What are the main channels of risk financing?

1. What are the main channels of risk financing?

There are five financing channels for venture capital, including bank loans, personal venture loans, commercial mortgage loans, pawn loans and partnership shares.

1, bank loan

This is the first financing method that people think of when funds are insufficient. At present, banks are also expanding credit support for individual entrepreneurship. There are more and more types of loans and the conditions are constantly relaxed. Entrepreneurs can choose what suits them according to the situation.

Bank loans include personal commercial loans, commercial mortgage loans and secured loans.

2. Pawn loan

Pawn is a kind of financing method that takes physical objects as collateral and obtains temporary loans in the form of physical object ownership transfer. Pawn items include: gold and silver jewelry, antique calligraphy and painting, securities, household appliances, cars, clothes and other personal items. Pawnshops are generally valued at 50%-80% of the retail price of mortgaged goods in the current market. If it cannot be redeemed at maturity, you can go through the renewal procedures.

Compared with bank loans, pawn has incomparable advantages over bank loans.

First of all, the pawnshop has almost zero credit requirements for customers, and the pawnshop only pays attention to whether the pawned items are genuine. Moreover, general commercial banks only pledge real estate, while pawn shops can pledge both movable property and real estate.

Secondly, the starting point of pawn items in pawn shops is low, and items of 1000 yuan and 100 yuan can be pawned. Contrary to banks, pawn shops pay more attention to serving individual customers and small and medium-sized enterprises.

Third, compared with the complicated procedures and long approval cycle of bank loans, the procedures of pawn loans are very simple and most of them are desirable. Even property mortgage is much more convenient than bank.

Fourth, when a customer borrows money from a bank, the purpose of the loan cannot exceed the scope stipulated by the bank. Pawnshops don't ask about the purpose of loans, so they are very free to use them. Repeatedly, the utilization rate of funds has been greatly improved.

Baidu Encyclopedia-Risk Financing: Five Financing Methods

Second, how to choose venture financing channels?

Write a business plan first, learn some basic knowledge of the venture capital industry, understand how the venture capital industry works, and let yourself have the ability to distinguish. Then lock in the investor docking channel, try more, and recommend several ways to you:

1, go to the major investment institutions of official website BP delivery channel to deliver your business plan.

2. Participate in various offline salon activities, actively find the contact information of investment exchange present, and deliver your project.

3. Try not to choose the membership system through the tripartite financing platform because the cost is too high. Choose a platform that can apply for one-on-one direct telephone communication with investors (you can try "cloud docking") and choose one that matches the industry stage of your project. Telephone communication is more efficient, and you can explain your project to investors in more detail. After the chat, you can add investor WeChat, which is more helpful for your project to be selected by investors.

Third, the main channels of risk financing

The main channels of risk financing

Entrepreneurship is a process in which entrepreneurs and business partners work hard to optimize and integrate the resources they own or can own, thus creating greater economic or social value. Entrepreneurship is a kind of behavior that requires entrepreneurs and their business partners to organize and manage, and use services, technologies and utensils to think, reason and judge. Let's follow me to see the main channels of venture capital financing! I hope it helps you.

The main channel of venture capital financing is 1 channel 1: bank loans.

Bank loan is called the "reservoir" of risk financing. Because banks have strong financial resources and most of them have government background, they have a "mass base" among entrepreneurs. Judging from the current situation, there are four types of bank loans:

1. Mortgage loan refers to the loan method in which the borrower provides certain property to the bank as credit collateral.

2. Credit loan refers to the loan issued by the bank only based on the trust in the borrower's credit status, and the borrower does not need to provide collateral to the bank.

3, secured loans, refers to the guarantor's credit as a guarantee and loans.

4. Discounted loan refers to the loan method that the borrower applies to the bank for discount with unexpired bills when it is in urgent need of funds.

Channel 2: Venture Capital

In the eyes of many people, venture capitalists have a magical "money bag" in their hands. The money falling out of that "money bag" can make entrepreneurs sit on Aladdin's "God carpet" and soar to the sky. However, venture capital is a high-risk and high-return investment. Venture capitalists enter start-ups in the form of equity participation. In order to reduce the risk, they will withdraw from the investment after realizing the value-added purpose, and will not be tied to the start-ups forever. In addition, venture capital favors high-tech startups.

Channel 3: Private capital

With the encouragement and guidance of China government to private investment and the improvement of national economy marketization, private capital has gained more and more development space. At present, China's private investment is no longer limited to the traditional manufacturing and service industries, but has blossomed in infrastructure, science, education, culture and health, finance and insurance, which is undoubtedly good news for entrepreneurs who are worried about finding money. Moreover, the investment operation procedure of private capital is relatively simple, the financing speed is fast and the threshold is low.

Channel 4: Venture Financing Treasure

Venture financing treasure refers to providing much-needed venture start-up, operation and operation funds for entrepreneurs in the form of pledge (mortgage) with their own legal property or other people's legal property under the permission of relevant laws and regulations. The procedures for handling venture financing treasure are relatively simple. Entrepreneurs can apply for loans as long as they have assets. The longest loan period is half a year, and there are a wide range of items that can be used as collateral, including real estate, bulk materials, securities, motor vehicles, watches, etc., all of which are above 300 yuan.

Channel 5: financial leasing

Financial leasing is a kind of credit method with the direct purpose of financing. On the surface, it is a loan, but in essence, it is repaid by installments through rent. This financing method has the following advantages: it does not occupy the bank credit line of start-ups, entrepreneurs do not need to invest heavily in equipment, and they can use the equipment after paying the first rent, thus transferring funds to the places where money is most needed.

The main channel of venture capital financing is the financing road that few people take.

In the initial stage of financing, the financing risk is greater than the existing financing channels. However, with the steady rise of the company, because the risk has become smaller, financing channels have also begun to increase. The following are some financing channels:

Crowdfunding-Crowdfunding is an interesting model. Many startups, including OculusVR and Pebble, have found a way out like Kickstarter.

However, crowdfunding is not a good way for software companies and some start-ups with long market cycles (such as warehousing companies and computing equipment companies that need more than $50 million to enter the market). However, if you only need a small sum of money to develop your product to test whether it is a good entrepreneurial idea, then crowdfunding is undoubtedly a good choice, especially for hardware and mobile application products.

Crowdfunding limits your capital exposure at an early stage and allows you to analyze and study the market and customer base.

Venture capital bonds-for those start-ups that already have certain funds and have achieved certain results, venture capital bonds may not be applicable. Venture capital bond, also known as venture capital loan, is a financing method that banks provide loans to enterprises supported by venture capital to support capital expenditure.

Unlike traditional bank loans, venture capital bonds are only open to start-ups and growth enterprises without cash flow or important assets as collateral. For those business owners looking for low-cost capital, this is a very good financing channel, because it doesn't require you to sell any equity.

Banks that provide venture capital bonds are generally risk-averse, and they will not invest until they see other investors investing in your enterprise. But if you have a successful career and partners as an advantage, this method is worth a try.

Corporate investors-Corporate investors usually invest through strategic partners. The advantages of this financing method include more control over infrastructure, better bargaining power, influence on product development and more participation in sales channels.

Although many companies have their own investment institutions, strategic partners are also an important step, just like Cloudant and Samsung Capital, Rackspace's financing in the B round.

Government financing-There is also a lot of government investment for start-ups. For example, In-Q-Tel is a non-profit organization in the United States. They identify companies that study cutting-edge technologies and cooperate with them to help these companies provide their scientific and technological achievements to the Central Intelligence Agency (CIA) and the US Intelligence Committee.

Seek balance

I wish I could tell you the secret of success and the secret of finding a balance between financing methods and investors, but it doesn't exist. Finally, what you need to do is to find the financing that the enterprise needs, and at the same time have the greatest control over the company.

I don't need to emphasize the importance of the financing you get. Every dollar has a corresponding value behind it.

Whether you want the company to be acquired or listed, obtaining financing does not mean the success of the company. Get what you need and spend wisely, so that the acquirer will like your company. If your company is overvalued, you also take the risk of overestimating, but in fact it is difficult for your company to meet this expectation.

Many young entrepreneurs made a common mistake. They have become a cooperative relationship with large companies, thinking that it is easier to get venture capital, which is often not the case. It is extremely important for partners to operate funds.

Large companies are usually very active and carry out many investment activities. Your company is just a drop in the ocean, insignificant and without any support. Now there are many small partnerships with high contact and high value. I suggest paying more attention to these types of capital. These companies are more flexible because they have fewer employees and lower management costs. They can invest according to the relationship and regard you as a real partner.

Speaking of partners, in the final analysis, it is to do what is good for you and your company. It's easy to get people together for dinner, but finding the right person is a challenge.

It is important to form an alliance with partners, because they will occupy seats on the board of directors in the future, so it is necessary to know these partners and establish relationships with them before signing the agreement. If you are not in a hurry to raise funds, please find a suitable partner and financing method first, which will help the company succeed.

3 the main channels of bank risk financing

Funds put into the bank: In the second half of 20 13, the annualized rate of return of bank wealth management products is about 5. 1% (including Internet wealth management tools such as Yu 'ebao and WeChat wealth management), and investors have no threshold.

Lending bank: the annual interest rate of the loan is about 7% to 10%, and the total loan cost is about 8% to 12% with hidden costs, such as loan transfer fee and third-party agency fee.

Case: Yu 'ebao packaged 250 billion fragmentary demand deposits and "bought" large bank deposits. The annualized rate of return for half a year exceeds 4.9% on average.

trust company

Trust funds: The sources of trust funds include individual investors and institutional investors. Among them, the funds of individual investors are generally raised through third-party wealth management and private banks; Generally, the number of individual investors is around 3 million, and the average income is around 8.8%. The cost raised by the third party organization is about 2%, and the total cost of fund raising is about 1 1%.

Capital lending trust: including various expenses, the total financing cost is generally between 13%-20% annualized. The average single loan financing is 65.438+0.9 billion yuan.

Case: "Chengzhi Jinkai 1" is the most important trust among the top 3 billion trusts. Through the relevant implicit guarantee, investors withdrew with an average annual yield of 7%, with a per capita investment of 4.28 million yuan. It is 3 points lower than the original annual rate of return 10%.

Fund subsidiary

Investment of funds: the funds of fund subsidiaries mainly come from individual investors and are generally raised through third-party financial institutions; Generally, the single investor is around 654.38+00,000, and the average annual rate of return is around 654.38+00%. The raising cost of third-party institutions is about 3%, and the total raising cost is about 13%.

Capital borrowing: the financier carries out financing through the fund subsidiary, with the total cost of about 15%-24% per year, and the single financing amount is generally between 30 million and 200 million yuan.

Entrusted loan in stock market

Capital investment in the stock market: In 20 13 years, the average return on investment of A-shares is about 8% per year, about 20% of the shareholders reach the income level of 8%, 30% of the shareholders protect their capital and 50% lose money.

Lending money to the stock market: Many listed companies issue entrusted loans to other enterprises through banks. The average annual total financing cost is about 15%, and the single loan financing is between 50 million and 500 million yuan.

Case: 2065438+2003 65438+2003, Panda Fireworks Group Co., Ltd. announced that it entrusted Jiujiang Bank Guangzhou Branch to issue entrusted loans of 65438+300 million yuan to Chuangshijie (Guangzhou) Media Development Co., Ltd., with an annual interest rate of 12% and quarterly interest payment.

privately offered fund

Funds investing in private placement: The average annual rate of return of debt-based private placement funds is about 12%, and the average annual rate of return of equity is about 15%. The investment threshold is extremely high, generally more than 6,543,800 yuan, which is risky, and investors and financiers jointly or partially bear the risk.

Private equity fund: The total cost of project financing is about 24% per year. The amount of single financing is generally between 50 million and 5 billion yuan.

Case: In 20 1 1 year, the scale of funds raised by Xinghao Capital Phase I (stock fund) reached 3.7 billion yuan, and the minimum capital of a single investor was 30 million yuan. The project roadshow assumes that the annual return rate may be close to 35% in an ideal situation. 20 14 announced that the expected rate of return may return to the market, with an annualized rate of 16%.

P2P lending

Capital investment: There are great differences in online and offline, amount, operation mode and guarantee mode, but most of them are raised from the private sector, and the capital cost ranges from 8%- 15%.

Capital lending: divided into investment projects or personal loans. If the institution investing in the project itself does not have the qualification of small loans, there is a risk of illegal loans. However, investors have to face the situation that the amount of funds is small and a lot of business is needed to promote the scale.

Case: In 20 13, a large number of P2P companies ran away and closed down, but the "backstage" platform left by big waves and sand scouring had many outstanding achievements. CreditEase, 14, which has the largest assets in China, has been granted a round of investment in Renren Loan, lufax from a bank, and Huiren Loan supported by a large private enterprise. (MFCLearningPlatform)

How can we pass by the world of "3 billion financing a year"? Click here to join "DEMOSPACE" and accelerate financing immediately.

Main channels of venture capital financing Article 4 (1) Self-raised funds

The International Finance Corporation (IFC), a subsidiary of the World Bank, conducted a survey on the capital source structure of small and medium-sized enterprises in Beijing, Chengdu, Shunde and Wenzhou. The results show that China's private small and medium-sized enterprises rely almost entirely on self-raised funds in the initial stage of their business. More than 90% of the initial funds are provided by the main internal accumulation, members of the entrepreneurial team and their families, and the proportion of financial institutions such as banks is small.

We often say that in the initial stage of starting a business, we mainly rely on 3F, friends/face/family to find funds, which is what we mean.

(2) Bank loans (secured loans)

When self-financing encounters difficulties, entrepreneurs' first choice should be to borrow money from banks or raise funds through the credit guarantee system. Why do you say that?

On the one hand, the support of banks and financial guarantee institutions for entrepreneurial groups and entrepreneurial economic development has also become a global development trend. Not only China is relaxing its financial policy, improving its financial system and supporting the development of entrepreneurial economy, but other countries are also making efforts to this end. For example, 48% of countries and regions in the world have established a credit guarantee system for small and medium-sized enterprises to solve the problem of difficult loans for enterprises; On the other hand, from the advantages and disadvantages of bank loans, as long as you meet the requirements of loan conditions and loan procedures, you can basically get satisfactory funds through bank loans, generally without worrying about legal risks. Its disadvantages are relatively high qualification requirements, complicated procedures and relatively long cycle. Therefore, as long as entrepreneurs make sufficient time to prepare and meet their procedural requirements, the problem of funds will be solved. At present, the main way of bank loans is secured loans, that is, loans provided by borrowers or third parties according to law.

1. secured loan

Guaranteed loan refers to a loan in which a third party promises the borrower to bear joint and several liabilities in accordance with the provisions of the Guarantee Law of People's Republic of China (PRC). Secured loans have certain requirements for borrowers and guarantors. For example, personal secured loans require individuals to have stable and fixed professional income, good credit, the ability to repay the loan principal and interest on time, and no bad historical records. The guarantor's guarantee must also be strictly approved by the bank before it can take effect. Therefore, if entrepreneurs want to get bank loans smoothly, they should choose those legal persons or citizens with strong strength and good reputation as loan guarantors, such as professional credit guarantee institutions for SMEs. If financial institutions such as banks can act as guarantors of enterprises, the effect will be more ideal, and it will be easier for borrowing enterprises to obtain bank loans.

2. Mortgage loan

Mortgage refers to the loan granted with the property of the borrower or a third party as collateral according to the mortgage method stipulated in the Guarantee Law of People's Republic of China (PRC). When it is impossible to obtain bank credit loans, or the credit loans provided by banks are difficult to meet the needs, small and medium-sized enterprises can provide collateral to banks to obtain loans. Moreover, for banks, because of collateral, the risks they bear are greatly reduced, and they are often willing to provide loans to enterprises that provide collateral. Therefore, if entrepreneurs can also use personal consumption mortgage loans to start businesses, including commercial houses and cars to be purchased as collateral for loans. The risk is that if the debt cannot be fulfilled, the creditor has the right to discount or give priority to compensation with the price of the auction or sale of the property.

In addition to the above traditional bank loans, entrepreneurs should not ignore that there are also some bank loans related to entrepreneurship support policies, such as special loans for entrepreneurship and loans for key support projects, which may be a good way for you to obtain funds.

1. Special loan for starting a business:

Mainly refers to the special loan projects set up by banks or financial institutions for starting or re-starting, which are usually related to the local government's entrepreneurship support policies. Mainly by individuals who have the ability to produce and operate or engage in business activities, they apply to the bank for capital requirements and issue loans after the bank recognizes effective guarantees. For example, some areas have launched a support policy for entrepreneurial loans specifically for laid-off workers.

2. Loans for key support projects.

Loans for key support projects are generally closely related to the local government's entrepreneurship support policies or industrial development policies. The main target is some high-tech and innovative enterprises. If enterprises have high-value scientific and technological achievements transformation projects or innovative projects with high commercial value, they can apply to banks for loans for key support projects to solve the problem of large capital demand in the initial stage.

(C) the introduction of venture capital

Venturecapital (VC for short) originated from Silicon Valley in the United States in the 1940s. It has been introduced and developed in China for a long time, and it should be said that it is a relatively mature financing method for small and medium-sized enterprises in policy system and operation. Venture capital in a broad sense refers to all investments with high risks and high potential returns; In a narrow sense, venture capital refers to the investment in the production and operation of technology-intensive products based on high technology. According to the definition of American Venture Capital Association, venture capital is a kind of equity capital invested by professional financiers in emerging, rapidly developing enterprises with great competitive potential. As one of the main ways of equity financing, venture capital is characterized by exchanging investors' funds for company equity without any property as collateral. It has the advantages of long service life of funds, financial pressure of irregular repayment, and resource support other than the funds provided by investors, and has become one of the most popular' equity financing methods' for entrepreneurs. However, venture capital itself is a high-yield and high-risk investment behavior. For entrepreneurs, the main risk is that enterprises will face the risk of decentralized and out-of-control control rights, and the financing cost is high (mainly referring to equity dilution). In addition to risks, the threshold of venture capital is also relatively high, that is, the requirements for the business model of entrepreneurial projects and the personal ability of entrepreneurs are also relatively high. Therefore, venture capital is especially suitable for small and medium-sized high-tech or innovative enterprises with high-tech products or projects, development space and broad market prospects, such as enterprises in IT, semiconductor, bioengineering, Internet and other industries.

Venture capitalists in China are mainly divided into the following categories:

(1) government-supported venture capital companies, but these companies mainly support high-tech industries, such as biology, medicine, new materials and new energy;

(2) Strategic capital of large domestic enterprises, such as Lenovo investment and Stone investment;

(3) Well-known venture capital companies at home and abroad, such as Sequoia, IDG, SteamboatVentures, Sequoia Capital, Softbank China, Carlyle Capital and Goldman Sachs;

(4) Venture capital in Greater China Economic Circle, such as Hutchison Whampoa in Li Ka-shing;

(5) Angel investors, such as Shen Nanpeng and Lei Jun, etc.

(4)

The international definition is: small continuous credit service provided to low-income groups and micro-enterprises. Its basic characteristics are small amount, no guarantee, no mortgage and serving the poor. Microfinance services are generally provided by formal financial institutions and specialized microfinance institutions or organizations. In China, the company is a limited liability company or joint stock limited company invested by natural persons, corporate legal persons and other social organizations. It does not absorb public deposits and operates its business, mainly serving the three rural areas and small and medium-sized enterprises. The purpose of the company's establishment is to rationally pool some private funds, standardize the private lending market, and effectively solve the financing difficulties of small and medium-sized enterprises in agriculture, rural areas and farmers. It is usually designated as "a local financial institution that focuses on supporting small and medium-sized enterprises and the economic development of agriculture, rural areas and farmers". Compared with banks, this model has lower entry threshold, is more convenient and fast, and can quickly meet the small capital needs of small and medium-sized enterprises and individual industrial and commercial households; Compared with private lending, the model is more standardized and the loan interest is relatively low, which can be negotiated by both parties. Therefore, if your conditions can't meet the requirements of bank lending, or you can't stand the complicated procedures and relatively slow financing speed required by bank lending, and at the same time feel that the interest rate of private lending is on the high side, you may wish to give it a try. Of course, its premise must be "small amount". However, in this process, entrepreneurs still need to guard against the following two risk issues: First, the loan interest rate. During the negotiation between the two parties, the lender may ask for a high interest rate. You should control the loan interest rate that you can bear and avoid excessive pressure when repaying. The second is the choice of lending institutions. We should try to choose companies with large scale, high reputation, good reputation and professional service to avoid being harmed by some illegal "underground" institutions.

(E) P2P financing model

P2P is short for peer-to-peer or person-to-person, which means person to person. Peer-to-peer finance refers to small loan transactions between individuals. Generally, it is necessary to establish a loan relationship with the help of e-commerce professional network platform and complete relevant transaction procedures. Borrowers can publish loan information by themselves, including the amount, interest, repayment method, time, etc., to realize self-help loans; According to the information released by the borrower, investors decide their own investment quota and realize self-help lending. The emerging P2P financing model, with its advantages of online transaction, convenience and no mortgage, is favored by more and more small and micro business owners, and also changes the financing ecology of small and micro enterprises. However, due to the emerging P2P financing model, due to its vague identity and lack of supervision, there are some risk problems, such as irregular business, unprofessional service, high interest rate and even unable to fully guarantee the safety of funds. However, in any case, the development of this new model of P2P lending has been unstoppable.

(vi) Pawn financing

Pawn financing appeared before the birth of modern banking in China, and it was also one of the important channels for private financing such as pawn shops and banks at that time. Pawn is a special financing method that takes the real object as collateral and obtains temporary loans in the form of real object ownership transfer. Its essence is "exchanging things for money". Pawn financing has the advantages of low requirements for the borrower's credit conditions, simple and flexible procedures, low starting point of pawned goods (the value of goods is not limited, 1000 yuan and 100 yuan can be used), wide range of pawn pledge (movable property and real estate can be used), unlimited use of funds, solving the urgent need of funds and revitalizing idle assets. However, pawn financing also has its outstanding disadvantages, that is, the cost is relatively high. For example, compared with bank loans, pawn loans need to pay higher comprehensive fees, including insurance premiums, storage fees, pawn transaction fees, etc., in addition to monthly interest. Because of this, their financing costs are usually higher than bank loans. It should be reminded that for the capital demand of long-term asset investment (land acquisition, plant construction, equipment acquisition, technology research and development), it is not appropriate to choose pawn financing to avoid excessive redemption pressure. Remember a principle: whether it is private lending or pawn financing, it can only be an emergency, and it cannot be hoped to meet the needs of production and technology research and development.

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4. What are the channels for venture financing?

The traditional way for entrepreneurs to find investment can be divided into endogenous financing and exogenous financing according to the source of funds.

Endogenous financing means that enterprises accumulate through their own operations or raise funds internally without having to bear the borrowing cost, which is the primary consideration of many start-ups

Exogenous financing is to absorb capital with the help of external forces, which can be roughly divided into debt financing and equity financing.

Debt financing refers to bank loans, but banks and other institutions are affected by policies and their own development, which will lead to insufficient financial support; In addition, banks and other financial institutions discriminate in the process of lending, believing that small and medium-sized enterprises have weak repayment ability and prefer large enterprises.

Equity financing refers to giving up part of equity to achieve the purpose of financing. This financing method does not need to repay the investment funds obtained from investors. Therefore, if the project fails or the startup goes bankrupt, investors will also invest in Shui Piao. If the company goes public, investors will also get huge profits. Therefore, when such institutions invest in projects, they have very high requirements for project founders (founding teams) or startups.

Above all, compared with traditional financing channels, enterprises or entrepreneurs can actively expand financing channels and adjust and choose online financing platforms to obtain investment when looking for financing. The platform will sort out massive investor resources, help entrepreneurial users intelligently match investment institutions, provide entrepreneurial services, and quickly improve financing efficiency; It has also cooperated with government units, well-known enterprises and investment institutions for many times to start roadshows, which can help entrepreneurs expand their network resources, broaden their horizons and accumulate practical experience.