公司財務(wù)之 集資　Raising Capital

公司財務(wù)之 集資　Raising Capital

集資是開辦企業(yè)的第一步，在企業(yè)開始運營之前，必須通過足夠的資金（adequate funding）來支付啟動成本（start-up costs），并維持一定的現(xiàn)金流。如下建議希望能夠?qū)δ汩_辦企業(yè)時籌集資金起到幫助。

⊙If we don't raise some capital, how can we meet our capital expenditures?如果不籌集資金，如何應(yīng)對支出？

⊙Start-up costs are always something to worry about.啟動成本總是值得考慮。

⊙Since we're just beginning operation, we need to start raising capital.由于我們剛剛開始運營，我們得開始籌集資金。

⊙If we want to maintain adequate cash flow, we'd better get busy.如果我們想保持穩(wěn)定的現(xiàn)金流量，現(xiàn)在就得忙起來。

⊙How can we begin operation without adequate funding?沒有足夠的資金我們?nèi)绾伍_始運營？

正式的商業(yè)規(guī)劃（formal business plan）

為你的生意籌集資金的第一步是為投資者和借貸方制訂一份正式的商業(yè)計劃。該商業(yè)計劃中詳細解答你的生意是關(guān)于什么的、如何盈利（make profits），并且通過哪些步驟才能一步步成功。

⊙Here's a copy of our business plan for your review.這里有一份企業(yè)發(fā)展計劃供你審閱。

⊙The plans and goals we have for our business are all clearly spelled out in the business plan.

這份商業(yè)計劃書詳細闡述了我們的商業(yè)計劃和目標(biāo)。

⊙If you want to know what our business does, how it makes a profit, and what we will do to achieve success, just take a look at our business plan.如果你想了解我們都做哪些生意、怎么盈利并且如何取得成功，只需要看一下我們的商業(yè)計劃就行了。

⊙Take a few extra copies of the business plan with you for your meeting with the investors.

你去參加投資者會議時額外多帶幾份商業(yè)計劃。

申請補助金（apply for grants）

大部分人籌集啟動資金（start up costs）是通過個人儲蓄、投資（personal savings and investments）或銀行貸款（loan）。貸款時銀行將會以個人資產(chǎn)（assets）為抵押，存在較大風(fēng)險。你可以了解小企業(yè)管理局（Small Business Association，簡稱SBA）的網(wǎng)站，他們通常為剛剛起步的小企業(yè)提供條件優(yōu)厚的補助金。也可以聯(lián)系當(dāng)?shù)卣械闹行∑髽I(yè)發(fā)展部門，了解申請資金所需條件。

⊙How did the grant application work out?補助金申請是怎么解決的？

⊙What kind of business grants do we qualify for?我們有資格申請什么樣的企業(yè)補助金？

⊙We need to go and apply for all the business grants we can.我們需要去申請所有能夠申請到的企業(yè)補助金。

⊙I have a few good leads on a couple of grants we might qualify for.我有一些關(guān)于我們有資格申請的幾個補助金的線索。

申請小企業(yè)貸款

小企業(yè)管理局貸款應(yīng)是眾多集資方式中首選的一項，因為對于剛剛起步的小企業(yè)來說，SBA貸款的條件最為優(yōu)厚（more favorable）。如果還需要更多的資金，可以考慮通過當(dāng)?shù)劂y行申請貸款，根據(jù)當(dāng)?shù)氐慕鹑跈C構(gòu)要求以及你的資金狀況來決定是否要抵押支持（collateral backing）。

⊙The first liability we should obtain for our business is an SBA loan.

我們應(yīng)為我們的生意爭取的第一份貸款是小企業(yè)管理局的貸款。

⊙The terms of the SBA loan are a lot more favorable to businesses that are just getting started.

小企業(yè)管理局的貸款條件對于那些剛剛起步的生意來說條件要優(yōu)厚得多。

⊙What did you use for collateral?

你用什么來抵押？

⊙We were approved for the loan from the bank, but the terms aren't as favorable as we had hoped for.

銀行已經(jīng)批準(zhǔn)了我們的貸款，但是條件沒有我們希望的那樣優(yōu)厚。

資產(chǎn)變現(xiàn)（liquidate your assets）

啟動資金對于生意的成功有著舉足輕重的作用，但是你也會為此負擔(dān)壓力。如果你的公司額外需要一定量的資金，你可以考慮將個人的一些資產(chǎn)（例如家具、首飾、房產(chǎn)、第二輛車等）轉(zhuǎn)化為現(xiàn)金。

I needed to raise just a bit more capital for my business, so I decided to liquidate a few of my physical assets.

我得為生意籌集一些資金，所以我決定把一些有形資產(chǎn)變成現(xiàn)金。

個人信貸（take personal loans）

籌集資金也可以把個人貸款轉(zhuǎn)化為商業(yè)投資。在一些需要資金的特殊時候可以考慮通過房產(chǎn)抵押貸款（home equity loans）或信用卡提現(xiàn)轉(zhuǎn)賬（cash-out credit card transfers）等籌集資金。但為企業(yè)運營而使用個人信貸風(fēng)險極大（extremely risky），應(yīng)慎重操作（do with great caution.）

⊙It seems I may just have to take out a personal loan.看起來我只能通過個人信貸來解決。

⊙I don't think I want to take the risk of ruining my personal credit.我可不想冒個人信貸毀滅的風(fēng)險。

⊙I ended up having to use a personal loan from the equity on my house.我最終只能通過抵押房產(chǎn)來獲取個人貸款。

⊙If the only way to raise the capital I need is to go into personal debt, then I guess I have no choice but to take the risk.

如果個人貸款是我集資的唯一辦法，那我別無選擇，只能冒險。

出售部分所有權(quán)（sell partial ownership）

通過向投資者出售部分企業(yè)所有權(quán)，包括股票期權(quán)（stock options）或所有者權(quán)益（ownership interest）來籌集資金。前提是你得放棄對企業(yè)100%的控制權(quán)。

⊙I've decided to open up my company with stock options.我已經(jīng)決定開放我們公司的股票期權(quán)。

⊙Even though I won't be sole owner, I am happy with sharing ownership interest if it allows me to get my business off the ground.

即便不能成為一個全權(quán)業(yè)主，我也樂意分享一些所有者權(quán)益來讓企業(yè)順利發(fā)展。

⊙I don't want to lose total control of the direction of my business.

我不想喪失對我的生意的完全控制。

⊙I'd rather not sell stock options if I can help it.

如果我還能應(yīng)付的話，我寧愿不出售期權(quán)。

總結(jié)

無錢寸步難行，尤其是創(chuàng)業(yè)的第一步。無論是向小企業(yè)管理局申請補助金，還是向銀行貸款都存在一定的風(fēng)險，只不過程度不同而已。個人資產(chǎn)抵押或者出售部分企業(yè)所有權(quán)都因其操作的高風(fēng)險而成為不得已的選擇?？傊?，有些方式可以對企業(yè)的成功發(fā)展助一臂之力，有些方式則只能用來解燃眉之急。

Words　單詞表

adequate足夠的，合格的

application應(yīng)用，運用

asset資產(chǎn)，財產(chǎn)

capital資本，資金

debt借款，欠款，債務(wù)

equity資產(chǎn)凈值，（公司的）股本

expenditure開支，消費，費用

favorable有利的，優(yōu)惠的

grant撥款，補助金

lead線索，信息

liquidate變賣，變現(xiàn)

loan貸款，借款

maintain維持，保持

qualify使合格，使具備資格

term條件

Phrases　短語表

a bit more多一點，多一些

get sth off the ground開始，（使）取得進展

grant money（政府或機構(gòu)）的撥款

lose control失去控制

open up開放，張開

ownership interest所有權(quán)權(quán)益

pay bills支付賬單

physical asset有形資產(chǎn)，實物資產(chǎn)

right away馬上，立刻

the right thing to do正確的事

sole owner獨自經(jīng)營者，全權(quán)業(yè)主

stock option股票期權(quán)，優(yōu)先認(rèn)購權(quán)

start-up costs啟動成本

tons of大堆的，很多的

under review正在審查/審議中

work out解決，產(chǎn)生結(jié)果

實景對話1

A：Since we're just beginning operation, we need to start raising capital. If we don't raise some capital, how can we meet our capital expenditures?If we want to maintain adequate cash flow, we'd better get busy.

B：Start-up costs are always something to worry about. But I wouldn't worry too much……

A：Not worry?But how can we begin operation without adequate funding?

B：First, we need to go and apply for all the business grants we can.

A：What kind of business grants do we qualify for?

B：I have a few good leads on a couple of grants we might qualify for. Also， we need to consider loans. The first liability we should obtain for our business is an SBA loan.

A：Why do you think we should go for that kind of a loan as opposed to others?

B：The terms of the SBA loan are a lot more favorable to businesses that are just getting started.

A：I wish I had known that before……I already applied for a loan at the bank.

We were approved for that loan, but the terms aren't as favorable as we had hoped for.

B：What do you mean?What kind of terms did they offer you?

A：Well, I couldn't get approved for a business loan, so I ended up having to use a personal loan from the equity on my house.

B：What were you thinking?That is so risky！If I were you, I don't think I want to take the risk of ruining my personal credit. Or loosing my house！

A：If the only way to raise the capital is for me to go into personal debt, then I guess I have no choice but to take the risk.

A：由于我們剛剛開始運營，我們需要集資。如果不籌集資金，如何應(yīng)對支出？

如果我們想保持穩(wěn)定的現(xiàn)金流量，現(xiàn)在就得忙起來。

B：啟動成本總是值得考慮，但我對此并不十分擔(dān)心。

A：不擔(dān)心？我們怎么能夠在沒有足夠資金的前提下啟動運營？

B：首先，我們得盡可能地申請所有的企業(yè)補助金。

A：什么樣的企業(yè)補助金我們有資格申請？

B：我對一些我們可能有資格申請的補助金有一些線索。我們也可以考慮借貸，我們應(yīng)該得到的第一筆貸款就是小企業(yè)管理局貸款。

A：你憑什么認(rèn)為我們應(yīng)該選擇這個貸款而不是別的呢？

B：對于剛剛起步的企業(yè)，小企業(yè)管理局的貸款條件要優(yōu)厚得多。

A：我真希望我早點知道……我已經(jīng)在銀行申請了貸款。我們的貸款已經(jīng)通過了審批，但是條件沒有我們希望的那樣有利。

B：你是什么意思？他們給你什么樣的條件？

A：我得不到商業(yè)貸款，所以我不得不以住房為抵押使用個人貸款。

B：你是怎么想的？風(fēng)險太大了！換作是我，我不會愿意以我的個人信貸來冒險，也不愿意把房子賠進去！

A：如果個人貸款是我集資的唯一辦法，那我別無選擇，只能冒險。

實景對話2

A：What happened to the car?

B：Uh, I sold it.

A：What?Why?

B：I needed to raise just a bit more capital for my business, so I decided to liquidate a few of my physical assets.

A：Are you crazy?There are tons of other ways to raise capital. You didn't have to go and sell your car！

B：Well, it seemed like the right thing to do at the time. I needed to pay some bills right away, and I couldn't wait for the grant money to come in.

A：How did the grant application work out?

B：I'm not sure yet, it's still under review. So that's why I needed to sell the car.

A：Well, you could have opened up your company with stock options.

B：I'd rather not sell stock options if I can help it. I don't want to lose total control of the direction of my business.

A：If it were me, even though I wouldn't be sole owner, I would be happy with sharing ownership interest if it allows me to get my business off the ground. And still keep my wheels……

A：你的車怎么了？

B：嗯，我把它賣了。

A：什么？為什么？

B：我得為生意籌集一些資金，所以我決定把一些有形資產(chǎn)變現(xiàn)。

A：你瘋了嗎？有一大堆的辦法可以集資。你沒有必要賣車。

B：啊，在當(dāng)時看來這么做是對的。我必須立即支付一些賬單，而且我無法等到補助金的到來。

A：補助金申請得怎么樣了？

B：我還不肯定，還在審查之中，這就是為什么我得賣車的原因。

A：那你可以開放你們公司的股票期權(quán)。

B：如果我還能應(yīng)付的話，我寧愿不出售期權(quán)。我不想失去對生意的控制。

A：如果是我，即便是不能成為一個全權(quán)業(yè)主，我也樂意分享一些所有者權(quán)益來讓企業(yè)順利發(fā)展，而且保證有車開……