOS

TYPES OF FINANCIAL RATIOS TYPES OF FINANCIAL RATIOS In the previous articles we discussed how to invest in the stock market and unit trusts. When investing in the stock market an investor should have a clear understanding about

More information

United States of America. Presentation of financial resources available to US investors in Afghanistan; Financial Tools

United States of America. Presentation of financial resources available to US investors in Afghanistan; Financial Tools United States of America Presentation of financial resources available to US investors in Afghanistan; Financial Tools Kabul, February 2007 Research categories for all countries Finance Categories 1. Equity

More information

FINANCIAL MANAGEMENT

FINANCIAL MANAGEMENT 100 Arbor Drive, Suite 108 Christiansburg, VA 24073 Voice: 540-381-9333 FAX: 540-381-8319 www.becpas.com Providing Professional Business Advisory & Consulting Services Douglas L. Johnston, II djohnston@becpas.com

More information

Chapter 6 Statement of Cash Flows

Chapter 6 Statement of Cash Flows Chapter 6 Statement of Cash Flows The Statement of Cash Flows describes the cash inflows and outflows for the firm based upon three categories of activities. Operating Activities: Generally include transactions

More information

CPA MOCK Evaluation Finance Elective Page 1

CPA MOCK Evaluation Finance Elective Page 1 CPA MOCK Evaluation Finance Elective Page 1 ELECTIVE (FINANCE)- Elective examinations will be 3 hours in length. Candidates will be given 4 hours to complete the examination, providing an extra hour to

More information

THE LOAN RENEWAL SEASON: YOUR LENDER S CONCERNS. Michael Boehlje Department of Agricultural Economics Purdue University

THE LOAN RENEWAL SEASON: YOUR LENDER S CONCERNS. Michael Boehlje Department of Agricultural Economics Purdue University THE LOAN RENEWAL SEASON: YOUR LENDER S CONCERNS Michael Boehlje Department of Agricultural Economics Purdue University Now that harvest is over, farmers are planning for next year s planting season. Lining

More information

STATEMENT OF CASH FLOWS AND WORKING CAPITAL ANALYSIS

STATEMENT OF CASH FLOWS AND WORKING CAPITAL ANALYSIS C H A P T E R 1 0 STATEMENT OF CASH FLOWS AND WORKING CAPITAL ANALYSIS I N T R O D U C T I O N Historically, profit-oriented businesses have used the accrual basis of accounting in which the income statement,

More information

Applying for a Business Loan A Cardinal Bank Lender s View. Components of an Application Package

Applying for a Business Loan A Cardinal Bank Lender s View. Components of an Application Package Applying for a Business Loan A Cardinal Bank Lender s View By James N. Estep, AVP, Business Lending Contents Loan Interview Expectations Types of Business Loans Preferred Business Attributes Components

More information

C&I LOAN EVALUATION UNDERWRITING GUIDELINES. A Whitepaper

C&I LOAN EVALUATION UNDERWRITING GUIDELINES. A Whitepaper C&I LOAN EVALUATION & UNDERWRITING A Whitepaper C&I Lending Commercial and Industrial, or C&I Lending, has long been a cornerstone product for many successful banking institutions. Also known as working

More information

Chapter 23. Bankruptcy and Financial Distress. Answers to Concept Review Questions

Chapter 23. Bankruptcy and Financial Distress. Answers to Concept Review Questions Chapter 23 Bankruptcy and Financial Distress Answers to Concept Review Questions 1. Are the occurrence of operating losses, technical insolvency, and bankruptcy independent, or are they likely to be related?

More information

EDA Revolving Loan Fund

EDA Revolving Loan Fund EDA Revolving Loan Fund Purpose: To encourage small business development and expansion by local manufacturers. Eligibility: Companies in manufacturing or service industries that will create new jobs are

More information

Understanding Key Financial Ratios and Benchmarks

Understanding Key Financial Ratios and Benchmarks Understanding Key Financial Ratios and Benchmarks How does my business stack up compared to my neighbors? This question is becoming more and more common as the agricultural industry continues to change

More information

Calculating financial position and cash flow indicators

Calculating financial position and cash flow indicators Calculating financial position and cash flow indicators Introduction When a business is deciding whether to grant credit to a potential customer, or whether to continue to grant credit terms to an existing

More information

FINANCIAL ANALYSIS CS. Sample Reports. version 2008.x.x

FINANCIAL ANALYSIS CS. Sample Reports. version 2008.x.x FINANCIAL ANALYSIS CS Sample Reports version 2008.x.x TL 19887 (10/14/2008) Copyright Information Text copyright 2004-2008 by Thomson Reuters/Tax & Accounting. All rights reserved. Video display images

More information

ALBERTA INDIAN INVESTMENT CORPORATION (AIIC)

ALBERTA INDIAN INVESTMENT CORPORATION (AIIC) ALBERTA INDIAN INVESTMENT CORPORATION (AIIC) Business plan information request Alberta Indian Investment Corporation Required Client Information Starting or operating a business can provide you the entrepreneur

More information

Northern Blizzard Resources Inc. Condensed Consolidated Interim Financial Statements For the Three Months Ended March 31, 2016 and 2015 (Unaudited)

Northern Blizzard Resources Inc. Condensed Consolidated Interim Financial Statements For the Three Months Ended March 31, 2016 and 2015 (Unaudited) Northern Blizzard Resources Inc. Condensed Consolidated Interim Financial Statements (Unaudited) CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION In Canadian $000s (unaudited) As at March

More information

Assignment Problems For Chapter 3

Assignment Problems For Chapter 3 Page 4 Assignment Problems For Chapter 3 (The solutions for these problems are only available in the solutions manual that has been provided to your instructor.) Assignment Problem Three - 1 (Purchase

More information

Financial Information Package for the Fourth Quarter 2004. As at December 31, 2004

Financial Information Package for the Fourth Quarter 2004. As at December 31, 2004 Financial Information Package for the Fourth Quarter 2004 As at December 31, 2004 TABLE OF CONTENTS PAGE HIGHLIGHTS 1 PROFITABILITY 3 Profit (2003 restated) Return on common shareholders' equity (2003

More information

Vermont Employee Ownership Center. Sixth Annual Employee Ownership Conference. Financing an ESOP. Burlington, VT June 6, 2008

Vermont Employee Ownership Center. Sixth Annual Employee Ownership Conference. Financing an ESOP. Burlington, VT June 6, 2008 Vermont Employee Ownership Center Sixth Annual Employee Ownership Conference Financing an ESOP Burlington, VT June 6, 2008 Copyright 2008 by SES Advisors, Inc. All rights reserved. Program Agenda Basic

More information

APPLICATION FORMAT SOUTHEAST MISSOURI REGIONAL PLANNING AND ECONOMICAL DEVELOPMENT COMMISSION REVOLVING LOAN FUND PROGRAM

APPLICATION FORMAT SOUTHEAST MISSOURI REGIONAL PLANNING AND ECONOMICAL DEVELOPMENT COMMISSION REVOLVING LOAN FUND PROGRAM APPLICATION FORMAT SOUTHEAST MISSOURI REGIONAL PLANNING AND ECONOMICAL DEVELOPMENT COMMISSION REVOLVING LOAN FUND PROGRAM SECTION 1 Loan Application. SECTION 2 Information on business to be assisted-past

More information

APX GROUP HOLDINGS, INC. REPORTS FIRST QUARTER 2015 RESULTS

APX GROUP HOLDINGS, INC. REPORTS FIRST QUARTER 2015 RESULTS APX GROUP HOLDINGS, INC. REPORTS FIRST QUARTER 2015 RESULTS First Quarter 2015 Financial and Portfolio Highlights APX Group Reports Total Revenue of $149.9 Million, up 14.9% Year over Year Adjusted EBITDA

More information

Business Plan for XXX

Business Plan for XXX Business Plan for XXX Version: 1.0 Date: [Elements in italics are indications to explain the business plan concepts: they should be deleted and not appear in the completed version of the business plan.

More information

Financial. Management FOR A SMALL BUSINESS

Financial. Management FOR A SMALL BUSINESS Financial Management FOR A SMALL BUSINESS 1 Agenda Welcome, Pre-Test, Agenda, and Learning Objectives Benefits of Financial Management Budgeting Bookkeeping Financial Statements Business Financing Key

More information