Essay
Level 3 BTEC Business Unit 2 P4,D3 [1st Year]
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Essay of 9 pages for the course Unit 2 - Business Resources at PEARSON (P4, D3)
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By: hassank12345 • 6 year ago
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By: ambervalentine2 • 8 year ago
By: btecwork • 8 year ago
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Source of Definition Benefits LimitationsFinance
Banks Banks are able to This source of The limitations of
offer loans, finance is external. this source of
business accounts, The benefits of finance are that
commercial this source of you have to pay
mortgages and finance are the interests. The
overdraft facilities application I quick application may
based on the if the bank has also be refused,
business plan. approved and which will be time
Interest is payable accept the consuming.
based on the application. You
predicted risk. will get the
Some security will amount of money
need to be you asked for from
provided the bank.
Furthermore the
bank will give you
guidance about
the loan, and will
give you more
information about
it.
Leasing Leasing means This source of The limitations of
that a business finance is external. this source of
can make use of The benefits of finance are that
resources and pay this source of you don't own the
to use them every finance are that equipment's or
month. The when you lease a machinery;
business does not business, the furthermore you
own the goods at product is still have to pay to
the end of the owned by the maintain the
lease. Leasing is company meaning physical and
often used by that they have technological
companies for better security on resources. You will
vehicles. your finance. also need to pay in
Furthermore you a deposit or make
will have access some payments in
with equipment's advance.
that you won't be
able to afford.
Government These are This source of The limitations of
grants available from the finance is external. this source of
EU, national The benefits of finance are that
, government and this source of there is loads of
local government. finance are you competition for
A grant is money won't have to pay government
given to an a grant back or grants. The
entrepreneur that pay interest on it. application process
does not have to Furthermore you can be time
be paid back and won't lose control consuming too.
the amount of that over your
money will depend business.
on where it is
coming from.
Friends or Money from This source of The limitations of
Family friends and family finance is external. this source of
may either be The benefits of finance is that if
invested in the this source of you can't repay the
business in finance is that money back to
exchange for ltd when you borrow your family/friends
shares or paid money the then this will cause
back as a loan - family/friend won't conflict between
often at a lower charge high each other and it
rate than would be interest rates on can ruin the
payable to a bank the loan. reputation of the
or other lenders. Furthermore person who got a
getting a loan from loan from
a family/friend family/friend.
isn't time
consuming
because you don't
have to wait for an
approval for your
application,
instead the money
is there for you
with no time
wasted.
Personal savings It's the money that This source of The limitations of
the person keep finance is internal. this source of
instead of the The benefits of finance is that
business. It's this source of when a person
usually kept in a finance are that invest into a
bank or a similar you're entitled to business with your
financial use personal personal savings,
organisation. savings on and the business
anything you like doesn't succeed
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