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1、SmallBusinessManagementProfessorHornaday Lecture4 SmallBusinessSourcesofCommercialCredit CommercialBankLoans 36 CommercialBankMortgages 25 FinanceCompanies 23 VentureCapital 10 SBALoans 6 Source SBA 1996 GoalsofGovernmentAssistance EconomicGoalsIncreaseEconomicEfficiencyIncreaseEconomicGrowthProvide
2、FinancingnotAvailablefromthePrivateSector PoliticalGoalsProvideEmploymentIncreaseBusinessOwnershipNarrowIncomeGapProvideaForumforSmallFirms 1995SmallBusinessAdministration SBA LoanPrograms 504DevelopmentLoans 2 5007 a LoanGuarantees 7 700SBICSeedMoney 375 Source SBA 1996 millions SBAGuaranteedLoans
3、LenderofLastResortIndependentlyOwnedandOperatedNotDominantInFieldMax 500K Average 175KSBAGuarantees85 90 ofLoanRequireCollateralandPersonalGuaranteesPrimeRate 2 75 for10 25Years Source SBA 1996 1995SBAGovernmentLoans UsedbyLessthan1 ofSmallBusinesses55 600LoansGuaranteedValuedat 9BillionDefaultRateo
4、f19 RisksofBankLending 50 ofU S Start UpsGoneafter3yearsBanksUseDepositorFundsforLoansBanksnotVentureCapitalistsLackofBankIndustryandMarketExpertiseBankTransactionCosts The 5Cs ofBankLending CharacterCapacityCapitalCollateralConditions SmallBanksLendtoSmallBusinesses Source WSJ 1996 ofSmallBusinessL
5、oans OutstandingLoansin1995 LargeBanks 71 9BillionSmallBanks 212 3Billions Source SBA 1996 EarlyFinancingStagesNoRevenues NoProfits SeedExpansionLateStage HigherRisk LowerRisk ConceptDevelopmentCommercialization InflowsintoUSVentureCapitalFunds Source TheEconomist 2000 Billions 1995VentureCapitalSee
6、dMoney Source BusinessWeek 1996 Millions Communications Information Software Distribution Products HealthCare U S Start UpVentureCapital1stQuarter2000 Source WSJ 2000 Billions VentureCapitalandtheInternet Source WSJ1999 Billions IrreducibleUncertainty Investment Bhid sInvestment Uncertainty ProfitDi
7、agram Note SizeofMoneyBag PotentialProfit IrreducibleUncertainty Investment PROMISINGSTART UPS MicrosoftBASICfortheAltair 1975 SamWaltonfranchisedvarietystore 1945 TRANSITIONALINITITATIVES MicrosoftExcelfortheMacintosh 1985 Wal Martdistributioncenters 1968 69 CORPORATEINITIATIVES MicrosoftWindows95W
8、al MartJVinMexico 1991 Bhid sInvestment Uncertainty ProfitDiagram Note SizeofMoneyBag PotentialProfit IrreducibleUncertainty Investment DistributionofSignificantInitiatives OpportunisticAdaptationRisktransfer syndicationPersonalabilities ResearchandplanningUnderwritingotherrisksTeamwork Note SizeofM
9、oneyBag PotentialProfit CORPORATEINITIATIVES PROMISINGSTART UPS IrreducibleUncertainty Investment FiveArchetypalInitiatives MARGINALBUSINESSESLawncare hairsalon PROMISINGSTART UPSHewlett Packard 1948 EDS 1962 VC BACKEDSTART UPSIntel Lotus Compaq Staples Genentech CORPORATEINITIATIVESWindows95 Pentiu
10、m Intel MachIII Gillette Prozac Lilly REVOLUTIONARYVENTURES FederalExpress Iridium Motorola Note SizeofMoneyBag PotentialProfit ProfessionalManagementMajorOutsideFinancing IrreducibleUncertainty Investment StagesofFunding 2ndSTAGEVCCisco 1987 BOOTSTRAPPEDSTART UPSCisco 1984 VC BACKEDSTART UPSCompaq
11、1982 PUBLICMARKETSCisco 1990 Compaq 1983 Note SizeofMoneyBag PotentialProfit ProfessionalManagementMajorOutsideFinancing IncrementalGoals FirmSizeandMaturity Goals AudaciousorIncremental AudaciousGoals PROMISINGSTART UPSSurvivalCashFlow TRANSITIONALINITITATIVESJustifyInvestmentSecureResourcesPromote
12、Cooperation CORPORATEINITIATIVESLimitedbyHistoryandSize FormalPlanning FirmSizeandMaturity OpportunisticAdaptationorFormalPlanning OpportunisticAdaptation PROMISINGSTART UPSExperimentationUnexpectedSituationsLimitedPlanningResources TRANSITIONALINITITATIVESJustifyInvestmenttoOutsiders CORPORATEINITI
13、ATIVESSystematicResearchPlanningResourcesCompeteforCorporateFunding FirmSizeandMaturity RisksFacedbyTopDecision Makers PersonalRisk PROMISINGSTART UPSLowInitialCapitalFounder sTimeFounder sReputation TRANSITIONALINITITATIVESFounder sEquityPersonalGuarantees CORPORATEINITIATIVESCorporateRiskOnlyOneCEODecisionofMany
