By David Munro (auth.)
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Additional resources for A Guide to SME Financing
Operating Expenses are held constant for the projection period unless the applicant indicates specific increases in operating expense categories. The application form does not require projection of the Income Statement or Balance Sheet. Instead of projecting these financials, the program will simply insert the amount to be borrowed into the Balance Sheet, and compute the Debt/Worth ratio to ascertain whether or not the applicant is eligible to borrow the amount requested. The Cash Budget page, when completed, will determine the applicant’s ability to meet the repayment schedule while maintaining a pre-determined Cash balance in his account.
Has no liabilities, and 8,500 in capital. Based upon the leverage ratio alone, the firm could borrow 12,750 (in total liabilities). Of the 8,500 figure in capital you will see that 6,000 of this amount is made up on the Asset side of Fixed Assets (remembering that Assets must equal Liabilities plus Owner’s Equity and that we estimated equity or capital by using this simple calculation). 0 leverage ratio. This is the reason why an independent valuation of Fixed Assets is so important. 4 Financial Projections The purpose of the following section is to explain how the automatic calculations in the SME Loan Application form (Appendix II) are performed.
12) Assume a tax rate of 50: This gives us Net Income of 1,462 after payment of 1,462 in taxes. If retained within the firm, Cash increases by 1,462 and Owner’s Equity increases by 1,462. And, we repay the loan, which therefore does not show up on the annual balance sheet at all! Cash increased with the retention of earnings from 800 to 2,262 (800 + 1,462). We then repay the loan: Cash decreases by 1,800 to 462; Bank Loan decreases to 0. 2b. In the case of multi-year (two- or three-year loans) the same projection process is repeated using the new Sales figures.
A Guide to SME Financing by David Munro (auth.)