An important factor the viability of any enterprise is permanent capital inflow for development and expansion, and, therefore, the search for a reliable partner and investor. To move a business off the ground, a program of long-term investment in business projects is needed, and therefore the ideal solution for an enterprise in this case is investment loan .
Investment loan as a full partnership
Investment loan- strictly targeted, it can only be obtained for a specific project and certain goals of small and medium-sized businesses, enterprises Agriculture and trading firms.
Investment project lending - a way solve many problems enterprises and have different goals:
In a situation of such a loan, an enterprise and a financial institution become full partners in lending to a specific project, since both are interested in profit, and cooperation is expected to be long-term. Yes, it offers legal entities and businessmen in Moscow and the region investment loans for various purposes for a period up to 20 years . At the same time, the size of the investment loan can be very solid - up to 1 billion rubles maximum, and lending is possible both in rubles and in foreign currency equivalent. Interest rate for loan agreement will not exceed the level of profitability of the project and will be from 9% .
The combination of low interest rates and long repayment periods excellent opportunities the enterprise to implement any, even the most ambitious modernization project production capacity in Moscow and the Moscow region. Binkor provides its partners with the possibility of a grace period for repayment, when during the period of investment development and the project's payback period, the borrower pays the lender only interest on the loan, and payments on the principal amount are deferred for a certain period.
How to get an investment loan
Since a long-term loan is a risk for a financial institution, the main condition required from the borrower (apart from the liquidity of collateral and positive long-term business development experience) is a carefully designed project, justified by economic calculations with clearly readable financing objectives and predicted profitability. If your investment program and business project are well-designed and show good prospects, this can significantly affect the terms of the loan that the lender will offer you.
In addition, in order to successfully conclude an investment agreement, it may be necessary to:
Investment loan provides entrepreneurs with many benefits. If your business project is successful, ambitious and promising, then a loan against it in Binkor is real receive up to 1 billion rubles. A huge plus of such an investment is the term up to 20 years, which makes it possible to pay off the debt small payments, especially taking into account the grace period for reimbursement, and successfully implement projects, bringing the enterprise to a new financial level technological development and higher profitability.
Any questions on the topic investment lending You can. Leave a request for and discuss all the nuances with a Binkor representative at a convenient time for you.
The content of the article:
Today we will talk about such a concept as lending to an investment project. Also, what are the conditions financial institutions to the borrower? What are the requirements? And what are the main risks of this type of financing.
Lending the process of providing funds to the borrower on the terms of repayment and payment of established interest for the time of use of the provided resources.
The main feature of investment lending is that the lending bank actually shares investment risks with the borrowing project, and the main basis for granting a loan is the expected level of profit. In general, the reasons for granting a loan are:
It should be noted that bank lending to investment projects differs markedly from loans to replenish working capital, primarily in terms of volume and timing.
Investment lending is a long-term process. This is explained quite logically, namely, the long-term nature of investments minimizes the risks of creditor banks, and also allows you to evaluate the borrowing company in the analyzed period.
Also, one should not forget that investment lending to a project is one of the types of banking investments, which in turn imposes certain features on it.
Distinctive features bank lending investment project are:
There are three main types of investment project lending:
Investment lending first of all, it is aimed at the development of the already established form of activity at the enterprise. In other words, the organization is strengthened in its activities, expanding it and improving the quality indicators of its own products.
Investment projects that feed on this type of financing are focused on achieving the goals of replacing and updating the technical park of the organization, modernizing and replacing equipment, increasing the technical and transport potential of the organization, opening additional production workshops, in general, everything that favorably affects the development of current activities.
In turn, the lending bank calculates the solvency of the borrower based on the indicators of its current (main) activity, and satisfies the loan request only if the current financial indicators of the project are able to provide monthly payments. This condition is also true for a situation where the project owners plan to change the direction of their activities, or diversify their main production.
Main Feature project finance can be called a rather risky nature of such investments. The increased level of risk is explained by the fact that previously unknown (new) projects are being financed. High risks are also explained by the fact that the borrowing organization plans to calculate debt obligations based on the future profit of the project being implemented, which increases the level of uncertainty about the repayment of the provided credit funds.
Also, lending to an investment project by a bank is possible in the form of an investment in the authorized capital of a company. In such a situation, the creditor bank plans to make a profit from its own investments, thereby reducing investment risks to a certain extent.
Provision of funds to finance construction projects occurs on the basis of the presence of the borrowing organization required package documents, namely the finished one, the project plan of the building structure, all permits and project documentation documents confirming the right to use land plot allocated for construction (lease agreement, ownership).
In other words, the borrowing company applies to the bank for credit resources for , that is, when all preparatory work, the development of the project implementation plan already prepared.
When lending to an investment project, the bank must be sure that the invested funds will be returned to it in full and with interest due for their use.
The bank needs guarantees of reliable credit security. To do this, the lender (bank) sets certain requirements and conditions that are the basis for assessing the borrower. The first thing that draws attention is the experience in the implementation of investment projects of the person or group of persons who are the founders of the idea. Also, an assessment of the company's activities is carried out in conjunction with an analysis of all its partners.
Basic conditions for lending an investment project:
The concept and purpose of investment lending
Definition 1
Investment loan - type banking service, based on the provision of a loan directed to the optimization of existing business areas, their expansion or the implementation of a new project.
The following factors contribute to the growth in popularity of this type of lending:
Remark 1
Investment lending is an affordable and relatively inexpensive way to improve performance and upgrade equipment.
Over time, investment lending goes beyond enterprises, extending its effect to individual entrepreneurs and even individuals about to start their own business.
Investment credit is the most important tool for implementation state support small and medium-sized businesses, which leads to their provision by banks with a high share of state capital. Most commercial banks avoid this type of lending due to the long period of lending, which reduces the profitability of the loan.
To the number distinctive features Investment loans include:
There are several types of investment loans.
Project loans when the loan is provided for the implementation of a new project, the profitability of which is determined taking into account payments on the loan;
Expansion loans when lending is carried out in relation to an operating enterprise in need of expansion, reconstruction, modernization;
Construction loans when lending is made to construction organizations. This type stands out due to the fact that construction projects require significantly more documentation.
Investment loans are divided into the following forms: bank investment loans, government investment loans; commodity investment credits (leasing); issue of bonds.
Bank investment loans have several subspecies. Let's characterize the main ones.
One-time- these are loans that provide for a one-time transfer of loan funds to the borrower's personal account and monthly collection of interest from it; repayment of the main loan dog can be carried out in various ways: annuity, when the payment amount is determined in advance and is not subject to change; in equal tranches, when repayment of principal and interest are not related to each other; individual, when an individual principal repayment scheme is provided for a particular borrower. this subtype of bank investment lending is the simplest and most common;
Credit lines- these are loans that provide for the borrower to receive the necessary amounts not on a regular basis, but at the moment when he needs it. A credit line implies the following varieties: simple, in which the borrower uses all the allocated funds at a time; revolving, when the borrower periodically repays the existing debt and borrows money again; on-call, when a certain limit is set for the borrower, within which he independently determines the period for receiving or repaying funds; checking account, when a specialized bank account is opened for the borrower, upon receipt of funds to which they are automatically used to repay the loan;
underwriting- these are loans in which the borrower receives funds through the repurchase by the bank of the bonds issued by him;
Remark 2
The main requirement for a client who expects to receive an investment loan is the availability of a feasibility study of a real and feasible investment project, as well as a business plan.
Obtaining an investment loan innovative projects hampered by the conservative attitude of banks to everything new.
These documents must contain information about the activities of the organization (if it already exists) for at least three recent years, characteristic credit history, characteristics of investments of own funds, as well as a number of organizational documents, starting with an application for a loan and ending with a certificate of state registration.
The concept of a bank investment loan
Quite often in conditions market economy for the modernization of an enterprise, organization of production or firm, the entrepreneur (or the enterprise) does not have sufficient funds. Updating or introducing various innovations (innovations) requires significant investments for the full implementation of the plan. In such cases, investment lending can come to the rescue.
Definition 1
Investment lending is the provision of a long-term targeted loan issued for a specific investment program.
The amount of an investment loan can be quite significant. This circumstance determines the features of the investment loan.
Features of investment lending are some circumstances. So, for example, a bank, acting as an investor, assumes a significant part of the risk for the further development of an investment project. Such a loan is issued only to a subject with a clear practical experience of this kind of activity. In addition, a prerequisite is that the loan obligations must be secured by the property of the applicant. The Borrower may use the funds to finance the current objectives of the project.
Investment lending is aimed at financing the future business. Therefore, it is associated with great risk. Banks, providing such loans, value their services quite expensively and impose very strict requirements on applicants.
Thanks to the loan provided, the applicant can solve several important issues. So, for example, he can purchase or build real estate necessary for the business, purchase vehicles or modern equipment, reconstruct the premises, attract the necessary specialists or purchase new technologies. In addition, he can use the loan to repay loans from other banks and to improve the management of the company itself.
What are the challenges facing investment lending? Bank investment lending is used in the implementation of medium- and long-term projects. The most important tasks of banks are the successful development and implementation of investment credit projects, the development of cooperation with various organizations (including international, governmental and non-governmental). An important task of the bank is also the development of the lending schemes themselves, in which the bank acts as an organizer or lender.
AT modern economy There are several types of investment lending.
Evgeny Malyar
bsadsensedynamick
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Business loans
Since the basis for issuing a loan is a business project, the bank actually shares potential risks with the borrower.
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Probably every business owner has ideas about how to increase profits. Implementation large-scale project requires investment. The most common solution to this problem involves external lending. Investment loans pursue the main goal - bringing the enterprise to a new level of development. An article about their essence, features, shortcomings, who can access a loan for investment goals and how to get it.
An investment loan is a special kind banking product, characterized in that the person applying for it has a well-developed project for the use of borrowed funds.
An investment loan has special features:
The project should include three main sections:
Based on the nature of the intended use of the loan, it is determined that it belongs to one of the three main types.
Designed to expand the scale of an existing enterprise. Tasks solved by the company with the help of an expansionary investment loan:
The peculiarity of its receipt is that until the debt is paid off, the effect of improving the financial performance of the enterprise should not be calculated. All the additional profit brought by modernization (and in some cases a large amount) will go to settlements with the bank.
When applying for an expansion loan, forecasts are based on the most pessimistic scenarios for the development of further events. Ultimately, only the bankruptcy of an enterprise can hinder the fulfillment of the payment schedule. If it is assessed as probable, the loan will simply not be issued. In the best case, the interest will be set at the maximum level.
Bank risks in this type of investment lending are initially the highest. Project lending provides for the development of one of the directions, separate from the main activity carried out by the enterprise at the time of application. The leaders of the company acting as a probable debtor hope to significantly increase the profitability of the business after the implementation of the plan.
Financing investment projects is always an adventurous business. The bank's income is formed only by the profitability of the new direction. The credited enterprise simply will not be able to fulfill its obligations under the contract if the project does not give the expected effect.
An enterprise can apply to a bank with an application for a construction and investment loan only after it has incurred certain and considerable costs. This feature is due to the specifics of the activity for the construction of real estate. Negotiations are possible if the prospective developer already owns the relevant piece of land or has issued a long-term lease on it.
In addition to the areas, the applicant will have to present the design and estimate documentation, the development of which costs a lot of money. Of course, a building permit is required.
The probability of refusal when applying for a construction and investment loan is low, but it is available only to enterprises with high financial potential. The decision on approval and conditions is made by the bank based on the type of facility being built and an assessment (again, pessimistic) of its likely profitability.
The standard criteria by which a bank makes an ordinary financial borrowing are in this case supplemented by some specific requirements.
Investment loans for small businesses are often a way to reach a medium or even high level of business activity, but it is not easy to overcome the boundaries separating an individual entrepreneur from an LLC.
Since we are not talking about small amounts in this case, the need for a clear and convincing business plan that reveals the purpose of the project comes first. In addition, the following developments are needed:
The features of investment loans include a repayment period that almost never exceeds ten years. One should also take into account the cautious attitude of the bank to applications for project refinancing. If the debtor failed to pay off the primary loan, then the estimated profitability as a result did not live up to expectations. At least, that is the conclusion.
According to the source of financing, investment loans are represented by five main forms:
This brief table requires some explanation, indicating the specifics, advantages and disadvantages of each form of investment lending.
A bank investment loan is the most commonly practiced form of capital raising. Availability works in its favor first of all. As the name implies, it is provided to the borrower in commercial banks subject to the conditions described above.
In turn, it has several varieties, determined by the terms of contracts and other conditions:
Of these categories, only the concept of "underwriting" needs comments. It is similar to the bond form, but in this case, the creditor bank acts as the buyer of securities. Of course, only consistently high characteristics of issued bonds can induce such actions.
Investment lending by the development bank, that is, in fact, by the state, is made when the project is of priority importance for the country's economy. Conditions are usually preferential, but they still need to be earned. The objects of public investment are projects that meet high requirements, including:
In other words, if as a result of the implementation of the project in Russia the production of a product based on modern technology without harm to the environment, which is in demand in the domestic and foreign markets, is started, then one can count on state investment.
The requirements for foreign investors attracted as part of international investment are very high. However, there are several effective ways to interest foreign entrepreneurs in investing in domestic production. Among them are a favorable tax climate, highly qualified labor resources and other benefits Russian economy. The main "trump card" is a tempting project that promises high profits.
A synonym for the term "commodity form of investment" is the word "leasing". By providing an enterprise with a fixed asset on the basis of a financial lease, the lessor creates conditions for the growth of labor productivity, improving the quality and all indicators of the enterprise.
Leasing can be financial and operational, direct and reverse. This method of economic borrowing, and in fact, investment, deserves a separate detailed description.
Finally, the fifth and last method of attracting investment lending is the issuance (issue) of securities, namely, bonds that guarantee a stable income in the form of interest. In this they differ from shares, the value of which depends on stock quotes and the success of the financial performance of the issuing enterprise.
The advantage of issuing bonds for the enterprise is that the investment is made directly from the buyer security. The bank, before issuing a loan amount, must first find it, attracting depositors with interest on the deposit.
There are also difficulties. The main one is the search for those who want to buy bonds. This is not easy: each acquirer must be convinced that the project will be profitable.
We must immediately accept the fact that economical effect from the implementation of almost any project with one hundred percent accuracy and reliability, it is impossible to predict. This, however, does not mean the meaninglessness of the very preparation of a business plan. The maturity and interest of an investment loan always depend on how convincing the applicant's arguments are.
A frequently encountered method used by banks is to draw analogies between project parameters and known characteristics of already working analogues. If the introduction of some equipment brought a certain enterprise a monthly additional income, for example, 100 thousand rubles, and all other conditions (location, form of ownership, turnover, etc.) are approximately equivalent, then we can assume the same effect after the investment.
Another forecasting method is based on the calculation of the ROI. Its disadvantage is in direct proportion to the difficulties associated with determining the expected profit. The calculation formula is as follows:
Where:
ROI- indicator of return on investment;
VP- gross revenue for the conditional reporting period;
VD- gross cost for the conditional reporting period;
VI- the amount of investment.
Everything is clear here: the ROI indicator shows how much profit each ruble invested in the project brings. Questions arise later.
Gross revenue VD is formed by the unit price of the product and the sales quantity. If an entrepreneur who wants to get an investment loan claims that he will sell each copy at a price of, for example, 100 rubles, and its cost will be 60 rubles, then it may make sense for him to believe. Doubts arise when determining the market capacity, which can be determined by conducting large-scale marketing research or experimentally, that is, after the fact.
The slowdown in sales leads to a decrease in the capital turnover ratio, and, as a result, to a deterioration in real financial indicators in comparison with the planned values. Based on this, banks, as a rule, reduce their forecasts to a reasonably pessimistic level when establishing a payback period and profitability. Accordingly, these indicators affect the term of the contract and the interest rate.
After the commissioning of a new technological line, the Rassvet enterprise will introduce to the market New Product"Dewdrop".
Rassvet has its own funds in the amount of 2 million 400 thousand rubles, and intends to spend this money on the purchase of this equipment.
The required amount of investment credit is 19 million 600 thousand rubles.
The business plan states that with these characteristics monthly income will be:
Using the tax calculator, you can calculate that with expenses for:
the amount of monthly profit remaining for business development after taxes will be 629,651 thousand rubles.
The payback period of the investment To will be:
