Sources of business financing. Fundamentals of internal and external business financing

The purpose of the article is to give a clear and visual idea of where to get money to start a business or further develop a business.

The enterprise has three basic sources of financing (crediting) for its business development plans and the resulting needs for financial resources (see Fig. 1).

Undestributed profits

As a rule, only mature and successful (large) enterprises have retained earnings in sufficient quantities. Small and medium-sized businesses, especially at the stage of intensive development of their business, have it only on paper (business plan).

External funding

Here it is - a field for choice and action. A large number of participants and instruments make the financial resources market truly diverse. There are a lot of options (in theory) to choose from: various forms of foreign investment, and state investment (support for small businesses, development of industrial enterprises, and so on), and private investment, and various bank loans (which are all basically reduced to as a result to lending on collateral) and more. To understand all this market magnificence, let's look at who provides financing (investments, credit resources) and what financial instruments are used.

Main participants of the financial resources market

Let's represent the system of participants graphically (see Fig. 2).

We give a brief comment on the figure above.

Source Participants / Lenders / Banks

The main provider of business and other loans.

Source Participants / Lenders / Leasing Companies

Professional leasing service provider.

Source Participants / Lenders / State

Additional, "rare, but well-aimed", provider of business and other loans, as well as subsidies.

Source Participants / Investors / Investment Companies

Professional "supplier" of investments, function - investment activity (investment management).

Source participants / investors / "non-professional" investors

Individuals and legal entities (private and corporate investors) that are not investment companies, but invest financial resources in certain investment projects.

Source Participants / Investors / Venture Funds

Investment companies that make financial and other investments in investment projects with medium and high levels of risk and corresponding profitability.

Source Participants / Investors / Insurance Companies

Additional indirect "supplier" of investments.

Source Participants / Investors / State

A supplier of long-term investments for investment projects, as a rule, of a strategic scale (infrastructure and others).

We briefly dealt with the main participants in the financial resources market - sources of investment. Now let's see what financial instruments you can use to finance (credit) your business development plans and the resulting need for cash resources (see Fig. 3).

Main instruments of the financial resources market

Let us briefly characterize the elements presented in the figure above.

Instruments / loans

There are many types of loans. In the vast majority of cases, loans are secured by security (working capital of the enterprise, acquired property, and so on). You do not share direct managerial powers with anyone, but, in fact, the bank becomes such a business partner, on which not only the prospects of your organization depend, but sometimes the very possibility of its existence (especially relevant for industrial enterprises).

Instruments / investments

Tools / leasing

Long-term lease (property, production equipment and so on). Under certain conditions, leasing can give tax benefits to both the one who leases the property and the one who rents it.

Instruments / subsidies

One-time "help" in kind or in cash. May be direct or indirect. For example, a reduction in the tax burden with the participation of, say, small and medium-sized businesses in the entrepreneurship support program, or a reduction in the rate on loans (the so-called concessional lending).

Causes of conflicts between the founders of a joint business

One head is good, but two is a joint venture. A (intelligent and reliable) partner in small and medium-sized businesses is priceless. Finding a partner is much more difficult than losing one. However, the breakups of co-founders of enterprises occur all the time. Let's figure out what are the causes of conflicts between business partners.

How to turn joint activities into strategic partnerships

We figured out the causes of conflicts between the co-founders of small and medium-sized businesses. Time to get to the point: how to ensure long-term efficiency of the joint venture, how to reduce the number of sharp corners in relations between business partners, how to turn joint activities into strategic partnerships.

The procedure for obtaining a loan for small and medium-sized businesses in Russia

How to get a loan to start a business or further develop a business, for what purposes do banks give loans, what problems can you face if you want to take money on credit (cash loan)? Let's figure out how the system of bank lending to small and medium-sized businesses in Russia works in practice.

Analysis of the external environment or checking a business idea for validity.

You have the desire and will to start your own business, moreover, you already have a business idea. It's time to make a preliminary assessment of the business and understand how viable the overall idea of your project called "start your own business." To do this, you need to realize in what conditions of the external environment your new business and how to effectively integrate your business idea into these conditions.

Business sale algorithm

The sale of a ready-made business always follows the algorithm: determining the market price of the business, pre-sale preparation, creating a detailed description, searching for a buyer and making a deal. Read more about the "Business Sale" algorithm in this article.

Buy a ready-made business or start from scratch?

Do you have the desire and financial resources to invest in a suitable investment project? Maybe it's time to start thinking about starting a new venture. Or are you interested in buying a ready-made business? Buy production or buy a business in the service sector? Let's weigh the alternatives: buy a ready-made business or start from scratch.

Business buying algorithm

The purchase of a ready-made business, as well as its sale, is also carried out according to the algorithm. Following it will allow you to buy a business without the risk of being subsequently disappointed. It is obligatory to maintain a comparative list of enterprises and their detailed verification.

Investment memorandum

Direct investments that a private investor is ready to direct to the development of an enterprise or its purchase require an investment memorandum from the owner of the enterprise. Therefore, the memorandum is a tool for selling a business for the owner and characterizes the investment attractiveness of the project for the investor.

Investment algorithm

You are a private investor and you have a desire to engage in investment activities. Practice shows that direct investments in Russia work according to the same scheme as in the whole world. Consider the algorithm for investing in an enterprise in more detail.

Differences in selling a business in Russia and in the West

Until recently, in Russia, the concept of “selling a business” meant something abstract. However, in recent years the situation is approaching Western countries, where millions of enterprises change their owners every year. Let's talk about the differences in selling a business in Russia and in the West.

undergraduate

Butrina Yulia Vladimirovna, Candidate of Economic Sciences, Associate Professor, South Ural State University, Chelyabinsk

Annotation:

This article analyzes the sources of financing for small and medium-sized businesses in Russia. The relevance of this article is due to the fact that the development of small business is an important condition for the stability of the economy, full-fledged market relations. The article discusses various sources financing of small and medium-sized businesses, the conditions for providing material assistance have been studied in detail.

This article analyzes the sources of financing for small and medium businesses in Russia. It is a very relevant article due to the fact that the development of small businesses is an essential condition for economic stability, a full-fledged market economy. The article describes the various sources of financing to small and medium-sized entrepreneurship, studied in detail the conditions for granting financial assistance.

Keywords:

sources of financing for small and medium-sized businesses; appropriations from the state budget; lending; leasing.

sources of financing small and medium-sized businesses; public budgets; loans and leasing.

UDC 33

The relevance of this article lies in the fact that the development of small business is an important condition for the stability of the economy, full-fledged market relations. At present, small business has great potential, allowing it to make a leap forward in order to boost the Russian economy. Ensuring employment of the population, filling the consumer market with goods, creating the necessary level of competition, forming the middle class - these tasks are performed by small businesses. But there are a lot of difficulties in the process of creating and developing small businesses. One of the most important problems is the lack of funds.

Start-up capital is required to create a small or medium business. Without a certain amount of money to purchase fixed assets or capital investments, it is necessary to consider the following options project financing:

Table 1 - Comparative analysis ways of financing an investment project

Comparison criteria	Ways to finance a project - purchase of fixed assets
Comparison criteria	appropriations from budgets of different levels	attracting a bank loan	purchase on lease
Source of financing	Municipal, regional and federal budget of the Russian Federation	Bank loan up to 100% of the cost of equipment	Own and borrowed funds of the leasing company
Terms of financing	at a time	From 1 to 3 years (depending on the type of equipment and the borrower's credit history)	1 to 7 years old (depending on the type of property and its useful life)
Terms of payment		Repayment of the "body" of the loan in tranches during the term of the agreement	Monthly payments during the entire term of the leasing agreement (the first payment can be deferred)
The cost of the financing method	Payment to the city budget of at least 50% of the total amount of taxes and other obligatory payments to budgets budget system Russian Federation during the period of validity of the subsidy agreement	Loan interest + various commissions	General appreciation of property over the term of the leasing agreement, referred to the value of property
Sources of repayment of borrowed funds		Depreciation charges, net profit	working capital
Additional requirements related to the method of financing	1. Absence of arrears in payment of taxes, fees and other obligatory payments to the budgets of the budgetary system of the Russian Federation as of the date of submission of the Application. 2. Absence of a liquidation or bankruptcy procedure in relation to the SME subject on the day of filing the Application. 3. Absence of suspension of the activities of the SME subject in the manner provided for by the Code of the Russian Federation on administrative offenses, on the day of filing the Application. 4. Absence of violations by the SME subject of contractual obligations secured at the expense of the city budget on the day of filing the Application. 5. Absence of pending contracts for the provision of subsidies from the city budget on the day of submission of the Application. 6. The period from the date of state registration of the enterprise does not exceed two years.	Bank requirements for the provision of guarantees, guarantees, justification of the effectiveness of the project and the calculation of payback. Opening a bank account and maintaining the established turnover on the account	Possibility of monthly accumulation of funds to ensure lease payments
Additional guarantees for return on investment		Mandatory provision of a guarantee, pledge of liquid property, partial advance payment for project financing from own funds	The collateral is the property itself, leased, is in the ownership of the lessor until the terms of the contract are fully fulfilled. Advance payment under a leasing agreement up to 30% of the value of the property
Flaws	1. Subsidies are provided in the amount of not more than 50% of the total cost of the SME entity for the implementation of the Project, determined by the amount of both the actually declared and documented costs, and the planned amount of costs provided for by the Project estimate and justified in the Project business plan. 2. Large list of applicants. 3. Long term for consideration of the Application (10 working days) compared to a bank loan (2 hours).	Changes in the ratio of own and borrowed funds (increased share of borrowed funds in current liabilities)	Unprofitable for small transactions, for unprofitable businesses, for enterprises using a simplified taxation system.
Advantages	1. Free provision of funds. 2. No collateral, guarantee, guarantee is required.	1. The possibility of reducing income tax by attributing interest on the loan to the cost in the amount of the refinancing rate. 2. In some cases cheaper than leasing.	1. The possibility of using accelerated depreciation. 2. Redistributed in time payment of income tax due to accelerated depreciation. 3. Savings in paying property tax due to accelerated depreciation. 4. Leasing payments in full reduce the taxable base for income tax. 5. Leasing obligations do not affect the ratio of own and borrowed funds 6. The term of the lease agreement is comparable to the depreciation period of the property.

Having studied Table 1, we can conclude that each of the proposed financing methods has its own disadvantages and advantages, so it is necessary to consider them using more specific examples.

The development of small and medium-sized businesses, as the main source of employment for the population and increasing their social well-being, is given increased attention by the Government of the Russian Federation. State assistance to small and medium-sized businesses is seen as a kind of form of public investment in sustainable socio-economic growth. Financial support for small businesses comes from administrations of various levels.

At the federal level, in accordance with the law "On the development of small and medium-sized businesses in the Russian Federation" dated July 23, 2013 No. 238-FZ, the program "Economic Development and Innovative Economy" was created. Within the framework of the subprogram "Development of small and medium-sized businesses" - the distribution and provision of subsidies from the federal budget to the budgets of the constituent entities of the Russian Federation for state support of small and medium-sized businesses. The purpose of this subprogram is to increase small and medium-sized businesses in the Russian economy. Appropriations from the federal budget for the implementation of the subprogram are: for 2013 - 19815041.8 thousand rubles, for 2014 - 21569755.1 thousand rubles. Expected results: an increase in the number of small and medium-sized businesses (including individual entrepreneurs) per 1,000 people of the population of the Russian Federation from 42.2 units in 2012 to 52.7 units in 2020; the total number of recipients of state support by 2020 will not less than 1,650,000 units; the total number of newly created jobs in the sector of small and medium-sized businesses by 2020 is at least 980,000 jobs.

The dynamic and structural parameters of the further development of small business largely depend on the timely response of the authorities to the changing situation in the region's economy. Of particular importance in creating a favorable environment is the development of a regional program to support and develop small businesses.

In accordance with the law of the Chelyabinsk region dated March 27, 2008 No. 250 ZO “On the development of small and medium-sized businesses in the Chelyabinsk region”, the regional target program “Development of small and medium-sized businesses in the Chelyabinsk region for 2012-2014” was approved. The aim of this program is:

An increase in the number of small and medium-sized businesses per 1,000 people in 2013 - up to 45.5 units, in 2014 - up to 46.7 units;

Increase in the share of turnover of small and medium-sized enterprises in the total turnover of organizations in 2013 - up to 26.3 percent, in 2014 - up to 27.2 percent;

An increase in the output of goods (performance of works, provision of services) by small and medium-sized businesses - recipients of support per ruble of invested budget funds in 2013 - up to 130.1 rubles, in 2014 - up to 131.5 rubles.

In 2013, within the framework of regional programs, more than 260 million rubles were allocated for the development and support of entrepreneurship, including about 190 million rubles of federal funds.

In the Development Strategy of the city of Chelyabinsk until 2020, the development of small and medium-sized businesses is defined as a "growth point" for the city's economy.

Special meaning small and medium business acquires in the conditions of economic instability observed today (crisis phenomena), since this is a dynamic form of management that quickly adapts to changing conditions.

In accordance with the Federal Law "On the general principles of organization local government in the Russian Federation” (dated October 6, 2003, No. 131-FZ) and the Federal Law “On the development of small and medium-sized businesses in the Russian Federation” (dated July 24, 2007, No. 209-FZ), the administration of Chelyabinsk approved the municipal program “Assistance development of small and medium-sized businesses in the city of Chelyabinsk in 2013-2016”.

The total amount of financial resources for the implementation of the Program is: 34,261.87 thousand rubles, including: funds from the budget of the city of Chelyabinsk - 26,761.87 thousand rubles, federal budget funds - 7,500 thousand rubles.

As a result of the implementation of the Program, the estimated number of small and medium-sized businesses that received financial support is: 2013 - 55 entities, 2014 - 38 entities, 2015 - 40 entities, 2016 - 40 entities.

Theoretically, there are many government programs to support small and medium-sized businesses, but as practice shows, it is almost impossible to receive significant gratuitous financial assistance from the state. The entrepreneur has no choice but to apply to the bank in order to obtain a loan.

To date, 804 banks operate in the Russian Federation. Most of them are engaged in lending to small businesses, however, the conditions for issuing a loan are different for everyone. Table 2 shows some of the banks operating in Chelyabinsk that offer small business loans.

Table 2 - Analysis of banking programs for lending to small and medium-sized businesses in Chelyabinsk

Loan options	Name of the bank
Loan options	Sberbank	Ural Bank for Reconstruction and Development
Purpose of the loan	Launch Credit own business from scratch"	Replenishment of working capital (acquisition of inventory items)	Financing of cyclical production processes, obtaining seasonal and trade discounts for large volumes of purchases, replenishment of working capital.	Acquisition of inventory items, replenishment of working capital, acquisition/repair of equipment, vehicles and other fixed assets for business purposes, payment for services related to business activities.
Credit amount	From 100,000 to 3,000,000 rubles	From 300,000 to 30,000,000 rubles	From 4,000,000 rubles	From 500,000 rubles to 2,000,000 rubles. In the presence of a positive credit history of the Client in OJSC "AK BARS" BANK, it is possible to increase the maximum loan amount up to 3,000,000 rubles
Loan maturity		6 months to 1 year		From 3 months to 3 years
Loan rate
Material security	Pledge of property acquired under the project	Real estate, equipment, vehicles	Goods in circulation, equipment, transport, real estate, pledge of third parties. Opportunity not to provide collateral up to 15% of the loan amount.	Opportunity to get a loan without collateral
Guarantee	1. Guarantee of the Bank's Partner 2. Guarantee of an individual	The actual owners of the financed business that can have a significant impact on the activities of the business and / or founders	Small Business Support Fund
Lifespan of the business		At least 6 months	At least 6 months	At least 6 months (at least 12 months if there is seasonality in business)
Requirements for the borrower	Age of the borrower: from 20 to 60 years inclusive. After receiving the loan approval from the Bank, the client needs to register as an Individual Entrepreneur or a Limited Liability Company. Absence of current business activity during the last 90 calendar days.	The age of the borrower is from 21 to 65 years (up to 60 years for women). Legal entity, Individual entrepreneur - residents of the Russian Federation. The volume of revenue of an enterprise (group of enterprises) in the sphere of trade and other industries, except for production, does not exceed 700 million rubles per year (excluding VAT). The value of the property of an enterprise (group of enterprises) in the sphere of production on the balance sheet, according to official reporting data, does not exceed 60 million rubles.		Legal entities with annual revenues for the group of companies up to 400 million rubles (VAT excluded). Individual entrepreneurs without forming a legal entity with an annual revenue of up to 400 million rubles for a group of companies (excluding VAT).

Based on the information given in Table 2, we note that it is possible to get a loan to create a small business from scratch only at Sberbank, and the interest rate is a significant 18.5%, and its repayment period should not exceed five years. Depending on the amount of borrowed funds, for start-up entrepreneurs, repayment of such a loan is possible, but very difficult. In other banks considered, interest rates are lower, but the loan repayment period is reduced significantly.

If a small business is successfully created by an entrepreneur, but there are not enough funds to purchase equipment, then he can apply to a leasing company. Conditions for obtaining equipment from some leasing companies are currently described in Table 3.

Table 3 - Comparative analysis of the requirements put forward by leasing companies for the creators of small and medium-sized businesses

Criteria	Name of the leasing company
Criteria	SME Leasing	KMLK "Opening"	Absolut Bank
Funding amount	From 150,000 to 60,000,000 rubles	From 1,000,000 rubles	From 10,000,000 to 100,000,000 rubles
Subject of leasing	Machine tools, equipment, vehicles, railway cars. Equipment for the food industry (bakery, restaurants and cafes), for the agro-industrial complex (for dairy processing, for growing broilers, vegetable storage). Freight transport for manufacturing and transport companies, including enterprises in the construction and mining industries. Buses, energy/energy efficient complexes.	New equipment, vehicles, special equipment	Road and rail transport, special equipment, self-propelled machines and equipment
			At least 20% for road and rail transport, special equipment, self-propelled vehicles. At least 40% - for commercial equipment
Leasing term			Up to 60 months - for equipment and railway transport. Up to 36 months - for road transport, special equipment and self-propelled vehicles. But not more than the depreciation period of the property
Rise per year
The period of actual activity of the company	At least 1 year	At least 3 years	At least 18 months
Requirements for the lessee	Basic: is a small and medium-sized business entity with the organizational and legal form of LLC, OJSC, CJSC. Revenue for Last year no more than 1 billion rubles, the number of employees - no more than 250 people, no losses for the last reporting period. The share in the authorized capital of state-owned companies, non-residents, large organizations is not more than 25%. Positive credit history of the company. Availability of a business plan for the use of technology. Additional: in For individual projects, guarantees (from another company or personal) and guarantees (from regional SME support funds) may be required for security.	Organizational and legal form - OJSC, CJSC, LLC. The taxation system is conventional. The amount of revenue for the last reporting year is at least 100 million rubles. The amount of non-current assets as of the last reporting date is at least 20 million rubles. Positive equity during the year on all reporting dates. The activity must be profitable during the year on all reporting dates. Absence of overdue debts on taxes, fees and credits. Positive credit history. The amount of current loans does not exceed 40% of annual revenue.	The lessee operates in the city/region where Absolut Bank operates or in areas adjacent to the Moscow Region. An individual entrepreneur needs life and health insurance for the amount of the loan issued by an insurance company accredited by the Bank no later than 15 days from the date of signing the acceptance certificate for the transfer of the leased asset

Judging by the proposed Table 3, only an enterprise engaged in a fairly profitable activity can lease equipment, since one of the requirements is to receive revenue for the last year of at least 100 million rubles. Entrepreneurs who have just created a small business do not have the opportunity to use the services of leasing companies, since the period of actual activity of the company must be at least a year.

As of October 1, 2013, 234.5 thousand small enterprises were registered in Russia, which is 1.5% less than as of October 1, 2012. The number of small businesses per 100 thousand inhabitants decreased by 2.8 units and amounted to 163.6 units.

Despite the sufficient number of sources of financing for small businesses, the conditions for providing material resources are quite serious. In order for a small business to receive a state subsidy, it is necessary to go through a rigorous competitive selection, and the amount of funds provided is not always enough to develop a business, and creating it from scratch is simply impossible. To meet the requirements of leasing companies, the owner of a small business needs to conduct a very profitable activity. The best option for newly organized small businesses is to get a bank loan under the small business support program. The requirements put forward by the borrower are quite feasible. The amount of borrowed funds is enough for the development of small businesses. The number of functioning banks gives the borrower the right to choose the most suitable conditions for him.

Bibliographic list:

1. Federal Law "On the development of small and medium-sized businesses in the Russian Federation" dated July 23, 2013 No. 238-FZ - Legal System Garant, 2009.
2. Regional law of the Chelyabinsk region dated March 27, 2008 No. 250-ZO "On the development of small and medium-sized businesses in the Chelyabinsk region" - Legal System Garant, 2009.
3. Federal Law "On the general principles of organizing local self-government in the Russian Federation" dated October 6, 2003 No. 131-FZ - Legal System Garant, 2009.
4. smb.gov.ru/statistics/officialdata - Official statistics - Federal Portal of Small and Medium Enterprises. Ministry economic development Russian Federation.

Reviews:

12/15/2014, 20:19 Demchuk Natalia Ivanovna
Review: the article is very relevant, but the author uses turns that do not correspond to the scientific style of the study, the tables are very voluminous and their names are not informative, it is necessary to refine the stylistic points. Recommended for publication after revision

12/16/2014 11:23 PM Response to the author's review Yukaeva Nina Olegovna:
Thanks for the review! Made all the adjustments. As for voluminous tables, this is necessary for a detailed study of the requirements put forward to the borrower or lessee.

12/17/2014, 9:53 am Isaeva Jamilya Gamzatovna
Review: Review of the article by Yukaeva Nina Olegovna "Analysis of sources of financing for small and medium-sized businesses in Russia" The article is very relevant. The author considers only external sources of funding, it is necessary to add our own. The article is written sequentially. The proposed methods can be used by enterprises. The article is recommended for publication, taking into account the comments. Reviewer Candidate of Economics, Assoc. Isaeva D.G.

12/17/2014 10:22 PM Response to the author's review Yukaeva Nina Olegovna:
Thanks for the review! I think that external sources of financing are more relevant for small businesses. But your remark is valid. In order for the content of the article to match its title, amendments will be made to the title of the article.

12/27/2014, 03:32 PM Chernova Olga Anatolievna
Review: The article is recommended for publication.

Summary

Classification of types and sources of financing for small and medium-sized businesses. General principles providing financial support to small and medium businesses. Preferential lending to small and medium-sized businesses. Credit risks. credit unions. Leasing. Franchising. Venture financing. Microfinance.

learning goals

Within the framework of this topic, students develop: an understanding of the basic principles of financial support for small and medium-sized businesses; knowledge of organizations that finance small and medium-sized businesses.

CLASSIFICATION OF TYPES AND SOURCES OF FINANCING OF SMALL AND MEDIUM BUSINESSES

Finance is a general economic term, meaning both money, financial resources, considered in their creation and movement, distribution and redistribution, use, and economic relations due to mutual settlements between economic entities, cash flow, money circulation, use of money 1 .

Financing - the process of formation of the company's capital in all its forms, the provision of funds (monetary support) for the needs of expanded reproduction.

It should be noted that the concept of "financing" is closely related to the concept of "investment". However, they are not identical. If financing is the formation of funds, then investing is their use (investment). Both concepts are interconnected, but the first precedes the second.

The classification of types of financing can be carried out on several grounds.

1. Depending on the source of receipt of funds, financing can be:
- internal - the formation of financial resources in the process of economic activity of the organization. The composition of internal sources of financing includes profit, including non-operating income minus the costs of their implementation, depreciation, funds from activity insurance, etc.;
- external - this is the receipt of gratuitous financial assistance from budgetary and non-budgetary sources, attraction of bank and non-bank loans, etc. External sources of financing, in turn, are divided into budgetary and extrabudgetary.
2. Depending on the subject of financing:
- self-financing;
- state;
- banking;
- cooperative;
- partnership, etc.
3. Depending on the method of financing:
- direct - the provision of a loan, gratuitous financial assistance, etc.;
- indirect - the transfer of funds occurs indirectly, through certain operations (for example, leasing, franchising, guarantees, etc.).

The above types of financing have corresponding sources.

1. Self-financed:
- accumulated capitalized profit (at the expense of the firm's development fund);
- accumulated depreciation fund and current depreciation charges;
- a reserve fund to cover temporary current losses planned for the period preceding the company's output to the design indicators of output and sales volumes;
- authorized capital (if it exceeds the current standard for maintaining a certain amount of authorized capital).
2. Borrowed funds:
- bank loans;
- funds received from the placement of the company's bonds on exchange or over-the-counter stock markets;
- commercial credit of suppliers of material resources (stocks of raw materials, semi-finished products, components, services of contractors, etc.) when buying them in installments or with deferred payment;
- leasing.
3. Raised funds:
- from shareholders - founders (participants) and those who purchased shares of previous additional issues (issues of shares);
- from the placement of new share issues on the stock market;
- franchising.
4. Other mixed or non-traditional funding sources:
- issue and placement of convertible shares and bonds;
- innovative credit;
- obtaining forward contracts for the supply of products being mastered with a significantly delayed delivery date and in the presence of advance payments from the customer.

Any small enterprise for the implementation of its economic activities needs financial resources either in the form of borrowed capital or in the form of equity capital. Depending on the source, external and internal financing is distinguished (Fig. 1).

Rice. one.

The sources of own funds are:

authorized capital (funds from the sale of shares and shares of participants);

reserves accumulated by the enterprise;

· other contributions of legal entities and individuals (target financing, donations, charitable contributions, etc.).

The main sources of funds raised include:

bank loans;

· borrowed funds;

funds from the sale of bonds and other securities;

· accounts payable.

The fundamental difference between the sources of own and borrowed funds lies in the legal reason - in the event of the liquidation of the enterprise, its owners have the right to that part of the property of the enterprise that will remain after settlements with third parties.

The main sources of financing are own funds. We give a brief description of these sources.

The authorized capital is the amount of funds provided by the owners to ensure the statutory activities of the enterprise. The content of the category “authorized capital” depends on the organizational and legal form of the enterprise:

· for a state-owned enterprise - the valuation of property assigned by the state to the enterprise on the right of full economic management;

for a limited liability partnership - the sum of the shares of the owners;

· for a joint stock company -- the total nominal value of shares of all types;

· for a production cooperative -- the valuation of the property provided by the participants for conducting activities;

· for a leased enterprise - the amount of contributions of employees of the enterprise;

· for an enterprise of a different form, allocated to an independent balance sheet - a valuation of property assigned by its owner to the enterprise on the right of full economic management.

When creating an enterprise, contributions to its authorized capital can be cash, tangible and intangible assets. At the time of the transfer of assets in the form of a contribution to the authorized capital, the ownership of them passes to the economic entity, i.e., investors lose property rights to these objects. Thus, in the event of the liquidation of the enterprise or the withdrawal of a participant from the company or partnership, he has the right only to compensate for his share within the residual property, but not to return the objects transferred to him in due time in the form of a contribution to the authorized capital. The authorized capital, therefore, reflects the amount of the company's obligations to investors.

The authorized capital is formed during the initial investment of funds. Its value is announced at the time of registration of the enterprise, and any adjustments to the size of the authorized capital (additional issue of shares, reduction in the nominal value of shares, making additional contributions, admitting a new participant, joining part of the profit, etc.) are allowed only in cases and in the manner prescribed by the current legislation and constituent documents.

The formation of the authorized capital may be accompanied by the formation additional source funds -- share premium. This source arises when, during the initial issue, shares are sold at a price above par. Upon receipt of these amounts, they are credited to additional capital.

Profit is the main source of funds for a dynamically developing enterprise. In the balance sheet, it is present explicitly as retained earnings, and also in a veiled form - as funds and reserves created from profits. In a market economy, the amount of profit depends on many factors, the main of which is the ratio of income and expenses. At the same time, the current regulatory documents provide for the possibility of a certain regulation of profits by the management of the enterprise. These regulatory procedures include:

Varying the boundary of attributing assets to fixed assets;

accelerated depreciation of fixed assets;

The applied depreciation method for low-value and wearing items;

· procedure for valuation and amortization of intangible assets;

the procedure for evaluating participants' contributions to the authorized capital;

choice of method for estimating inventories;

· the procedure for accounting for interest on bank loans used to finance capital investments;

the procedure for creating a reserve for doubtful debts;

The procedure for costing products sold certain types expenses;

The composition of overhead costs and the way they are distributed.

Profit -- the main source of formation of reserve capital (fund). This capital is intended to compensate for unforeseen losses and possible losses from economic activity, that is, it is insurance in nature. The procedure for the formation of reserve capital is determined by the regulatory documents governing the activities of an enterprise of this type, as well as its statutory documents.

Additional capital as a source of enterprise funds is formed, as a rule, as a result of revaluation of fixed assets and other material assets. Regulatory documents its use for consumption purposes is prohibited.

A specific source of funds are funds for special purposes and targeted financing: donated valuables, as well as non-refundable and repayable state appropriations for financing non-production activities related to the maintenance of social, cultural and municipal facilities, for financing the costs of restoring the solvency of enterprises located on full budget financing, etc.

Comparison various methods financing allows the company to choose the best option for financial support of operations and capital expenditures. It should also be noted that the development of the long-term loan market in Russia is possible only if the economic system is stabilized, i.e. overcoming the decline in production, reducing the rate of inflation (up to 3-5% per year), reducing the discount rate of bank interest to 15-20% per annum, eliminating a significant budget deficit.

The most common external source of funding is loans to small businesses.

Lending to small businesses, as a rule, is carried out by credit organizations - banks, as well as specialized financial organizations. It is clear that a small business loan is dominant among all sources of financing, since banks are the main holders of funds. For enterprises, or as they say, for enterprises in the real sector of the economy, money is exclusively a means of the entrepreneurial process and is constantly in motion. Banks, on the contrary, consolidate funds, so the bank is one of the main financial institutions where you can take money to organize and develop your business for a long time. entrepreneurship financial business loan

Although small business lending is the dominant source of external financing, it is actually very difficult to get a loan for small business. Despite the fact that in recent times there were offers for small businesses - a loan in one day, the real state of affairs with lending to small businesses leaves much to be desired.

The main reason for this is that banks view small businesses as the most risky and unprotected. Moreover, small businesses, as a rule, are in no hurry to show their capitalization, therefore, banks, realizing this, consider that small businesses are short-lived, and therefore not reliable as a client for lending. Because of this, banks have special requirements for obtaining a loan for a small business.

State budgetary educational institution of higher vocational education"Siberian State medical University» Ministry of Health

Russian Federation

Faculty of Pharmacy

Department of Management and Economics of Pharmacy

on the topic: The main sources of financing the activities of small (individual) entrepreneurship

Eremeeva M.N.

Tomsk - 2014

Introduction

Entrepreneurial activity - according to the civil legislation of the Russian Federation, an independent activity carried out at one's own risk, aimed at systematically making a profit from the use of property, the sale of goods, the performance of work or the provision of services by persons registered in this capacity in the manner prescribed by law (Article 2 of the Civil Code of the Russian Federation).

The following features can be distinguished:

The first of these is the implementation of activities for the purpose of making a profit. Each owner of property has the right to freely dispose of it at his own discretion for his own benefit, which is expressed, as a rule, in the fruits and income from the property.

The next indisputable sign of entrepreneurial activity is its implementation at your own risk, that is, under your own property responsibility. Such a risk includes the assumption by the entrepreneur as the owner of the property not only of adverse consequences that may occur, but also of an additional (specific entrepreneurial) risk in obligations.

Small business (small business) - entrepreneurship , based on the activities of small firms, small enterprises that are not formally members of associations.

Financing the activities of small businesses is the provision of the necessary financial resources for their formation and development. The amount of financing is determined on the basis of planned expenditures and sources of their provision. Financing comes from different sources at different stages of its strategic development.

1. Legal status of small and medium-sized businesses

The legal status of small businesses is defined federal law dated July 24, 2007 No. 209-FZ (as amended on July 5, 2010) “On the development of small business in the Russian Federation”.

Small and medium-sized businesses include business entities - individual entrepreneurs, small enterprises, including micro-enterprises and medium-sized enterprises (Article 4 of the said Law).

Small and medium-sized businesses include those entered in the unified state register legal entities consumer cooperatives and commercial organizations (with the exception of state and municipal unitary enterprises), as well as individuals entered in the unified state register of individual entrepreneurs and carrying out entrepreneurial activities without forming a legal entity (hereinafter referred to as individual entrepreneurs), peasant (farm) enterprises corresponding to the following conditions:

) for legal entities - the total share of participation of the Russian Federation, constituent entities of the Russian Federation, municipalities, foreign legal entities, foreign citizens, public and religious organizations (associations), charitable and other funds in the authorized (share) capital (share fund) of these legal entities should not exceed twenty-five percent (except for the assets of joint-stock investment funds and closed-end investment funds). funds), the share of participation owned by one or more legal entities that are not subjects of small and medium-sized businesses should not exceed twenty-five percent (this restriction does not apply to business companies whose activities are practical application(implementation) of the results of intellectual activity (programs for electronic computers, databases, inventions, utility models, industrial designs, breeding achievements, topologies of integrated circuits, production secrets (know-how), the exclusive rights to which belong to the founders (participants) of such business entities - budgetary scientific institutions or budgetary educational institutions higher professional education or educational institutions of higher professional education created by the state academies of sciences);

) the average number of employees for the previous calendar year should not exceed the following limit values for the average number of employees for each category of small and medium-sized businesses:

a) from one hundred and one to two hundred and fifty people inclusive for medium-sized enterprises;

b) up to one hundred people inclusive for small businesses; among small enterprises, micro-enterprises stand out - up to fifteen people;

) proceeds from the sale of goods (works, services) excluding value added tax or the book value of assets (residual value of fixed assets and intangible assets) for the previous calendar year should not exceed the limit values established by the Government of the Russian Federation for each category of small and medium-sized entities entrepreneurship.

2. Source of financing for small business activities

Rice. 1. Sources of financing for small businesses.

The sources of own funds are:

· authorized capital (funds from the sale of shares and share contributions of participants);

· reserves accumulated by the enterprise;

· other contributions of legal entities and individuals (targeted financing, donations, charitable contributions, etc.).

The main sources of funds raised include:

bank loans;

· borrowed funds;

· proceeds from the sale of bonds and other securities;

· accounts payable.

The main sources of financing are own funds. We give a brief description of these sources.

The authorized capital is the amount of funds provided by the owners to ensure the statutory activities of the enterprise. Category content authorized capital depends on the legal form of the enterprise:

· for a state enterprise - the valuation of property assigned by the state to the enterprise on the right of full economic management;

· for a limited liability partnership - the sum of the shares of the owners;

· for a joint-stock company - the total nominal value of shares of all types;

· for a production cooperative - the valuation of property provided by the participants for conducting activities;

· for a leased enterprise - the amount of contributions of the employees of the enterprise;

· for an enterprise of a different form, allocated to an independent balance sheet - a valuation of property assigned by its owner to the enterprise on the right of full economic management.

The formation of the authorized capital may be accompanied by the formation of an additional source of funds - share premium. This source arises when, during the initial issue, shares are sold at a price above par. Upon receipt of these amounts, they are credited to additional capital.

· variation in the boundary of attributing assets to fixed assets;

· accelerated depreciation of fixed assets;

· the applied depreciation method for low-value and wearing items;

· the procedure for valuation and amortization of intangible assets;

· the procedure for assessing participants' contributions to the authorized capital;

· choice of method for estimating inventories;

· the procedure for accounting for interest on bank loans used to finance capital investments;

· the procedure for creating a reserve for doubtful debts;

· the procedure for attributing certain types of expenses to the cost of goods sold;

· the composition of overhead costs and the way they are distributed.

Profit is the main source of formation of reserve capital (fund). This capital is intended to compensate for unforeseen losses and possible losses from economic activity, that is, it is insurance in nature. The procedure for the formation of reserve capital is determined by the regulatory documents governing the activities of an enterprise of this type, as well as its statutory documents.

Additional capital as a source of enterprise funds is formed, as a rule, as a result of revaluation of fixed assets and other material assets. Regulatory documents prohibit its use for consumption purposes.

Comparison of various methods of financing allows the company to choose the most optimal option for financial support of operations and capital expenditures. It should also be noted that the development of the long-term loan market in Russia is possible only if the economic system is stabilized, i.e. overcoming the decline in production, reducing the rate of inflation (up to 3-5% per year), reducing the discount rate of bank interest to 15-20% per annum, eliminating a significant budget deficit.

The most common external source of funding is loans to small businesses.

Lending to small businesses, as a rule, is carried out by credit organizations - banks, as well as specialized financial organizations. It is clear that a small business loan is dominant among all sources of financing, since banks are the main holders of funds. For enterprises, or as they say, for enterprises in the real sector of the economy, money is exclusively a means of the entrepreneurial process and is constantly in motion. Banks, on the contrary, consolidate funds, so a bank is one of the main financial institutions where you can take money to organize and develop your business for a long time. entrepreneurship financial business loan

Although small business lending is the dominant source of external financing, it is actually very difficult to get a loan for small business. Despite the fact that recently there have been offers for small businesses - a loan in one day<#"justify">3. Financial problems of small business and microfinance

The main problems in the development of small enterprises are also of a financial nature, which is manifested in: - a reduction in effective demand for the products of small enterprises;

lack of working capital due to a significant reduction in turnover (production and sales volumes) of small enterprises (especially in construction, production of building materials, cargo transportation, trade in non-food products);

the growth of overdue accounts payable of firms to banks, leasing companies and counterparties in the absence of a system for its restructuring;

deploying a system of non-payments;

lack of access to bank lending (due to tightening requirements for borrowers and rising interest rates on loans).

To date, small business financing is carried out at the expense of three main sources: equity, budgetary funds and lending. At the same time, the distribution structure is as follows: budgetary funds and loans make up no more than 10%, while the main part of these sources is accounted for by equity. This disproportion is reflected in the structure of the turnover of small enterprises. Having a significant turnover (for the first half of 2010 it amounted to 4,454,481.9 million rubles), small business shows a profit of no more than 1%. This trend indicates the lack of funds for small business for its expanded reproduction. The same trend determines the high share of shadow cash turnover. Overcoming this problem is possible on the basis of expanding the access of small businesses to "cheap" resources. Microfinance could play a significant role in this. Microfinance activities are understood as the activities of legal entities having the status of a microfinance organization, as well as other legal entities entitled to carry out microfinance activities to provide microloans (microfinance) .

Brief analyzes of small business

Table 1. Comparative analysis of the advantages and disadvantages of small business

The role of small business in the country's economy

Table 2. Analysis of small business as a model economic activity

Figure 2. Enlarged "tree" of problems of Russian small business

5. Reasons for the imperfection of financial markets in relation to small enterprises

Figure 3

Financial instruments used to increase inflows various kinds financing for small businesses

Figure 4

Conclusion

At present, in the Russian economy, the key source of increasing production efficiency, saturating the market with necessary goods, services and improving the standard of living of the population is the development of small business.

Small business provides the necessary mobility in market conditions, creates deep specialization and cooperation, without which its business is unthinkable. high efficiency. It is able not only to quickly fill the niches that are formed in the consumer sphere, but also to pay off relatively quickly, create an atmosphere of competition, and this is perhaps the most important thing, without which a market economy is impossible.

In developed countries with established market economy small business enjoys state support, as it provides the necessary for the normal functioning National economy competitive environment, promotes the growth of industrial products, improvement technological processes, reducing unemployment. State support is especially needed for small businesses in the context of the transition from a planned economy to a market economy, when entrepreneurs enter into competition with monopoly structures that have developed over many years, dominate the domestic and foreign markets, have large financial, material and human resources and, as a rule, are based on the most efficient sources of raw materials.

Bibliography

1.Batychko, V.T. Business law / V.T. Batychko // Administrative and management portal [Electronic resource]. - Electron. Dan. - Taganrog, 2011.

Buev, V. Small business: Current state and problems of financing / V. Buev, A. Shamray, A. Shestoperov // National Institute for System Research of Entrepreneurship Problems [Electronic resource]. - Electron. Dan. - Moscow, 2010

Burlutkin, T.V. Analysis of sources of financing for small enterprises / T.V. Burlutkin // Business. Education. Right. Bulletin of the Volgograd Institute of Business, - 2012. - No. 3 (20). - S. 243

Sources of financing of enterprises [Electronic resource] / STARTUP - 2012.

Kosheleva T.N. Financing the activity of small business in the process of its strategic development / T.N. Kosheleva // Institute of Business and Law [Electronic resource]. - Electron. Dan. - St. Petersburg, 2010

Mikhailov A. Financing small business - loans for small business

Small business [Electronic resource] / Wikipedia - the free encyclopedia. - Electron. Dan. - Access mode: https://ru.wikipedia.org/wiki/ Small_entrepreneurship. - Zagl. with screen

Organization of entrepreneurial activity. Schemes and tables: textbook / comp. V.P. Popkov, E.V. Evstafieva. - St. Petersburg, 2007. - 67 - 70 pp., 202-203 pp.

Tutoring

Need help learning a topic?

Our experts will advise or provide tutoring services on topics of interest to you.
Submit an application indicating the topic right now to find out about the possibility of obtaining a consultation.