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Sources of Finance

Keywords

QuestionAnswer
Permission from the bank for the business to withdraw more money from its current account than is in the account up to an agreed limit. Bank overdraft
A business buys supplies on credit and pays for them at an agreed later date (e.g. in 30 days). Trade creditors
Some expenses, such as the electricity bill, the pone bill, broadband or a tax bill, do not have to be paid immediately and the money can be used in the meantime to finance the business. Expenses due
Short term source of finance Repaid within 1 year
Medium term source of finance Repaid between 1 to 5 years
Long term source of finance Repaid in 5 or more years
This is a loan from a financial institution (Banks (AIB, Bank of Ireland, Ulster Bank) or credit union)) that is taken out over a period of one to five years. Medium term loan
Leasing allows a business to lease (rent) an asset, such as equipment or vehicles/delivery vans. Leasing
An agreement whereby a person hires goods for a period of time by paying a deposit for an asset and then regular instalments for up to five years. Hire purchase
When a business is financed using its profits. Retained earnings
A sum of money that is given out by the government or the EU to people who want to start or expand a business. Grant
Finance raised by selling shares in the company. Ordinary share capital
A loan taken out over a period of five years or more (e.g. a mortgage). A long term loan
Selling a valuable business asset, such as land or buildings, to raise money and then leasing it back over a period of time. Sale and leaseback
This involves raising small amounts of money from a large number of people via online platforms to finance a business or project. Crowfunding
Created by: bccnsjcbusiness
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