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The role of credit as a source of formation of financial resources. Coursework: Credit as the main source of attracting financial resources. Fragment of work for review

In the process of operating, investment and financial activities changes in the structure of funds and sources of their formation, the availability and need for financial resources and, as a consequence, the financial condition of the organization.

The financial position of an economic entity largely depends on how optimal the ratio of equity and borrowed capital is. The use of borrowed sources increases the risk of bankruptcy, however, with an optimal combination of equity and borrowed funds and skillful management of borrowed funds, the level of return on equity and total capital as a whole increases significantly.

Lending is one of the forms of financial support for the reproduction process in that part of the resources that is not provided with its own funds.

A creditworthy organization is one that has the prerequisites for obtaining a loan and is able to ensure the repayment of the loan amount (repay the debt) and interest on it.

Credit resources for business entities are provided by commercial banks. The Central Bank and its territorial branches and divisions exercise general control over money circulation, finance measures provided for in the state budget, control the activities of commercial banks, establish general rules credit policy... No commercial organizations, as well as state-owned organizations and enterprises (except for those financed from state budget), The Central Bank does not issue monetary resources either in cash or in non-cash form.

All loan funds pass through commercial banks, interest rates for loans are regulated by the Central Bank through the refinancing rate (discount rate), which is set and periodically reviewed by the Central Bank. Restriction of the demand for funds on the part of an economic entity is regulated by the Tax legislation, which provides for the attribution of interest on payment of a loan to costs within the discount rate multiplied by a factor of 1.1.

Commercial banks issue loans for a variety of periods: from 1 to 7 days (the so-called "short" loans), up to a year or more. The interest rate for a loan is differentiated depending on the term: the longer the term for which the loan is issued, the higher the rate.

Depending on the intended purpose and the timing of the provision distinguish between short-term and long-term loans.

Long-term loans are used for production and social development organizations (for the construction and acquisition of fixed assets, expansion and improvement of production, etc.) and is issued for a period of more than one year.

A short-term loan is issued for the needs of the current activities of enterprises (necessary to fulfill the plan) and is provided, as a rule, for a period of up to one year. A short-term loan can be presented in cash or in kind, the so-called commodity loan (an entrepreneur purchases goods with a deferred payment).

Types of short-term loans:

1) trust loan - issued to clients in case of temporary financial difficulties without restriction with the full confidence of the bank (no collateral or pledge is required), an urgent obligation is drawn up;

2) blank loan - provided without collateral and only to clients with high solvency.

These include:

a) current account - a current account is closed and a current account is opened from which current expenses are paid, depending on the balance, interest is charged. All current production activities are credited. Capital investments are not funded from this account;

b) overdraft - issued by debiting funds from the client's current account in excess of the account balance; in agreement with the client, the bank stipulates maximum amount and the return period; allocate overdraft:

m short-term (for several days);

■ extended (several weeks, months);

■ seasonal (with a large time gap between expenses and income).

3) promissory note credit - the bank's promissory note issued to the bearer;

4) factoring - financing against the assignment of a monetary claim;

5) foreign currency loan - provided by banks licensed to conduct currency transactions... The object of crediting is export-import supplies; current activities of joint ventures, etc. Obtaining a loan in commercial bank one way or another

economic entity - the procedure is largely formalized.

An economic entity is a client who must submit a business plan to the bank, justification of the directions where the loan will be sent, calculations of its payback, which determine the possibility of timely repayment of the principal debt and interest. The bank may require collateral for the loan (depending on the amount and term) by pledging real estate, land plot; securities or other property, guarantees of a sufficiently reliable legal entity-guarantor, which is responsible for its property in the event of debt obligations to borrowers, registration with an insurance company of insurance against the risk of full or untimely repayment of debt on a loan. Despite the strict conditions for granting a loan to an economic entity, regular customers, its shareholders for specific priority areas of development, the bank can provide loans on preferential terms.

The development of the market presupposes the emergence and development of new forms of relationships between business entities, including enterprises and banks. Banks are active participants in leasing, factoring and franchising operations, significantly reducing the risks of individual business entities (counterparties) and eliminating the need to take additional, expensive loans from the bank.

CONCLUSION

INTRODUCTION 3
SECTION 1. THEORETICAL BASIS OF BANK LOAN 6
1.1. Essence and necessity of credit 6
1.2. Functions, forms and types of credit 12
SECTION 2. BANK LOAN AS A SOURCE OF FUNDS OF THE COMPANY 19
2.1. Bank loan as a source of formation of the company's working capital 19
2.2 Bank loan as a source of financing for energy efficiency projects 23
SECTION 3. BANK LOAN AS A TOOL FOR SMALL BUSINESS DEVELOPMENT 30
3.1. Problems and prospects of lending to small businesses 30
3.2. Improving bank loans as a source of financing for small businesses 40
CONCLUSION 49
REFERENCES 51

Introduction

INTRODUCTION

Credit relations function in the system economic relations... They are based on the movement of a special type of capital - loan capital. Credit relations are a separate part of economic relations associated with the provision of value (funds) on a loan and its return along with a certain percentage.
In a modern economy, the boundaries of credit relations are significantly expanding. Credit serves an increasing proportion of commodity flows, replacing traditional commodity-money exchange links. Credit is necessary as an important means of securing financial economic activity economic entities.
Credit relations combine two subsystems:
1) monetary relations;
2) credit and commodity relations.
The loan can be provided with value in both monetary and tary form.
The role and place of credit relations in national economy depends on the state of the economy itself. Modern credit and credit relations in Ukraine are of a transitional nature, they reflect the crisis state of the domestic economic system.
A distinction should be made between monetary relations, financial relations and credit relations. Monetary relations are the broadest education; they are associated primarily with the measurement of the value (price) of various goods and services, as well as with the payment for goods and services in non-cash and cash forms... In a market economy, money mediates the movement of the entire system of economic relations, the circulation of all types of capital, the process of reproduction of the national product.
Financial relations are the part of monetary relations that is associated with the formation, distribution and use of Money in order to meet the needs of the state, enterprises (firms) and citizens (households). In the reproductive process, financial relations are expressed primarily by distribution relations. Nature and content financial relations in basic terms it is always determined by the nature of monetary relations.
Credit relations are of a pivotal and reimbursable nature. Distribution and redistribution processes in the economy occur not only through finance, but also through the use of credit. Credit relations are associated with the reproduction of loan capital. The above determines the relevance of the selected research topic.
The purpose of the work is to study the essence of bank credit, the peculiarities of its use in the activities of enterprises and the ways of its transformation in the provision of small businesses.
To achieve the goal, the following tasks were set in the work:
Determine the nature and need for a loan;
Study the forms, types and functions of the loan;
To study the essence of a bank loan as a source of formation of the company's working capital and a source of financing for energy efficiency projects;
Determine the problems and prospects of using bank lending to small businesses;
Determine ways and directions for improving bank lending to small businesses.
Object of study - banking in the field of lending.
The subject of the research is a set of theoretical and practical aspects of using a bank loan as a source of financing for an enterprise.
In the course of the research, such scientific methods as analysis, synthesis, generalization method, historical method, deduction were used.
The practical significance of the work lies in the fact that the study makes it possible to determine the essence of a bank loan at this stage of development of the economic system, and also allows us to determine possible ways to improve bank lending as a source of financing for the activities of an enterprise.
The work consists of an introduction, three main sections, each of which contains two paragraphs, a conclusion and a list of used literature.

Fragment of work for review

The procedure for the payment of wages to workers and employees established by law, as a result of which there are constantly funds in the turnover of enterprises, institutions, organizations in the form of wage arrears, which can be temporarily invested and accumulated in bank accounts;
- Free money supply of the population in the form of savings in bank accounts10.
An effective method of forecasting, issuing, using and repaying loans is the compliance of borrowers with the principles of bank lending.
When concluding credit agreements, banks use them in order to prevent the growth of risks from credit operations. Separated from the general theory of credit, the application of the principles of lending leads to a decrease in the effectiveness of bank loans, an increase in the risk of their default.
Priority measures to support the subjects of production, to overcome the negative impact of the global financial crisis is the use of concessional lending at a rate not exceeding the size of the discount rate of the central bank, receiving subsidies, subventions from budgets different levels to reduce the cost of material assets that are strategic for production.
Credit risk management is the most urgent problem that requires further theoretical research in the context of preventing their occurrence, minimizing their impact on the bank lending process. During the global financial crisis, the level of credit risk of domestic banks reached its peak.
The growth of problem loans to a large extent depends on the failure of borrowers to fulfill the terms of loan agreements as a result of unqualified and unprofessional activities of bank specialists and financial abuse in the credit services market. This leads to an increase in credit risks, deterioration of the quality of loan portfolios. An increase in the share of overdue and doubtful loans in the loan portfolio leads to the loss of a part of the value of collateral, and the profitability of banking institutions decreases. Banking institutions are forced to increase the volume of reserves to compensate for possible losses on credit operations, which negatively affects the results of their activities. When lending, banking institutions do not have local information about the financial condition of the borrower, his financial, property status. When issuing a loan, banks are mainly guided by the financial condition and the availability of an insured collateral of the borrower, which can ensure the repayment of the loan. At the same time, information about the condition of the borrower's property pledged by another financial institution is impossible to obtain due to its confidentiality.
2.2 Bank loan as a source of financing for energy efficiency projects
The term "financing" characterizes all measures aimed at meeting the capital needs of the enterprise, which include the mobilization of financial resources(cash, cash equivalents and property assets), their return, as well as the relationship between the enterprise and the capital givers that result from this (payment relations, control and security) 11. Amounts of financial resources that are directed in one direction or another economic activity, to a large extent depend on the efficiency of resource use, by which we mean the ratio between costs and results. Efficiency, in turn, depends on the adequacy of the forms and methods of financing the specifics of the object of financing. The variety of needs for financial resources determines a large number of forms and methods of financing, which together make up the financing system.
Traditionally, the main forms of financing are classified according to the following criteria:
a) depending on the purpose of financing;
b) according to the sources of capital inflow.
Since the purpose of financing in our study is to provide resources for financing projects to improve the energy efficiency of enterprises (EEEP), we will focus on the classification of forms of financing depending on the sources of capital inflow.
The most common division of funding sources for the PPEP is their division into internal and external resources. The use of internal resources - the company's own funds - is quite widespread in world practice. In France, for example, PPEs, which have a quick payback, are funded by enterprises. Larger projects with a long payback period financed by the government12.
Own funds of enterprises, namely depreciation deductions and planned profits, should be mainly the cheapest and most reliable and affordable source of financing for short-term PPEP.
Despite a fairly wide list of possible sources and methods of financing the PPP, the possibilities of attracting funds from various sources, especially in countries with economies in transition, are limited. Thus, the need for financing energy efficiency projects is quite high, while the actual volumes are much less.
In addition, not all sources of funding for PES may be involved. Table 2.1 presents a rating of opportunities to attract financing from individual sources in such countries of the former socialist camp as Hungary, Czech Republic, Poland, Russia, Ukraine, Romania, Bulgaria.
Table 1.
Rating of the possibility of attracting financing from various sources in selected countries13
Country
Hungary
Czech
Poland
Russia
Ukraine
Romania
Bulgaria
Local banks
4*
4
4
2
2
2
2
Foreign banks
4
4
4
2
1
2
2
ESKO
4
3
2,5
1
1
2,5
2,5
Public private partnership
3
4
4
2
2
2,5
2
National foundations
3
3
3
1,5
1,5
2
2
* 4 - the market is developed, 1 - the possibility of using the resource is very small
From the data in Table 1, it can be seen that the different degree of availability of resources from various sources is directly related to the level of development of market relations and the structure of the financial system. Thus, in Hungary, the Czech Republic, Poland, the possibilities to use the resources of banks or national funds, or to create a public-private partnership to finance the PPEP are almost twice as large as those in Ukraine, Russia, Romania, and Bulgaria.
In addition, the data in Table 1 show that bank lending, public-private partnerships and ESCOs (in Hungary) have the highest ratings of all sources of financing. This gives grounds for the assumption that in Russia the key attention should be paid to the development of precisely these sources of financing for the PPEP, which at the current stage have a low rating, which means they have a significant potential for development.
Taking into account the limited possibilities of financing from the state budget, the lack of own funds of enterprises, if there is a need for significant amounts of financing of the PPE, one of the main directions of state financial support for the PPE should be the stimulation of bank lending, in particular, on the principles of public-private partnership and using international funds. financial institutions.
To substantiate the significant role and place of bank lending in the PPE financing system, we will proceed from the essence of lending, which is manifested in its functions. In the economic encyclopedia, edited by S.V. Mocherny, it is noted that a loan is a loan in cash or commodity form on terms of repayment within a certain period with interest payment14. Credit provides transformation money capital in loan capital and expresses the relationship between lenders and borrowers. With its help, free money capital and income of enterprises, citizens and the state are accumulated, turning into loan capital, which is transferred for a fee for temporary use.
Now within economic science There are two directions of development of the theory of credit. The first - naturalistic theory - treats credit relations and transactions only as a way of redistributing commodity values, and its supporters believe that credit cannot create capital, but only acts as a form of its movement from the lender to the borrower. The second theory (capital-forming) is based on the assumption that credit agreements not only transfer, but also create credit capital, therefore, play a very important role in the economy. In domestic scientific thought, these approaches to the essence of credit operations are reflected in the redistributive and reproduction functions of credit, although the list of functions of credit also includes savings in circulation costs; acceleration of concentration and centralization of capital; regulation.
The redistributive concept considers lending as a process of redistribution of temporarily free assets, and supporters of this category define "credit" as a redistributive category that applies not only to one phase social reproduction but also of all reproduction.
The reproducing concept considers lending as an integral part of the entire reproduction process. Proponents of this concept call the loan itself a reproduced category related to the placement of temporarily free funds with initial accumulation.
Academician A. A. Chukhno considers the first interpretation of the essence and role of credit to be rather limited. Since the redistributive function is in the first place, the sphere of distributive relations is recognized as one of the most important spheres of social relations. Whereas, although distribution plays an important role, it is the sphere of production that plays a decisive role in the development of social production15. According to A.A. Chukhno, one of the main reasons for the restrictive interpretation of credit and its role in economic development is that it is viewed as a stable category that does not develop and remains almost the same regardless of the degree of socio-economic progress.
In our work, we investigate bank lending to PPE of enterprises that are in the form of industrial lending with the participation of banks. Since the borrowers in our study are enterprises that implement PPE, lending should be carried out taking into account the specifics of the latter's activities. On the other hand, banks provide loans in one form or another using the appropriate banking instruments and technologies, has an equally significant impact on the process of lending to PPE. And, finally, in this process, the essence of lending as an economic category must be preserved. Based on this, bank lending to PES of enterprises can be described as a process of functioning of relations between banks and enterprises regarding the provision, use for the purpose of improving energy efficiency and return of funds on the principles of payment, urgency, security, repayment and voluntariness.
For an effective bank lending process, the PPE and the bank and the company must agree on the amount of the loan, terms, availability of insurance and guarantees. In this context, it is important to study the relevant types of loans, among which there are project and venture lending, financial leasing, and franchising. Such types of short-term lending as microcredit, overdraft, factoring, line of credit, promissory note lending are not quite suitable for financing such large-scale and long-term projects, such as PES. Although in some cases to finance small and medium-sized enterprises planning to use or produce energy-saving equipment, short-term forms of credit can also be used.
A fairly common type of bank lending PPE in industry, housing, construction is the cooperation of banks and energy service companies (ESCOs), which provide financing based on the use of their own funds, bank loans and funds of other institutions, parties (banks, financial institutions, leasing companies), and also carry out energy surveys, offer energy efficient technologies and measures. This method of lending is most often used when there is a lack of working capital of the enterprise or when the possibility of obtaining a loan directly from the bank is limited.
In general, energy efficiency loans can be divided into the following types:
1. Depending on the size: small, medium, large.
2. Depending on the purpose: industrial, investment, agricultural.
3. Depending on the number of participants: simple - one lender, syndicated - several lenders.
4. Depending on the term of provision: short-term, medium-term, long-term.
5. Dependencies on the interest rate: fixed, floating.
In practice, banks are very cautious about lending to such complex, risky and large projects as PPE.
A form of financing for infrastructure investment projects are donor grants provided to cities and enterprises participating in international technical assistance projects, the tasks of which provide for this. Since the grant is non-repayable earmarked funding, the allocation of funds within the grants for financing the PPEP is extremely limited and mainly aimed at financing small demonstration projects, and / or for conducting pre-project studies.
Despite the potential capacity of such a source of financing as the resources of international financial organizations and foreign banks, the unsatisfactory financial condition of the overwhelming majority of enterprises in conditions of political and economic instability add credit risks and neutralize the interest in providing loans to enterprises from foreign banks. In addition, since enterprises receive their income in rubles, there are currency risks due to losses from exchange rate differences, the reimbursement of which by tariffs for services is directly prohibited by the legislation on the formation of tariffs.
SECTION 3. BANK LOAN AS A TOOL FOR THE DEVELOPMENT OF A SMALL BUSINESS
3.1. Problems and prospects of small business lending
Comprehensive penetration of small business into the economic system is a prerequisite for the transition of the economy to market relations, effective restructuring of production, solving employment problems, and raising the standard of living of the population. Without the development of small business, it is impossible to form a middle class, which is a reliable foundation of a democratic society.
At the same time, today there is an acute problem of financial and credit support for small businesses, which is one of the primary factors hindering the development of small businesses. V last years banks in the implementation active operations faced the problem of the relative limited volume of loan portfolios - there is a shortage of potentially solvent clients. This led to a reorientation of banks' lending activities towards lending to small businesses. The existing practice of microcrediting has shown that, despite the significant credit risk that a bank assumes when lending to this sector of the economy, small business can become one of the main objects of active operations of banks.
The dynamics of the volumes of banks' credit investments in the development of the economy and the share of loans provided to small businesses indicate their significant growth. Also, significant changes are taking place in the structure of the loan portfolio. In particular, the share of long-term loans provided to small businesses has significantly increased, which indicates positive shifts in the domestic market of long-term loans provided to small businesses16.
Today, large domestic banks provide loans to small businesses also at their own expense, gradually abandoning the resources of foreign credit lines. In this process, it is worth noting the trend towards a rapid growth in the volume of credit investments in the small business sector at the expense of banks' own funds.
The general trend can be traced in the small business lending market, is an increase in lending, a change in the structure of loan portfolios and an increase in the share of loans provided to small businesses at the expense of banks' own funds. A clear trend towards an increase in lending to small businesses and individuals - business entities - does not exclude the presence of a number of problems, the solution of which will ensure optimal conditions for the provision of bank loans and minimize the bank's credit risk.
In our opinion, in order to study and systematize the existing problems in this area, it is advisable to classify them according to the levels of occurrence: problems arising at the macro and microeconomic levels. The problems that arise at the macroeconomic level include the problems of legislative and regulatory support for the financial activities of small businesses, in particular, credit support for small businesses. So, there are problems of creating institutional motivation for attracting banks to lending to small businesses and reducing the risk of default on loans when lending to this sector of the economy. A set of factors laid down at the legislative level hinders the pace and procedures for implementation banking operations in the field of small business. A reliable system of credit risk insurance is enough, under which banks would have the right to write off the amounts of non-repaid loans from the accounts of insurance companies in an indisputable manner17.
The fundamental problem of bank lending to small businesses is the lack of a flexible system of guarantee funds using funds from the state, local and municipal budgets, as well as funds from international financial institutions, which would make it possible to mobilize assets and resources at the central and regional levels in order to provide loans for small businesses, a preferential treatment taxation of the profits of banks lending to small businesses.
The negative factor of the financial support system today is the insufficient level of development of adjacent markets, which infrastructurally serve the potentially risky procedures for lending to small businesses. First of all, this concerns the leasing and insurance markets. Therefore, taking into account the world and domestic experience, it is necessary to introduce pilot projects based on the latest technologies for the provision of leasing services and insurance of the risks of lending to small businesses, attracting financial resources of the state to the implementation of leasing schemes. targeted programs and international financial organizations.
The problems of a microeconomic nature should include the presence of a certain set of negative factors incorporated at the level of regulatory documents, which, in turn, require complex regulatory regulation, for example, regarding technologies and procedures for lending to small businesses. At the regulatory level, the issue of simplifying the procedures for checking collateral and assessing the financial condition of the recipient of a small loan has not been resolved, which significantly reduces the level of efficiency of bank lending. In our opinion, the procedures for bank lending to small businesses are also complicated by high tariffs for the services of notarization of pledge agreements and contracts for the sale of real estate. When lending to small businesses in an inflationary environment, the bank must be able to prevent inflationary risks. To this end, at the regulatory level, it is necessary to provide for a procedure for changing the terms of the loan agreement in the event of force majeure circumstances.
The resource base of the lending is of decisive importance for the successful lending activity of the bank. Therefore, the consideration of the problem of lending to small businesses that arises at the level of the bank, it is advisable to start with its resource base. For lending to small businesses, then, as noted above, it can be carried out at the expense of the bank's own funds or at the expense of international financial organizations18.

Bibliography

LIST OF USED LITERATURE

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Bank loan is the main form of loan in which funds are provided for temporary use by banks.

Credit relations in the economy are based on a certain methodological basis, one of the elements of which are the principles strictly observed in the practical organization of any operation in the loan capital market. These principles emerged spontaneously at the first stage of credit development, and later found direct reflection in national and international credit legislation:

RETURN OF THE LOAN.

This principle expresses the need for the timely return of the financial resources received from the lender after the borrower has completed their use. It finds its practical expression in the repayment of a specific loan by transferring the appropriate amount of funds to the account of the credit institution (or other lender) that provided it, which ensures the revolving of the bank's credit resources as a necessary condition for the continuation of its statutory activities. In the domestic practice of lending in a centralized planned economy, there was an unofficial concept of "irrecoverable loan". This form of lending was quite widespread, especially in the agricultural sector, and was expressed in the provision of state credit institutions loans, the return of which was not initially planned due to the financial crisis of the borrower. According to his economic essence Irrevocable loans were rather an additional form of budget subsidies, carried out through the intermediary of a state bank, which traditionally complicated credit planning and led to constant falsification of the expenditure side of the budget. In a market economy, the concept of a non-repayable loan is just as unacceptable as, for example, the concept of a “planned unprofitable private enterprise”.

URGENT OF THE LOAN.

It reflects the need to return it not at any time that is acceptable to the borrower, but at a precisely defined date fixed in the loan agreement or a document replacing it. Violation of this condition is a sufficient basis for the lender to apply economic sanctions to the borrower in the form of an increase in the interest charged, and with a further delay (in our country - more than three months) - filing financial claims in court. A partial exception to this rule is the so-called on-call loans, the maturity of which is not initially determined in the loan agreement. These loans, quite common in the 19th and early 20th centuries. (for example, in the agricultural sector of the USA), in modern conditions are practically not used, primarily because of the difficulties they create in the process of credit planning. In addition, the oncall loan agreement, without defining a fixed term for its repayment, clearly establishes the time available to the borrower from the moment he receives a notification from the bank about the return of the funds received earlier, which to some extent ensures compliance with the principle in question.

LOAN PAYMENT. LOAN PERCENTAGE.

This principle expresses the need not only for the direct return by the borrower of the credit resources received from the bank, but also for the payment of the right to use them. The economic essence of the loan payment is reflected in the actual distribution of the profit additionally obtained through its use between the borrower and the lender. The principle under consideration finds practical expression in the process of establishing the value bank interest performing three main functions:

· Redistribution of part of the profit of legal entities and income of individuals;
· Regulation of production and circulation through the distribution of loan capital at the sectoral, inter-sectoral and international levels;
· At the crisis stages of economic development - anti-inflationary protection of the bank's clients' money savings.

The rate (or rate) of the loan interest, defined as the ratio of the amount of annual income received for loan capital, to the amount of the loan provided, acts as the price of credit resources.

Confirming the role of the loan as one of the goods offered on the specialized market, the repayment of the loan stimulates the borrower to use it most productively. It is this stimulating function that was not fully used in the conditions of a planned economy, when a significant part of credit resources was provided by state banking institutions for minimum fee(1.5 - 5% per annum) or on an interest-free basis.

Fundamentally different from the traditional pricing mechanism for other types of goods, the defining element of which is socially necessary labor costs for their production, the price of a loan reflects the general ratio of supply and demand in the loan capital market and depends on a number of factors, including a purely opportunistic nature:

· Cyclical development of the market economy (at the stage of recession, loan interest, as a rule, increases, at the stage of rapid growth - decreases);
· The rate of the inflationary process (which in practice even lags behind the rate of increase in the interest rate);
· The effectiveness of state credit regulation, carried out through the accounting policy of the central bank in the process of lending to commercial banks;
· The situation in the international credit market (for example, the policy of raising the cost of credit, pursued by the United States in the 1980s, led to the attraction of foreign capital to American banks, which affected the state of the corresponding national markets);
· Dynamics of monetary savings of individuals and legal entities (with a tendency to reduce them, the loan interest, as a rule, increases);
Dynamics of production and circulation, which determines the need for credit resources of the corresponding categories potential borrowers;
· Seasonality of production (for example, in Russia, the loan interest rate traditionally rises in August - September, which is associated with the need to provide agricultural loans and credits for the delivery of goods to the Far North);
The ratio between the size of loans provided by the state and its debt (the loan interest is steadily increasing with an increase in the internal public debt).

SECURITY OF THE LOAN.

This principle expresses the need to ensure the protection of the property interests of the lender in the event of a possible violation by the borrower of the obligations assumed and finds practical expression in such forms of lending as loans secured or secured by financial guarantees. It is especially relevant during the period of general economic instability, for example, in domestic conditions.

PURPOSE OF THE LOAN.

It applies to most types of credit operations, expressing the need for the targeted use of funds received from the lender. Finds practical expression in the relevant section of the loan agreement, which establishes the specific purpose of the loan, as well as in the process of bank control over compliance with this condition by the borrower. Violation of this obligation may become the basis for early withdrawal of the loan or the introduction of a penalty (increased) loan interest.

DIFFERENTIATED CHARACTER OF THE LOAN.

This principle determines a differentiated approach on the part of a credit institution to different categories potential borrowers. Its practical implementation may depend both on the individual interests of a particular bank and on the centralized policy pursued by the state to support certain industries or spheres of activity (for example, small business, etc.)

The place and role of credit in the economic system of society is also determined primarily by the functions it performs, both general and selective.

REDISTRIBUTION FUNCTION OF THE CREDIT.

In a market economy, the loan capital market acts as a kind of pump that pumps out temporarily free financial resources from some spheres of economic activity and directs them to others, providing, in particular, higher profits. Focusing on its differentiated level in various industries or regions, credit acts as a spontaneous macro-regulator of the economy, ensuring that the needs of dynamically developing objects of capital investment in additional financial resources are satisfied. However, in some cases, the practical implementation of this function can contribute to the deepening of imbalances in the market structure, which was most clearly manifested in Russia at the stage of transition to a market economy, where the flow of capital from the sphere of production to the sphere of circulation became threatening, including with the help of credit institutions. That is why one of the most important tasks of state regulation of the credit system is the rational determination economic priorities and stimulating the attraction of credit resources to those industries or regions, the accelerated development of which is objectively necessary from the standpoint of national interests, and not exclusively of the current benefits of individual economic entities.

SAVING COSTS OF CIRCULATION.

The practical implementation of this function directly follows from the economic essence of credit, the source of which are, including financial resources, temporarily released in the process of the circulation of industrial and commercial capital. The time gap between the receipt and expenditure of funds of business entities can determine not only the surplus, but also the lack of financial resources. That is why loans to fill a temporary shortage of own circulating assets, used by almost all categories of borrowers and providing a significant acceleration of capital turnover, and, consequently, savings in general distribution costs, have become so widespread.

ACCELERATION OF CAPITAL CONCENTRATION.

The process of capital concentration is a necessary condition for the stability of economic development and priority goal any business entity. Real help in solving this problem, borrowed funds are provided, which make it possible to significantly expand the scale of production (or other business operation) and, thus, provide an additional mass of profit. Even taking into account the need to allocate part of it for settlement with the lender, the attraction of credit resources is more justified than focusing solely on own funds... However, it should be noted that at the stage of economic recession (and even more so in the transition to a market economy), the high cost of these resources does not allow them to be actively used to solve the problem of accelerating the concentration of capital in most spheres of economic activity. Nevertheless, the function under consideration, even in domestic conditions, provided a certain positive effect, making it possible to significantly speed up the process of providing financial resources to areas of activity that were absent or extremely undeveloped during the period of the planned economy.

MAINTENANCE TURNOVER.

In the process of implementing this function, credit actively affects the acceleration of not only commodity, but also money circulation, displacing cash from it, in particular. By introducing instruments such as bills of exchange, checks, credit cards, etc. into the sphere of monetary circulation, it provides the replacement of cash with non-cash transactions, which simplifies and accelerates the mechanism of economic relations in the domestic and international markets. The most active role in solving this problem is played by commercial credit as a necessary element of modern relations of commodity exchange.

ACCELERATION OF SCIENTIFIC AND TECHNICAL PROGRESS.

In the postwar years, scientific and technological progress has become a determining factor in the economic development of any state and individual economic entity. The role of credit in its acceleration can be most clearly traced on the example of the process of financing the activities of scientific and technical organizations, the specificity of which has always been a greater than in other industries, the time gap between the initial investment of capital and implementation. finished products... That is why the normal functioning of most research centers (with the exception of those on budget funding) is unthinkable without the use of credit resources. Credit is also needed for the implementation of innovative processes in the form of direct implementation of scientific developments and technologies into production, the costs of which are initially financed by enterprises, including through targeted medium and long-term bank loans.

MINISTRY OF EDUCATION AND SCIENCE OF UKRAINE

SUMSK STATE UNIVERSITY

COURSE WORK

in the discipline "Financial Management"

"Credit as the main source of attracting financial resources"

Completed by a 5th year student

Faculty of Economics and

management

groups E - 02

Nikolaeva N.A.

Checked by V.G. Podlesnaya

Introduction ………………………………………………………………………… .3

Section 1. The essence of credit as the main source of attracting financial resources …………………………………………………………… .5

1.1 The essence and principles of lending …………………… ................ 5

1.2 Functions of the loan …………………………………………………… .10

Section 2. Conditions and forms of lending in Ukraine ………………………… 13

2.1 Bank loan, as one of the most common

forms of lending ………………………………… ................................... .......13

2.2 Commercial lending ……………………………………… ..21

2.3 Consumer loan - one of the forms of lending

in Ukraine ………………………………………………………………………… 27

2.4 Government loan …………………………………………… 33

2.5 International credit - credit in the field of international economic relations ... ... ... ..................................... ................................ 39

Section 3. Problems of credit policy in Ukraine at the present stage ……………………………………………………………………………… 45

Section 4. Development of the financial part of the business plan ……………………… .50

Conclusion ……………………………………………………………………… .60

List of used literature ………………………………………… ... 62

Introduction

Prevailing until recently state form property assumed mainly centralized budgetary financing of enterprises. A previously existing system in which budget resources were allocated within the framework of state planning of economic development, did not take into account the need for clear legislative regulation of financial and credit issues.

With the development of market relations in our country, the emergence of enterprises of various forms of ownership (both private and state, collective), the problem of clear legal regulation of financial and credit relations of business entities is of particular importance.

The presence of commodity production and money determines the existence and functioning of credit. With the development of commodity production, credit becomes an obligatory attribute of management. Credit contributes to the consolidation of the economic and financial activities of the enterprise, since it is a prerequisite for production assets and circulation funds in conditions of expanded reproduction, makes it possible to continuously complete the process of circulation and, as a result, affects the production and sale of products.

Thus, credit is an objective category, an integral part of commodity-money relations, and its necessity is caused by the existence of commodity-money relations.

The role of the loan in different phases economic cycle not the same. In conditions of economic recovery, sufficient economic stability, credit acts as a growth factor. By redistributing huge money and commodity stocks, credit feeds enterprises with additional resources. Its negative impact can, however, manifest itself in conditions of overproduction of goods. This effect is especially noticeable in the context of inflation. New means of payment, entering through credit into circulation, increase the already surplus mass of money required for circulation.

A loan, regardless of its social side, performs certain functions, such as regulating the volume of aggregate money turnover, redistributing funds on the basis of their subsequent return, and accumulating temporarily free funds.

Enterprises of all forms of ownership increasingly need to attract financial resources to carry out their activities and make a profit. That is why this topic "Credit as the main source of attracting financial resources" is relevant in our time.

Section 1. Essence and functions of credit

1.1 The essence and principles of lending

Credit - lending money or goods, as a rule, with the payment of interest; value economic category, an integral element of commodity-money relations. The emergence of credit is directly related to the sphere of exchange, where the owners of goods oppose each other as owners who are ready to enter into economic relations.

The possibility of the emergence and development of credit is associated with the circulation and circulation of capital. In the process of movement of fixed and working capital, resources are released. The means of labor are used in the production process for a long time, their value is transferred to the cost of the finished product in parts. The gradual restoration of the value of fixed capital in monetary form leads to the fact that the released funds are deposited in the accounts of enterprises. At the same time, at the other extreme, there is a need to replace worn-out means of labor and rather large one-time costs. Processes similar in nature take place in the movement of working capital. Moreover, here fluctuations in the circuit and turnover manifest themselves in a more diverse way. So, due to the seasonality of production, uneven supplies, etc., there is a discrepancy between the time of creation and circulation of products. Some subjects have a temporary surplus of funds, while others - their lack. This creates the possibility of the emergence of credit relations, that is, the loan resolves the relative contradiction between the temporary settlement of funds and the need for their use in the economy.

1. Loan repayment.

This principle expresses the need for the timely return of the financial resources received from the lender after the borrower has completed their use. It finds its practical expression in the repayment of a specific loan by transferring the appropriate amount of funds to the account of the credit institution (or other lender) that provided it, which ensures the revolving of the bank's credit resources as a necessary condition for the continuation of its statutory activities. In the domestic practice of lending in a centralized planned economy, there was an unofficial concept of "irrecoverable loan". This form of lending was quite widespread, especially in the agricultural sector, and was expressed in the provision of loans by state credit institutions, the return of which was not initially planned due to the financial crisis of the borrower. By their economic essence, non-repayable loans were rather an additional form of budget subsidies carried out through the intermediary of a state bank, which traditionally complicated credit planning and led to constant falsification of the budget expenditure. In a market economy, the concept of a non-repayable loan is just as unacceptable as, for example, the concept of a “planned unprofitable private enterprise”.

2. Loan urgency

It reflects the need to return it not at any time that is acceptable to the borrower, but at a precisely defined date fixed in the loan agreement or a document replacing it. Violation of this condition is a sufficient reason for the lender to apply economic sanctions to the borrower in the form of an increase in the interest charged, and with a further postponement - to submit financial claims in court. A partial exception to this rule is the so-called on-call loans, the maturity of which is not initially determined in the loan agreement. These loans, quite common in the XIX - early XX centuries. (for example, in the agricultural sector of the USA), in modern conditions are practically not used, primarily because of the difficulties they create in the process of credit planning. In addition, the oncall loan agreement, without defining a fixed maturity date, clearly establishes the time available to the borrower from the moment he receives the bank's notification of the return of the funds received earlier, which to some extent ensures compliance with the principle in question.

3. Loan repayment. Loan interest.

· Redistribution of part of the profit of legal entities and income of individuals;

· Regulation of production and circulation through the distribution of loan capital at the sectoral, inter-sectoral and international levels;

· At the crisis stages of economic development - anti-inflationary protection of the bank's clients' money savings.

The rate (or rate) of the loan interest, defined as the ratio of the amount of annual income received for loan capital, to the amount of the loan provided, acts as the price of credit resources.

Confirming the role of the loan as one of the goods offered on the specialized market, the repayment of the loan stimulates the borrower to use it most productively. It is this incentive function that was not fully utilized in a planned economy, when a significant part of credit resources were provided by state banking institutions for a minimum fee (1.5-5% per annum) or on an interest-free basis.

Fundamentally different from the traditional pricing mechanism for other types of goods, the defining element of which is the socially necessary labor costs for their production, the price of a loan reflects the general ratio of supply and demand in the loan capital market and depends on a number of factors, including a purely opportunistic nature:

· Cyclical development of the market economy (at the stage of recession, loan interest, as a rule, increases, at the stage of rapid growth - decreases);

· The rate of the inflationary process (which in practice even lags behind the rate of increase in the interest rate);

· The effectiveness of state credit regulation, carried out through the accounting policy of the central bank in the process of lending to commercial banks;

· The situation in the international credit market (for example, the policy of raising the cost of credit, pursued by the United States in the 1980s, led to the attraction of foreign capital to American banks, which affected the state of the corresponding national markets);

· Dynamics of monetary savings of individuals and legal entities (with a tendency to reduce them, the loan interest, as a rule, increases);

· Dynamics of production and circulation, which determines the need for credit resources of the relevant categories of potential borrowers;

· Seasonality of production (for example, in Russia, the loan interest rate traditionally rises in August-September, which is associated with the need to provide agricultural loans and loans for the delivery of goods to the Far North);

· The ratio between the size of loans provided by the state and its debt (the loan interest is steadily increasing with an increase in the domestic public debt).

4. Loan security

This principle expresses the need to ensure the protection of the property interests of the lender in the event of a possible violation by the borrower of the obligations assumed and finds practical expression in such forms of lending as loans secured against collateral or against financial guarantees. It is especially relevant during the period of general economic instability, for example, in domestic conditions.

5. Target nature of the loan

6. Differentiated nature of the loan

This principle determines a differentiated approach on the part of a credit institution to various categories of potential borrowers. Its practical implementation may depend both on the individual interests of a particular bank and on the centralized policy pursued by the state to support certain industries or spheres of activity (for example, small business, etc.)

1.2 Lending functions

The place and role of credit in the economic system of society is determined primarily by the functions it performs.

1. Redistributive function

In a market economy, the loan capital market acts as a kind of pump that pumps out temporarily free financial resources from some spheres of economic activity and directs them to others, providing, in particular, higher profits. Focusing on its differentiated level in various industries or regions, the loan acts as a spontaneous macro-regulator of the economy, providing. meeting the needs of dynamically developing objects of capital investment in additional financial resources. However, in some cases, the practical implementation of this function can contribute to the deepening of imbalances in the market structure, which was most clearly manifested in Russia at the stage of transition to a market economy, where the flow of capital from the sphere of production to the sphere of circulation became threatening, including with the help of credit institutions. That is why one of the most important tasks of state regulation of the credit system is the rational determination of economic priorities and the stimulation of attracting credit resources to those industries or regions, the accelerated development of which is objectively necessary from the standpoint of national interests, and not exclusively of the current benefits of individual economic entities.

2. Savings in distribution costs

The practical implementation of this function directly follows from the economic essence of credit, the source of which is, among other things, financial resources temporarily released in the process of the circulation of industrial and commercial capital. The time gap between the receipt and expenditure of funds of business entities can determine not only the surplus, but also the lack of financial resources. That is why loans to fill a temporary shortage of own circulating assets, used by almost all categories of borrowers and providing a significant acceleration of capital turnover, and, consequently, saving general distribution costs, have become so widespread.

3. Acceleration of capital concentration

The process of capital concentration is a necessary condition for the stability of economic development and a priority goal of any business entity. Real help in solving this problem is provided by borrowed funds, which make it possible to significantly expand the scale of production (or other business operation) and, thus, provide an additional mass of profit. Even taking into account the need to allocate part of it for settlement with the lender, the attraction of credit resources is more justified than focusing solely on its own funds. However, it should be noted that at the stage of economic recession (and even more so in the transition to a market economy), the high cost of these resources does not allow them to be actively used to solve the problem of accelerating the concentration of capital in most spheres of economic activity. Nevertheless, the function under consideration, even in domestic conditions, provided a certain positive effect, making it possible to significantly accelerate the process of providing financial resources to areas of activity that were absent or extremely undeveloped during the period of the planned economy.

4. Service of goods turnover

5. Accelerating scientific and technological progress

In the postwar years, scientific and technological progress has become a determining factor in the economic development of any state and individual economic entity. The role of credit in its acceleration can be most clearly traced on the example of the process of financing the activities of scientific and technical organizations, the specificity of which has always been a larger time gap between the initial investment of capital and the sale of finished products than in other industries. That is why the normal functioning of most research centers (with the exception of those on budgetary funding) is unthinkable without the use of credit resources. Credit is equally necessary for the implementation of innovative processes in the form of direct implementation of scientific developments and technologies into production, the costs of which are initially financed by enterprises, including through targeted medium and long-term bank loans.

In a market economy, credit performs the following functions:

· Accumulation of temporarily free funds;

· Redistribution of funds on the terms of their subsequent return;

· Creation of credit instruments of circulation (banknotes and treasury notes) and credit operations;

· Regulation of the volume of the aggregate money turnover.

Section 2. Conditions and forms of lending in Ukraine

2.1 Bank loan as one of the most common

forms of lending

Credit, by definition, is money or other things, united by generic characteristics, lent by one party to the other party. Consequently, credit legal relations are understood as all legal relations arising from the provision (transfer), use and subject to the return of funds or other things. In practice, credit can exist both in its pure form (loans, bank loans), and serve as an integral part of a wide variety of civil obligations.

Bank credit is one of the most common forms of credit relations in the economy, the object of which is the process of transferring funds into a loan. A bank loan is provided exclusively by credit and financial institutions licensed to carry out such operations from the National Bank. The borrower is legal entities, the instrument of credit relations is a loan agreement. The bank receives income on this form of credit in the form of loan interest or bank interest.

A bank loan, the requirements for its registration, have certain features that are different from other types of loans. First of all, it should be noted that the credit relations of the bank with the client are based on the principles of urgency, repayment, payment and security of the loan and are formalized by an agreement.

Bank lending has the following features:

These legal relations are characterized by a special subject composition: the creditor in this case a bank or other credit organization acts, which regularly on the basis of a specially issued The National Bank Ukraine permits (licenses) carries out this kind of operation to generate profit as the main goal of its activities.

If under a loan agreement or as a result of the provision of a commodity or commercial loan the subject of the agreement can serve not only monetary funds, but also other things defined by generic characteristics, then the subject of a bank loan agreement can only be monetary funds.

A feature of a bank loan agreement is its onerous nature, that is, the client pays interest for the use of a credit institution's funds for a certain period - in contrast to the usual loan agreement, which presupposes both a remunerated and a gratuitous nature of the legal relationship of the parties.

· Security of the loan, as security for the timely repayment of the loan, banks accept a pledge, surety, a guarantee of another bank, as well as obligations in other forms acceptable by banking practice.

· Unlike a loan agreement, a loan agreement contains a requirement for the targeted use of borrowed funds with an indication of specific purposes.

· The loan agreement is concluded without fail and in writing.

· In accordance with the current legislation, funds under a loan agreement (bank loan agreement) can be provided to the borrowing company only in non-cash form.

The provision of credit to enterprises by commercial banks is carried out on the basis of a loan agreement, which is also called a bank loan agreement. The rules for granting a loan, the procedure, ethanes and conditions for concluding loan agreements are developed by commercial banks independently, taking into account the recommendations and instructions of the National Bank of Ukraine.

To resolve the issue of the advisability of providing a loan to a particular borrower, the latter must submit a certain set of documents to a commercial bank:

· Application for a loan;

· Copies of the constituent documents of the borrower, notarized (certificate of registration of the enterprise, charter, constituent agreement);

Balance sheet as of the last reporting date, certified tax office;

· Feasibility study of the project payback;

· Copies of agreements (contracts) in confirmation of the transaction;

· A bank card certified by a notary with samples of signatures of the head of the enterprise, chief accountant and a seal imprint;

Documents confirming the availability of loan security (pledge agreement, surety agreement, bank guarantee etc.).

Depending on the financial condition of the borrower and other circumstances, the specified list can be significantly expanded.

As a result of the analysis of the documents provided, as well as, possibly, research and assessment of the results of the economic and financial activities of the borrower, his business reputation, solvency (especially when the issue of providing large enough amounts for a significant period is considered), a decision is made to issue a loan. Registration of a credit transaction is carried out by concluding an agreement

Bank loan repayment terms:

· On-call loans subject to repayment within a fixed period after receipt of formal notification from the lender. Currently, they are practically not used not only in Ukraine, but also in most other countries, since they require relatively stable conditions in the loan capital market and in the economy as a whole.

· Short-term loans, provided, as a rule, to fill the temporary shortage of the borrower's own working capital. The totality of such operations forms an autonomous segment of the loan capital market - the money market. The average repayment period for this type of loan usually does not exceed six months. The most widely used are short-term loans for stock market, in trade and services, in the mode of interbank lending.

In modern domestic conditions short-term loans, which have acquired an unambiguously dominant character in the loan capital market, are characterized by the following distinctive features:

a) shorter periods, usually not exceeding one month;

b) interest rate inversely proportional to the loan repayment period;

c) services mainly in the sphere of circulation, since they are unavailable due to prices for structures of a production nature.

· Medium-term loans provided for up to one year (in domestic conditions - up to three to six months) for both production and purely commercial purposes. The most widespread are in the agricultural sector, as well as in lending to innovative processes with average volumes of required investments.

· Long-term loans, usually used for investment purposes. Like medium-term loans, they serve the movement of fixed assets, differing in large volumes of transferred credit resources. They are used for crediting reconstruction, technical re-equipment, new construction at enterprises of all spheres of activity. Special development got in capital construction, fuel and energy complex, raw material sectors of the economy. The average maturity period is usually from three to five years, but can reach 25 years or more, especially if appropriate financial guarantees are received from the government.

In Ukraine, at the stage of transition to a market economy, they are practically not used both due to the general economic instability and lower profitability in comparison with short-term lending operations.

Repayment method:

· Loans repaid with a lump sum (payment) from the borrower. The traditional form of repayment of short-term loans, very functional from the standpoint of legal registration, since it does not require the use of the differential interest calculation mechanism.

· Loans repaid in installments during the entire term of the loan agreement. The specific conditions (procedure) for the return are determined by the agreement, including in terms of anti-inflationary protection of the interests of the creditor. They are always used for long-term loans and, as a rule, for medium-term loans.

Method of lending interest:

· Loans, interest on which is paid at the time of its general repayment. The traditional form of payment for short-term loans for a market economy, which has the most functional character from the standpoint of simplicity of calculation;

· Loans, interest on which is paid in equal installments of the borrower during the entire term of the loan agreement. The traditional form of payment for medium and long-term loans, which is quite differentiated depending on the agreement of the parties (for example, for long-term loans, interest payments can begin both after the end of the first year of using the loan, and after a longer period);

· Loans, the interest on which is withheld by the bank at the time of their direct issuance to the borrower. For a developed market economy, this form is absolutely uncharacteristic and is used only by usurious capital.

Availability of collateral:

Trust loans, the only form of securing the return of which is directly the loan agreement. To a limited extent are used by some foreign banks in the process of lending to regular customers who enjoy their full confidence (supported by the ability to directly monitor the current state of the borrower's current account). In case of medium and long-term lending, they can be used only as an exception with compulsory insurance of the issued loan, usually at the expense of the borrower. In domestic practice, they are used by commercial banks only when lending to their own institutions.

Secured loans as the main type of modern bank credit, expressing one of its basic principles. The role of security can be any property owned by the borrower as property, most often - real estate or securities. If the borrower violates his obligations, this property becomes the property of the bank, which in the process of its implementation will compensate for the losses incurred. The amount of the issued loan is usually less than the average market value of the offered collateral and is determined by agreement of the parties. In domestic conditions, the main problem in obtaining secured loans is the procedure for assessing the value of property due to the incompleteness of the process of forming the mortgage and stock markets.

Loans against financial guarantees of third parties, the real expression of which is a legally formalized obligation on the part of the guarantor to reimburse the damage actually caused to the bank if the direct borrower violates the terms of the loan agreement. The role of a financial guarantor can be legal entities that enjoy sufficient confidence from the creditor's sling, as well as public authorities of any level. for insufficient trust on the part of credit institutions not only to legal entities, but also to state bodies, especially municipal and regional levels.

Special purpose:

Loans of a general nature, used by the borrower in its sole discretion to meet any need for financial resources. In modern conditions, they have limited use in the field of short-term lending, with medium- and long-term lending, they are practically not used.

Target loans, implying the need for the borrower to use the resources allocated by the bank solely for solving the problems determined by the terms of the loan agreement. (for example, payment for purchased goods, payment of salaries to personnel, capital development, etc.) Violation of these obligations, as already noted in this chapter, entails the application to the borrower of the sanctions established by the agreement in the form of early withdrawal of the loan or an increase in the interest rate ...

Agricultural loans- one of the most common types of credit operations that determined the emergence of specialized credit institutions - agrobanks. Their characteristic feature is a clearly pronounced seasonal nature, due to the specifics of agricultural production. Currently, in Ukraine, these lending operations are carried out mainly through state loans due to the extremely difficult financial condition of most borrowers.

Commercial loans provided to business entities operating in the field of trade and services. Basically, they are urgent in nature, meeting the need for borrowed resources in the part that is not covered by a commercial loan. Make up the bulk of lending operations of Ukrainian banks.

Loans to intermediaries for stock exchange provided by banks to brokerage, brokerage and dealer firms that carry out transactions for the purchase and sale of securities.

Mortgage loans property owners provided by both conventional and specialized mortgage banks. In modern foreign practice, they are so widespread that in some sources they stand out as an independent form of credit. In domestic conditions, they began to receive limited distribution only since 1994, which is associated with the incompleteness of the privatization process and the absence of legislative acts that clearly define the ownership rights to the main types of real estate (first of all, to land).

Interbank loans- one of the most common forms of economic interaction of credit institutions. The current rates on interbank loans is the most important factor that determines the accounting policy of a particular commercial bank for other types of loans issued by it. The specific value of this rate directly depends on the central blank, which is an active participant and direct coordinator of the interbank lending market.

Thus, bank lending is one of the most common forms of credit relations in the economy, the object of which is the process of transferring funds directly into a loan. Provided exclusively by specialized financial institutions licensed to carry out such operations from the central bank. Only legal entities can act as a borrower, the instrument of credit relations is a loan agreement or a loan agreement. Income on this form of credit comes in the form of loan interest or bank interest, the rate of which is determined by agreement of the parties, taking into account its average rate for a given period and specific credit conditions.

2.2 Commercial lending

One of the first forms of credit relations in the economy, which gave rise to bill circulation and thus actively contributed to the development of non-cash monetary circulation, finding practical expression in financial and economic relations between legal entities in the form of selling products or services with a deferred payment. The main purpose of this form of credit is to speed up the process of selling goods. and, consequently, the extraction of the profits incorporated in them.

A commercial loan can be characterized as a loan provided in commodity form by sellers to buyers in the form of a deferred payment for goods sold. It is provided under the obligations of the debtor (buyer) to repay within a certain period of time both the amount of the principal debt and the accrued interest.
Applying a commercial loan requires the seller to have adequate capital reserves in case of a slowdown in debtor receipts.
There are five main ways to provide a commercial loan:

· Bill method;

· Open account;

· Discount on condition of payment within a certain period;

· Seasonal loan;

· Consignment.

With the bill method After the delivery of the goods, the seller issues a bill of lading to the buyer, who, having received the commercial documents, accepts it, i.e. agrees to pay within the time period indicated on it. Another way is a discount on the condition of payment on a certain date. This method provides for the condition that if the payment is made by the buyer within the period stipulated in the contract after the invoice is issued, then the discount will be deducted from the price. Otherwise, the entire amount must be paid on time.
According to the agreement on open account Once accepted by both parties, the buyer can make periodic purchases without applying for a loan on a case-by-case basis. The usual order of business is as follows: when a buyer orders an item, it is immediately shipped, and payment for it is made within the specified time frame after receiving the invoice.

Seasonal loan commonly used in the manufacture of toys, souvenirs and other consumer goods. This method allows retailers to buy goods throughout the year to organize the necessary inventory ahead of the peak of seasonal sales and allows them to defer payment to the manufacturer until the end of the sale. For example, toy manufacturers allow traders to buy toys a few months before Christmas and pay for the goods in January-February. The main advantage with this method is the ability to produce products without additional costs for warehousing, storage, etc.
Consignment- a way in which a retailer can simply receive inventory without obligation. If the goods are sold, then payment will be made to the manufacturer, and if not, the retailer can return the goods to the manufacturer without paying a penalty. Consignment is usually used for the sale of new, atypical goods, the demand for which is difficult to predict. An example is the practice of producing and selling new textbooks for institutes. Book publishers send their books to college stores on condition that they be returned if they are not purchased.
It goes without saying that any of these methods may be most effective in specific market conditions. The choice of the most effective method is the main task of the credit policy of each corporation.
As already mentioned, the instrument of a commercial loan is traditionally a bill of exchange, which expresses the financial obligations of the borrower in relation to the lender. The most widespread are two forms of a bill of exchange - a promissory note, containing a direct obligation of the borrower to pay a specified amount directly to the lender, and a transferable (draft), presenting a written order to the borrower from the lender's side to pay the specified amount to a third party or bearer of the bill. In modern conditions, the functions of a bill of exchange are often assumed by a standard agreement between a supplier and a consumer, which regulates the procedure for paying for products sold on the terms of a commercial loan.

A bill of exchange is a kind of a debt obligation, drawn up in a strictly defined form, which gives the indisputable right to demand payment of the amount indicated in the bill after the expiration of the period for which it was issued. A bill of exchange is a strictly formal document, and the absence of any of the required details makes it invalid; this is unconditional pecuniary obligation since the order to pay for it and the acceptance of payment obligations cannot be limited by any conditions; it is an abstract obligation because in its text no reference to the basis of its issuance is allowed. Only money can be the subject of a bill of exchange obligation.

Bills are:

· Simple;

· Transferable.

Simple a bill of exchange (a solo bill of exchange) is written out and signed by the debtor and contains his unconditional obligation to pay the creditor a certain amount at the specified time and in a certain place.

Transferable a bill of exchange (draft) is written out and signed by the creditor (drawer). It contains an order to the debtor (drawee) to pay the amount indicated in the bill of exchange to a third party (remitter) within the specified period. A bill of exchange as such does not have the force of legal tender, but is only a representative of real money, therefore, it is accepted in practice that the drawee debtor is obliged to confirm in writing his consent to make payment on the bill within the specified period, i.e. make the acceptance of the draft.

Guarantee of payments for drafts and promissory notes is their avalanche (confirmation) by banks. Aval means a guarantee of payment on a promissory note by the bank if the debtor has not fulfilled the obligations under the promissory note on time. Aval is given on the face of the bill.

In addition to dividing bills of exchange into simple and transferable, they can also be commodity, financial, banking, blank, friendly, bronze, security.

Commodity(commercial) bills of exchange are used in the relationship between buyer and seller in actual transactions involving the supply of goods or services.

Financial bills of exchange are based on a loan issued by an enterprise at the expense of available available funds to another enterprise; financial bills also include bills that draw up overdue accounts payable enterprises.

Banking promissory notes have recently become widespread. They certify that the company has made a deposit to the bank in the amount specified in the bill upon presentation of it for payment within the specified period, while a certain amount is charged on the bill of exchange. interest income... In this case, the bill actually acts as a certificate of deposit.

V blank In the bill, the buyer accepts the blank bill of exchange form, which will be further completed by the seller. Such a situation is possible when the final price of the goods (or it may change in the delivery results) and the delivery time are not established during the negotiations. Naturally, such a bill of exchange can only be written out by parties that trust each other, since if an amount is entered into it that is different from the one agreed with the payer, the latter will still be forced to pay it.

Friendly bills are issued by people who unconditionally trust each other. In this case, one person in order to help an enterprise experiencing financial difficulties, we accept his bill in order for the latter to either pay off its debtors, or take it into account in the bank. It is assumed that the issuer of the promissory note will subsequently find funds in order to repay it himself.

Bronze A bill of exchange is a bill of exchange with no real collateral, written out to a fictitious person. The fraudsters receive income on such a bill by registering it in a bank. Bronze promissory notes can also be written out for real firms, while the two firms exchange promissory notes and take them into account different banks... Before the maturity of the first promissory notes, they again write the promissory notes against each other and, with the help of their accounting, try to pay off their old loan.

In Ukraine, friendly and bronze bills are prohibited.

Provider a bill of exchange is issued to secure a loan to an unreliable borrower. It is kept in the borrower's deposited account and is not intended for further circulation. If the payment is made on time, then the bill is redeemed, and if not, then the debtor is presented with claims.

A commercial loan is fundamentally different from a bank loan:

* in the role of the creditor are not specialized credit and financial organizations, but any legal entities associated with the production or sale of goods or services; is provided exclusively in a commodity form; loan capital is integrated with industrial or commercial capital, which in modern conditions has found practical expression in the creation of financial companies, holdings and other similar structures, which includes enterprises of various specializations and areas of activity;

* the average cost of a commercial loan is always below the average bank interest rate for a given period of time;

* when a transaction between a lender and a borrower is legalized, the fee for this loan is included in the price of the goods, and is not determined specifically, for example, through a fixed percentage of the base amount.

In modern conditions, in practice, there are mainly three types of commercial loans:

In foreign practice, commercial credit has become extremely widespread. For example, in Italy, up to 85% of the amount of transactions in the wholesale trade are carried out on the terms of a commercial loan, and the average term for it is about 60 days, which significantly exceeds the period for the actual sale of goods to direct consumers. Until recently, this form of lending in Ukraine was limited to the sphere of circulation. In other industries, its spread was objectively hampered by such factors as high inflation rates, a crisis of non-payments, unreliable partnerships, and shortcomings of a specific law.

2.3 Consumer loan - one of the forms of lending in Ukraine

In fact, a consumer loan is the sale of consumer goods by trade enterprises with deferred payment or loans provided by banks for the purchase of consumer goods, as well as for the payment of various types of personal expenses (tuition fees, medical care, etc.)

Unlike other loans, consumer loans can be both goods and money. Goods sold on credit, as well as those paid for through bank loans, are durable consumer goods. The subjects of the loan, on the one hand, are lenders, in this case, these are commercial banks, special consumer credit institutions, shops, savings banks and other enterprises, and on the other hand, borrowers are people.

In France, about 1/4 of all consumer loans are provided by banks and 3/4 by specialized credit institutions. But since the latter receive the funds they need to a greater extent through bank loans, then in fact 9/10 of the total amount of consumer loans is provided by banks.

A consumer loan is repaid on a one-time basis or from a settlement payment.

1. Loan with one-time repayment. This includes current accounts opened by the buyer for a period of 1-1.5 months in department stores and other retail outlets; within the limits of the credits granted, they buy goods and, after the expiration the deadline, pay off their debts in a lump sum. The consumer loan with one-time repayment also includes loans in the form of deferred payment (for the services of utilities, doctors and medical institutions).

2. A loan with an installment plan, the bulk of a consumer loan (in the USA - 3/4 of its total amount) are loans with an installment plan.

Consumer credit stimulates labor efficiency very well. Receiving a wage that is insufficient to purchase a number of goods for cash, in particular durable goods, people have the opportunity to buy these goods on credit or take out a loan for their purchase. Subsequently, the money for these goods must be paid, therefore, everyone who took on a loan tries to hold out in his workplace as long as possible, i.e. for a longer period of time. This is the only way he can be confident in his ability to repay the loan and establish himself before creditors as an honest and conscientious person for further contacts.

The main forms of consumer credit are:

1. Purchase by installments.

2. Credit and debit cards.

3. Revolving loans.

4. Personal loans.

When analyzing the reasons why people want to buy goods in installments, the following was noted:

This is a very convenient form of payment for goods and services in practice;

This form of payment allows you to make expenses at a time when the income has not yet arrived;

This allows you to buy goods and pay for services over a longer period than the normal interval between cash receipts;

This allows a person to acquire tangible financial assets with a value in excess of the amount he could have paid based on his own savings alone.

Now even appeared new form Installment purchases are agreements between banks and trading firms, according to which the latter sell goods on credit to bank customers, and banks immediately pay firms cash for the amount of goods sold, and buyers gradually repay the loan to banks.

Credit Cards gained their popularity for many reasons:

Paying by credit card is another convenient option, provided that the customer's credit limit is sufficient to purchase the goods. Filling out any forms (i.e. applying for a loan) is not necessary, and the person can pay the money over a longer period than was determined.

Term expense cards applies to American Express and Diner's Club cards. As a means of payment, they are very similar to credit cards issued by banks. However, there are differences between them (table 2.1)

Table 2.1 - Differences between credit and debit cards

In modern conditions in the United States, consumer credit began to be used in the form of a combination of current accounts with installment sales - the so-called "Revolving loan"... The essence of this method boils down to the fact that banks, based on the study of the borrower's solvency, determine the maximum amount of possible debt to him.

For example, if a borrower from his income can repay a monthly debt to the bank in the amount of $ 100, then the bank sets the maximum amount of debt in the amount of $ 1,200 to $ 2,400, taking into account its possible repayment within 12-24 months. The borrower uses the established loan amount using checks issued to him by the bank. When making monthly payments, the borrower's debt to the bank decreases, and the free balance of the lending limit increases and can be used again by the borrower. The credit limit set by the bank is periodically reviewed taking into account its solvency. The client also receives interest at the time when the account does not go beyond the loan. The revolving credit account is tax deductible. It is also possible to pay them using the client's current account.

Many stores now offer customers revolving credit accounts as an alternative to credit cards.

Personal loan a bank can be cheaper than a finance house loan and credit card interest rates.

1. Purpose of obtaining a loan ... With the exception of home purchases (providing funds for the purchase of real estate or bond loans) and bequests, personal loans are usually taken for:

· Purchases of consumer durables (for example, furniture);

· Purchases of a car (used cars should not be very old - 5 years, probably the maximum period for a used car);

· Celebrations of celebrations;

· Holding finishing works in the House;

· Buying caravans;

· Payment for personal education.

2. Loan size (again excluding real estate loans and tie-up loans) generally does not exceed £ 10,000.

3. Capital and customer share ... In the case of applying for a personal loan, the borrower usually only needs to deposit 1/5 or 1/3 of the cost, although there are no hard and fast rules for this.

4. Sources of payment and ability to pay (solvency). The source of payment is the client's regular income. It also includes operating and maintenance costs for those purchases that the client intends to make. It is quite obvious that it is enough to know how real the payment of a loan with interest is at a fixed amount of payments.

5. Loan term ... Is the due date of the loan requested by the client reasonable based on the purpose for which it is taken? For example:

If the client wants to receive financing to pay for his personal expenses, the most acceptable forms of credit will be a short-term overdraft or an account family budget;

Loans for the purchase of new kitchens can be made for up to 3-5 years, other loans for some alterations in the house (for example, for new windows) can be made for periods of up to 10 years, although the most typical loan is 5 years ;

· A loan for the purchase of a car can be provided for 2.3 or 4 years.

6. Security . Collateral is usually not taken for personal loans, with the exception of real estate and bequest loans, as many personal loans are small. In the case of large personal loans, the bank may require collateral, which is often provided in the form of a second mortgage on the borrower's home if the borrower's net ownership is sufficient (the difference between market value and the existing collateral).

Thus, the main distinguishing feature of consumer credit is the targeted form of lending to individuals. The creditor can be either specialized credit organizations or any legal entity that sells goods or services. In cash, it is provided as a bank loan to an individual for the purchase of real estate, payment for expensive medical treatment, etc., in commodity - in the process of retail sale of goods with a deferred payment. In Ukraine, it is only gaining popularity, it is used to a limited extent in lending secured by real estate (most often - housing). In foreign practice, consumer credit covers all layers able-bodied population, mainly through various credit card systems.

2.4 State loan

A government loan reflects a credit relationship regarding the accumulation of funds by the government on a repayment basis to finance government spending. The lenders are individuals and legal entities, the borrower is the state represented by its bodies (the Ministry of Finance, local (municipal) authorities). For the borrower given form loan allows you to mobilize additional cash resources to cover budget deficit without using paper money for these purposes, for non-inflationary monetary circulation through operations in the open market, the formation of a financial market. In the context of the development of the inflationary process government loans the population temporarily reduces its effective demand. Excess money supply is withdrawn from circulation, i.e. there is a diversion of funds from monetary circulation for a predetermined period. An excessive increase in public debt, at the same time, can lead to payments on obligations, the amount of which will be greater than the proceeds from loans, which will negatively affect the state of the state's finances.

Exercising the functions of a creditor, the state through the central bank provides loans:

* specific industries or regions experiencing a special need for financial resources, if the possibilities of budget financing have already been exhausted, and loans from commercial banks cannot be attracted due to the action of opportunistic factors;

* commercial banks in the process of auction or direct sale of credit resources in the market for interbank loans.

The state acts as a borrower in the process of placing government loans or in carrying out transactions on the market for government short-term securities.

The main form of credit relations with a state loan are those relations in which the state acts as a borrower of funds.

It should be noted that under the conditions of the transition period, it should be used not only as a source of attracting financial resources, but also as an effective tool for centralized credit regulation of the economy.

For lenders, a government loan is a form of savings, investment in securities that brings additional income. The guarantee of the fulfillment of the terms of the credit transaction by the state is also great. The government securities market provides primary investors (creditors) with a number of unique opportunities, such as guaranteeing the completeness and timeliness of payments; the possibility of a one-time placement of practically unlimited amounts of funds; high liquidity; relatively high profitability; availability of an effective system of non-cash settlements for securities, etc.

State credit is divided into types, reflecting the specifics of relations and the influence of a number of factors. The types of government loans are determined by:

· The composition of borrowers and lenders;

· Specific reasons for the emergence of the need for the state to mobilize funds;

· Place of obtaining a loan; the form of its registration;

· Methods of attracting monetary resources and methods of their return;

· Terms of repayment by the state of its obligations;

· The degree of risk of the lender and the borrower.

Depending on the characteristics of the borrower government credit is centralized and decentralized. In the first case, the Cabinet of Ministers and its central financial body of the country (the Ministry of Finance) act as the borrower, in the second - local authorities (the Council of Deputies). Decentralized loans are held to cover partial costs local budget, and targeted loans to finance specific projects related to the socio-economic development of the region, city, district. Local loans are secured by tangible, financial and non-tangible assets owned by communal property.

At the place of obtaining a loan, government credit is subdivided into domestic and foreign loans. In Ukraine, treasury bonds are short-term if they are issued with a maturity of up to 1 year, medium-term - from 1 to 5 years, long-term - from 5 to 10 years. In each specific case, the conditions, forms and terms of the state loan are stipulated.

Depending on the form and order of registration credit relations are distinguished: government bond and non-bond loans. Issue of various kinds of treasury bonds, bills, lending the central bank the state budget (if permitted by law; in a number of countries, for example in Denmark, the law generally prohibits the state from taking any loans from the national bank) are examples of bond-free loans.

State securities are divided into two groups:

· Papers that can handle secondary market;

· Securities not entering the secondary market.

The secondary market can receive: treasury bonds (bills), bonds. Bonds (or any other type of security) are not traded on the secondary market. external debt; and usually also local government bonds.

The sale of securities of the Cabinet of Ministers can be carried out by authorized banks. The National Bank conducts operations with government securities on the open market.

When purchasing a government security, the income from it is important, which depends on the type of security, its nominal value, term, conditions of issue, degree of risk, inflation rate. The main uncertainty comes from the possibility of changes in the expected inflation rates. If the rate of inflation rises, then lenders suffer losses and the borrower makes a profit.

For the lender (legal entities and individuals), when purchasing government securities, there are other risks, for example, credit, market, interest.

Credit risk, inherent in securities, is associated with the likelihood that the financial capabilities of the issuer (state) will decrease, so that it will be unable to fulfill its financial obligations. The credit risk associated with the obligations of the state arises from the characteristics of the debtor or the issuer, from the nature of the economic entities on which the obligations rest, from the ability to collect taxes and receive loans.

Market risk arises in connection with unforeseen changes in the securities market or in the economy, as a result of which the attractiveness of government securities as an object of investment (investment) may be partially lost, so that their sale will become possible only at a discount or, to a certain extent, by compulsion.

Interest rate risk- this is the risk of changes in interest rates and the associated risk of a decrease in their market price. The reasons for this are the fixing of interest on bonds in a contractual manner at the time of their issue and the relative freedom of fluctuations in market rates up and down.

Ukraine, as a sovereign state, also uses loans, both short-term and medium-term (bonded loans).

The issue of bonds of the state internal loan is carried out in order to attract temporarily free funds of legal entities and individuals, including foreign ones, to reimburse the deficit of the republican budget.

In addition to financing budgetary needs, another important goal of issuing government bonds is to increase foreign exchange inflows. This contributes to the strengthening of the national monetary unit, since the foreign currency mobilized in this way can be used in export-import settlements. It should be noted that the state does not always have to issue foreign loan bonds or bonds for this purpose. foreign currency... In developed countries, it affects foreign exchange inflows by setting a certain percentage on its bonds denominated in local currency. If the interest rate on government bonds is higher than the rate on similar securities in other countries, then foreign investors may prefer the former, since the income from them is higher. To purchase such bonds, foreign investors are forced to purchase the national currency of the country in which attractive bonds are issued and pay for these bonds with it. Increase in sales national currency means that the demand for this currency has increased and, therefore, the price for it rises. In this case, they say that the rate of this national currency is increasing.

Another important goal of issuing government bonds is to have a moderating effect on inflation. In this case, the funds received from the issue of government bonds are temporarily withdrawn "from circulation", that is, "adhered to". If there is too much money in circulation, then it increases the ability of buyers to spend money on the purchase of goods and services, that is, there is an increase in demand. The latter causes an increase in prices for goods and services, that is, inflation increases. In order to prevent consumer demand from growing rapidly, it is necessary to reduce the amount of money that can be spent on the purchase of goods and services. This can be done by creating incentives so that saving money and receiving income from it is more profitable than spending it on purchasing goods. This is precisely what is achieved, to a certain extent, by issuing government bonds.

The above objectives can be achieved provided that government bonds are able to meet a number of requirements, in particular, the requirements of reliability, certainty and liquidity. Government bonds generally meet the above requirements. They are considered the most reliable type of securities, since it is assumed that the state guarantees the fulfillment of its obligations on the bonds issued by it "with all its might." In developed countries, investing in government bonds is viewed as a relatively risk-free investment. These bonds also have a high degree of certainty. That is, investors know that they are dealing with the state, that public administration is more stable and consistent, and that the occurrence of surprises that would significantly worsen the position of investors are excluded.

Due to their reliability and certainty, government bonds also have liquidity. They can be easily sold and bought if necessary, they are accepted without any restrictions as a means of calculating or securing obligations.

Operations in the open market with government securities are also carried out to manage the liquidity of the banking system.

Thus, the main feature of this form of credit is the indispensable participation of the state, represented by executive authorities at various levels.

2.5 International credit - credit in the field of international economic relations

International credit emerged in the 14th and 15th centuries in international trade, at the dawn of the capitalist mode of production, and especially after the development of sea routes from Europe to the Near and Middle East, and later to America and India.

International credit participates in the circulation of capital at all its stages: in the transformation of money capital into production capital through the acquisition of imported equipment, raw materials, fuel; in the production process in the form of loans for work in progress; when selling goods on world markets.

Sources international credit serve:

· Part of capital temporarily released from enterprises in the process of circulation in monetary form;

· money savings state and private sector mobilized by banks.

International credit differs from internal interstate migration and the consolidation of these traditional sources by attracting them from a number of countries.

International credit in the field of international economic relations performs the following functions:

1. Reallocation of loan capital between countries to meet the needs of expanded production. Through the mechanism of international credit, loan capital rushes to those areas that are preferred by economic agents in order to ensure profits. Thus, the loan helps to align the national profit in the average profit, increasing its mass.

2. Savings in distribution costs in the field of international settlements by using credit funds(drafts, bills, checks, transfers), development and acceleration of cashless payments.

3. Acceleration of concentration and centralization of capital thanks to the use of international loans. Credit makes it possible to dispose of the capital, property and labor of other countries within certain limits.

4. Regulation of the economy .

Fulfilling these functions, international credit plays a double role in the development of production: positive and negative. On the one hand, credit ensures the continuity of reproduction and its expansion. It promotes the internationalization of production and exchange, the deepening of the international division of labor. On the other hand, international credit enhances the disproportions in social reproduction, stimulating an abrupt expansion of profitable industries, and restrains the development of industries that do not attract foreign borrowed funds. International credit to strengthen the competitive position of foreign lenders.

Borders of international credit depend on the sources and needs of countries in foreign borrowed funds. Violation of this objective border gives rise to the problem of settling the foreign debt of the borrowing countries, including Ukraine, the CIS countries, and the states of Eastern Europe.

Forms of international credit:

1. By appointment :

Commercial loans serving international trade in goods and services.

Financial loans, used for investment objects, purchase of securities, repayment of external debt.

Bridging loans to service mixed forms of export of capital, goods, services.

2. By types:

Commodity(when exporting goods with a deferred payment).

Currency(issued by the bank in cash).

3. By delivery technique:

Cash loans credited to the borrower's account at his disposal. The borrower has the right to use funds for such loans at his own discretion without any restrictions. They are usually obtained and provided without specifying the purpose of the lending.

Consortium- these are loans provided by two or more lenders, i.e. consortia of banks to one borrower.

4. By loan currency:

International loans in the currency of either the debtor country, or the creditor country, or a third country, or in international accounting units.

5. By terms:

Extra urgent credits(daily allowance, weekly, up to 3 months).

Short term credits(up to 1 year, sometimes up to 18 months).

Medium-term credits(from 1 to 5 years).

Long term credits(over 5 years).

6. By providing:

Secured loans.

Goods, title and other commercial and financial documents, securities, bills of exchange, real estate, other values, sometimes gold are used as collateral.

Blank loans.

Blank loans are issued against the obligation of the debtor to repay it within a certain period. Usually the document for this loan is a solo bill of exchange with one signature of the borrower. The types of blank loans are current account and overdraft.

7. Depending on the category of the lender .

Corporate (private) loans .

A corporate loan is provided by an exporter to a foreign importer in the form of a deferred payment (from 2 to 7 years) for goods. It is issued by a bill or by an open account. Corporate loans also include advance payment importer.

Bank loans.

Bank international loans are the provision by a bank for temporary use of a part of its own or equivalent capital, carried out in the form of loans, bills of exchange, etc., provided by banks to exporters and importers, as a rule, on the security of inventories. Bank credit in international banking practice is used in different forms: forfeiting, factoring, credit to the buyer, including a line of credit, leasing.

Leasing is an agreement on the lease of movable and immovable property for a period of 3 to 15 years, and after the expiration of the term, the client can continue to lease the property with its subsequent purchase.

Factoring is a form of lending expressed in collection accounts receivable client (purchase by a specialized financial company or bank of all monetary claims of the exporter to the importer in the amount of up to 70-90% of the contract amount before the due date for their payment).

Forfeiting is a form of lending to an exporter by a bank or a financial company by purchasing them for a full term without turning over to the seller on pre-agreed terms of bills of exchange and other debt claims for foreign trade operations.

8. By lending objects:

Investment loans(for the export of investment goods).

Non-investment loans(for the export of raw materials, fuels, materials, consumer goods).

9. Sources:

Domestic lending(lending by Vnesheconombank or other banks to foreign trade organizations).

Foreign lending(these are credit transactions between domestic banks and foreign banks and firms).

* Thus, international lending is considered as a set of credit relations operating at the international level, the direct participants of which can be international financial and credit institutions (IMF, IBRD, etc.), the governments of the respective states and individual legal entities, including credit organizations. In relations with the participation of states and international institutions, it always acts in monetary form, in foreign trade activities - and in commodity (as a kind of commercial loan to the importer).

A characteristic feature of an international loan is its additional legal or economic protection in the form of private insurance and government guarantees.

3. Problems of credit policy in Ukraine at the present stage

The credit market is a general designation of those markets where there is supply and demand for various means of payment. Credit transactions are mediated, as a rule, by credit institutions (banks, etc.), which borrow and lend money, or the movement of various debt obligations that are bought and sold on the securities market.

Consequently, the credit market provides funds for investment at the disposal of enterprises, and it is on it that money moves from those sectors of the economy where there is a surplus to those sectors that are experiencing a shortage of them. In the credit market, businesses borrow money to finance their investments; sometimes businesses lend money, but the manufacturing sector generally borrows more than it gives. Therefore, we can say that one of the main tasks of the credit market is to direct the savings of the population and free funds to intermediaries for investments.

The analysis of the Ukrainian credit market allows us to conclude that the first years after gaining independence were the most controversial, during which the previously established trends were changing, new ones were outlined, which, not having time to get stronger, changed again. This applies primarily to the equalization of interest rates of sectoral and universal banks. Another trend, which became quite clear in mid-1993, is the convergence of lending rates for state and commercial organizations, but still in 1994 the rates were not equal. In this regard, it is advisable to preserve the gradation in the division of rates when lending to state and commercial structures, especially since the practice of centralized concessional financing of state enterprises will remain at present and, apparently, in the near future.

As you know, one of the main sources of commercial banks to replenish their working capital are deposits and interbank loans. It is more convenient for banks, including for purely technical reasons, to raise money using interbank loans; therefore, in the first years of the formation of commercial banks, loan rates on interbank loans were almost one and a half times higher than rates for attracting deposits. However, the interbank capital market is limited and, to a large extent, by the volume of attracted deposits. As a result, new and already functioning banks are increasingly seeking to attract deposits. For this and a number of other reasons, during 1993-1994. there was a convergence of interest rates on attracted deposits and interbank loans.

The transition from a command-administrative economy to a market economy necessitated the creation of a loan capital market in Ukraine to serve the needs of the economy. However, the true development of the market for loan capital is possible only if there are markets for: means of production; consumer goods; work force; real estate; land. All of these markets need the money that the loan market must provide them. This is the basic principle of the formation of the loan capital market.

There is a gradual development of specialized credit institutions and the functioning of the securities market, but this is not enough to bring the Ukrainian market closer to the markets Western countries... The backlog is primarily due to the absence of a full-fledged market for means of production and a real estate market, the existence of which is possible only on the basis of widespread privatization and corporatization of a large part of state property. In addition, there is a need for a labor market and its mobile migration, as well as a land market. All these are the necessary conditions for the expansion of the securities market, and, consequently, the further development of new credit and financial institutions, strengthening the two links of the credit market, ensuring the supply and demand for money capital.

Therefore, the main directions in the formation of the credit market should be a high savings rate (both in the manufacturing and personal sectors), widespread privatization associated with the organization of the securities market, and the creation on its basis of an extensive network of specialized credit and financial institutions.

Also, at present, there are serious problems in the activities of commercial banks in Ukraine. This is due to the reasons for the financial distress in the banking system, which depends on the general state of the state's economy, as well as on the lack of the necessary experience and trained personnel to operate banks in the context of market transformations.

Maintaining the liquidity of the banking system is a serious problem. The main losses to commercial banks are brought by lending activities, attracting too expensive resources and the impossibility of their profitable placement. The inability to receive inflationary profits requires the bank to take a serious approach to the quality of its loan portfolio. In the structure of commercial banks' assets, lending operations account for approximately 15%. In the total amount of credit debt, overdue loans are (17%, prolonged (19%, unsecured loans (8%, uncollectible) (1%. Debt structure indicators) indicate a significant increase in overdue and prolonged loans.

An increase in the authorized capital of commercial banks to the required NBU value (1 million ECU as of 01.01.99) is also a serious problem facing the banking system, but such an increase in the authorized capital of banks will contribute to an increase in the reliability and stability of the banking system of Ukraine as a whole.

At the present stage of development of the credit system, there are certain problems that prevent Ukrainian banks from allocating certain types of loans, affect the growth of a part of unwanted loans (overdue, bad, etc.), which, in turn, worsens the liquidity and solvency of banks.

The main problem of Ukrainian lending at the present stage is the inability and unwillingness of banks to carry out long-term lending, which is associated with the lack of credit resources, as well as the risk of non-repayment of loans.

The government of Ukraine and the NBU are creating conditions for financial stabilization, which affects the gradual improvement of banks' activities in the country. It should be noted a significant decrease in interest rates on loans, as well as a gradual increase in demand for long-term lending.

At the present stage in Ukraine, special attention should be paid to the development of consumer credit. Buying by installments is not developed, although this is a rather convenient form of payment for goods and services in practice, this form of payment allows you to make expenses at a time when income has not yet been received.

Credit and debit cards are just starting to appear in our

country, and it is not possible to pay for a purchase in a store using such cards in all stores. The use of such cards would make it possible to refuse cash, which is still unacceptable for our population.

Unlike developed countries, where revolving credit exists as a form of consumer credit, in Ukraine it is in its infancy.

With regard to the impact on the liquidity and solvency of banks, an important problem is the untimely repayment of the loan, the growth of bad credit debt. In such conditions, the importance of bank control over the loan agreement is growing. Timeliness of interest and debt payments is of prime importance here. Therefore, it is obvious that there is a regulation of credit risks and the implementation of measures that relate to the reduction of their impact on the activities of banks.

Some of the lending problems are related to the internal actions of employees. For example, insufficient analysis of the financial situation of clients when issuing a loan; violation of credit principles; incorrect execution of loan agreements; issuing loans without clear terms for repayment; sometimes the lack of verification of the use of targeted loans, etc.

CONCLUSION

Summing up, we can conclude that bank lending to entrepreneurial activity is a powerful source of financing for entrepreneurial activity, ensuring the processes of expanded reproduction in society through the intensification of investment and innovation activities. Therefore, the activation of bank lending to the real sector of the economy is an important task of economic policy, the solution of which will have a significant socio-economic effect.
However, a number of specific features of the development of entrepreneurship, including small and medium-sized businesses, complex internal and external economic conditions of its activities increase the risks of bank lending to entrepreneurship. As a result, a gap arises between the need entrepreneurs in loans and the ability of the banking system to satisfy it. Under these conditions, the implementation of the economic role of bank lending as a driving force of expanded reproduction becomes difficult.
This problem can be overcome by improving the forms and methods of bank lending in the direction of harmonizing the interests of banks and entrepreneurs, which will create the basis for stepping up bank lending. The paper highlights the main direction of such improvement - the expansion of bank lending to small businesses through the provision of blank loans, as well as the inclusion of additional services for the management and monitoring of credited objects.
Credit relations have undergone significant changes in recent decades. Now the essence of the concept of a loan is impractical to reduce to the amount of funds that the lender provides to the borrower on terms of repayment, payment and urgency. Now it is advisable to define credit as a way of effective management, which ensures the continuity of the processes of social reproduction. The leading place in lending relations belongs to bank loans. Bank lending is the main element of the financial system of any country.
The relationship between bank lending and the economy is gaining special weight in the process of transition to economic development on an innovative basis. The main points of intersection of the relationship between bank lending and innovative development of the economy are:
a) long-term bank lending to innovative processes;
b) development and implementation of banking innovations aimed at modernizing lending relations;
c) timely monitoring of the economic situation and highly efficient reallocation of resources in favor of priority sectors;
d) support of the object of innovative lending and measures to commercialize the innovative product.
The role of a bank loan is realized in practice through its functions and, first of all, due to the redistribution function, according to which the redistribution of temporarily free funds in the country is carried out. At the same time, the role of credit and, accordingly, bank lending is of particular importance, since in meeting the temporary needs of some economic entities (shipbuilding entities) for additional funds at the expense of temporarily free funds (which are concentrated by banks) of other economic entities. At the same time, it is the specific features of the industry that form the corresponding needs for lending that increase its importance.

INTRODUCTION

Credit relations function in the system of economic relations. They are based on the movement of a special type of capital - loan capital. Credit relations are a separate part of economic relations associated with the provision of value (funds) on a loan and its return along with a certain percentage.
In a modern economy, the boundaries of credit relations are significantly expanding. Credit serves an increasing proportion of commodity flows, replacing traditional commodity-money exchange links. Credit is necessary as an important means of ensuring the financial and economic activities of economic entities.
Credit relations combine two subsystems:
1) monetary relations;
2) credit and commodity relations.
The loan can be provided with value both in monetary and in terms of ovarian form.
The role and place of credit relations in the national economy depends on the state of the economy itself. Modern credit and credit relations in Ukraine are of a transitional nature, they reflect the crisis state of the domestic economic system.
A distinction should be made between monetary relations, financial relations and credit relations. Monetary relations are the broadest education; they are associated primarily with the measurement of the value (price) of various goods and services, as well as with the payment for goods and services in non-cash and cash forms. In a market economy, money mediates the movement of the entire system of economic relations, the circulation of all types of capital, the process of reproduction of the national product.
Financial relations are a part of monetary relations that is associated with the formation, distribution and use of funds in order to meet the needs of the state, enterprises (firms) and citizens (households). In the reproductive process, financial relations are expressed primarily by distribution relations. The nature and content of financial relations in basic terms is always determined by the nature of monetary relations.
Credit relations are of a pivotal and reimbursable nature. Distribution and redistribution processes in the economy occur not only through finance, but also through the use of credit. Credit relations are associated with the reproduction of loan capital. The above determines the relevance of the selected research topic.
The purpose of the work is to study the essence of bank credit, the peculiarities of its use in the activities of enterprises and the ways of its transformation in the provision of small businesses.
To achieve the goal, the following tasks were set in the work:
Determine the nature and need for a loan;
Study the forms, types and functions of the loan;
To study the essence of a bank loan as a source of formation of the company's working capital and a source of financing for energy efficiency projects;
Determine the problems and prospects of using bank lending to small businesses;
Determine ways and directions for improving bank lending to small businesses.
The object of the research is banking in the field of providing loans.
The subject of the research is a set of theoretical and practical aspects of using a bank loan as a source of financing for an enterprise.
In the course of the research, such scientific methods as analysis, synthesis, generalization method, historical method, deduction were used.
The practical significance of the work lies in the fact that the study makes it possible to determine the essence of a bank loan at this stage of development of the economic system, and also allows us to determine possible ways to improve bank lending as a source of financing for the activities of an enterprise.
The work consists of an introduction, three main sections, each of which has two paragraphs, a conclusion and a list of used literature

LIST OF USED LITERATURE

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