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Summary: Chapter 3
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Read the summary and the most important questions on Chapter 3
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1 Chapter 3
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What is a loan from family/friends?
Finance provided by family/friends -
What is trade credit?
Suppliers who do not require you to pay for goods immediately -
What is a grant?
Finance from the government/an organisation/charity -
Give advantages and disadvantages of bank loans
+ Large amounts can be borrowed, doesn’t have to be paid back all at once
– Interest has to be paid, repayment terms must be met -
Give advantages and disadvantages of loans from family/friends
+ Flexible about paying it back, might not charge interest
– Might not be able to give large sums -
Give advantages and disadvantages of overdrafts
+ Once the overdraft has been set up, the business can use it as much as it likes
– Usually have high interest rates, banks can ask to be paid at any time -
Give advantages and disadvantages of mortgages
+ Often fixed interest rates, Don’t have to pay at once
– Can have adjustable interest rates, can seize assets if you can’t pay -
Give advantages and disadvantages of trade credit
+ ‘Free finance’ for a short period
– Discounts could be lost -
Give advantages and disadvantages of grants
+ Money does not have to be paid back
– Very selective -
What should influence a business’ choice in source of finance?
Whether it’s long or short term, the sum needed
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