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1、Small Business Management Professor Hornaday,Lecture 4,Small Business Sources of Commercial Credit,Commercial Bank Loans - 36% Commercial Bank Mortgages - 25% Finance Companies - 23% Venture Capital - 10% SBA Loans - 6%,Source: SBA, 1996,Goals of Government Assistance,Economic Goals Increase Economi
2、c Efficiency Increase Economic Growth Provide Financing not Available from the Private Sector,Political Goals Provide Employment Increase Business Ownership Narrow Income Gap Provide a Forum for Small Firms,1995 Small Business Administration (SBA) Loan Programs,504 Development Loans - $2,500 7(a) Lo
3、an Guarantees - $7,700 SBIC Seed Money - $375,Source: SBA, 1996,($ millions),SBA Guaranteed Loans,Lender of Last Resort Independently Owned and Operated Not Dominant In Field Max $500K, Average $175K SBA Guarantees 85-90% of Loan Require Collateral and Personal Guarantees Prime Rate +2.75% for 10-25
4、 Years,Source: SBA, 1996,1995 SBA Government Loans,Used by Less than 1% of Small Businesses 55,600 Loans Guaranteed Valued at $9 Billion Default Rate of 19%,Risks of Bank Lending,50% of U.S. Start-Ups Gone after 3 years Banks Use Depositor Funds for Loans Banks not Venture Capitalists Lack of Bank I
5、ndustry and Market Expertise Bank Transaction Costs,The “5 Cs” of Bank Lending,Character Capacity Capital Collateral Conditions,Small Banks Lend to Small Businesses,Source: WSJ, 1996,% of Small Business Loans,Outstanding Loans in 1995,Large Banks - $71.9 Billion Small Banks - $212.3 Billions,Source:
6、 SBA, 1996,Early Financing Stages No Revenues, No Profits,Seed Expansion Late Stage,Higher Risk,Lower Risk,Concept Development Commercialization,Inflows into US Venture Capital Funds,Source: The Economist, 2000,Billions,1995 Venture Capital Seed Money,Source: Business Week, 1996,$ Millions,Communica
7、tions,Information & Software,Distribution,Products,Health Care,U.S. Start-Up Venture Capital 1st Quarter 2000,Source: WSJ, 2000,Billions,Venture Capital and the Internet,Source: WSJ 1999,Billions,Irreducible Uncertainty,Investment,Bhids Investment -Uncertainty-Profit Diagram,Note: Size of Money Bag
8、= Potential Profit,Irreducible Uncertainty,Investment,PROMISING START-UPS: Microsoft BASIC for the Altair (1975) Sam Walton franchised variety store (1945),TRANSITIONAL INITITATIVES: Microsoft Excel for the Macintosh (1985) Wal-Mart distribution centers (1968-69),CORPORATE INITIATIVES: Microsoft Win
9、dows 95 Wal-Mart JV in Mexico (1991),Bhids Investment -Uncertainty-Profit Diagram,Note: Size of Money Bag = Potential Profit,Irreducible Uncertainty,Investment,Distribution of Significant Initiatives,Opportunistic Adaptation Risk transfer/syndication Personal abilities,Research and planning Underwri
10、ting other risks Teamwork,Note: Size of Money Bag = Potential Profit,CORPORATE INITIATIVES,PROMISING START-UPS,Irreducible Uncertainty,Investment,Five Archetypal Initiatives,MARGINAL BUSINESSES Lawn care, hair salon,PROMISING START-UPS Hewlett-Packard (1948) EDS (1962),VC-BACKED START-UPS Intel, Lot
11、us, Compaq, Staples, Genentech,CORPORATE INITIATIVES Windows 95, Pentium(Intel), Mach III (Gillette), Prozac (Lilly),REVOLUTIONARY VENTURES: Federal Express, Iridium (Motorola),Note: Size of Money Bag = Potential Profit,Professional Management Major Outside Financing,Irreducible Uncertainty,Investme
12、nt,Stages of Funding,2nd STAGE VC Cisco (1987),BOOTSTRAPPED START-UPS Cisco (1984),VC-BACKED START-UPS Compaq (1982),PUBLIC MARKETS Cisco (1990) Compaq (1983),Note: Size of Money Bag = Potential Profit,Professional Management Major Outside Financing,Incremental Goals,Firm Size and Maturity,Goals - A
13、udacious or Incremental,Audacious Goals,PROMISING START-UPS Survival Cash Flow,TRANSITIONAL INITITATIVES Justify Investment Secure Resources Promote Cooperation,CORPORATE INITIATIVES Limited by History and Size,Formal Planning,Firm Size and Maturity,Opportunistic Adaptation or Formal Planning,Opport
14、unistic Adaptation,PROMISING START-UPS Experimentation Unexpected Situations Limited Planning Resources,TRANSITIONAL INITITATIVES Justify Investment to Outsiders,CORPORATE INITIATIVES Systematic Research Planning Resources Compete for Corporate Funding,Firm Size and Maturity,Risks Faced by Top Decision-Makers,Personal Risk,PROMISING START-UPS Low Initial Capital Founders Time Founders Reputation,TRANSITIONAL INITITATIVES Founders Equity Personal Guarantees,CORPORATE INITIATIVES Corporate Risk Only One CEO Decision of Many,
