公司财务之 集资　Raising Capital

公司财务之 集资　Raising Capital

集资是开办企业的第一步，在企业开始运营之前，必须通过足够的资金（adequate funding）来支付启动成本（start-up costs），并维持一定的现金流。如下建议希望能够对你开办企业时筹集资金起到帮助。

⊙If we don't raise some capital, how can we meet our capital expenditures?如果不筹集资金，如何应对支出？

⊙Start-up costs are always something to worry about.启动成本总是值得考虑。

⊙Since we're just beginning operation, we need to start raising capital.由于我们刚刚开始运营，我们得开始筹集资金。

⊙If we want to maintain adequate cash flow, we'd better get busy.如果我们想保持稳定的现金流量，现在就得忙起来。

⊙How can we begin operation without adequate funding?没有足够的资金我们如何开始运营？

正式的商业规划（formal business plan）

为你的生意筹集资金的第一步是为投资者和借贷方制订一份正式的商业计划。该商业计划中详细解答你的生意是关于什么的、如何盈利（make profits），并且通过哪些步骤才能一步步成功。

⊙Here's a copy of our business plan for your review.这里有一份企业发展计划供你审阅。

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

这份商业计划书详细阐述了我们的商业计划和目标。

⊙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.如果你想了解我们都做哪些生意、怎么盈利并且如何取得成功，只需要看一下我们的商业计划就行了。

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

你去参加投资者会议时额外多带几份商业计划。

申请补助金（apply for grants）

大部分人筹集启动资金（start up costs）是通过个人储蓄、投资（personal savings and investments）或银行贷款（loan）。贷款时银行将会以个人资产（assets）为抵押，存在较大风险。你可以了解小企业管理局（Small Business Association，简称SBA）的网站，他们通常为刚刚起步的小企业提供条件优厚的补助金。也可以联系当地政府中的中小企业发展部门，了解申请资金所需条件。

⊙How did the grant application work out?补助金申请是怎么解决的？

⊙What kind of business grants do we qualify for?我们有资格申请什么样的企业补助金？

⊙We need to go and apply for all the business grants we can.我们需要去申请所有能够申请到的企业补助金。

⊙I have a few good leads on a couple of grants we might qualify for.我有一些关于我们有资格申请的几个补助金的线索。

申请小企业贷款

小企业管理局贷款应是众多集资方式中首选的一项，因为对于刚刚起步的小企业来说，SBA贷款的条件最为优厚（more favorable）。如果还需要更多的资金，可以考虑通过当地银行申请贷款，根据当地的金融机构要求以及你的资金状况来决定是否要抵押支持（collateral backing）。

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

我们应为我们的生意争取的第一份贷款是小企业管理局的贷款。

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

小企业管理局的贷款条件对于那些刚刚起步的生意来说条件要优厚得多。

⊙What did you use for collateral?

你用什么来抵押？

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

银行已经批准了我们的贷款，但是条件没有我们希望的那样优厚。

资产变现（liquidate your assets）

启动资金对于生意的成功有着举足轻重的作用，但是你也会为此负担压力。如果你的公司额外需要一定量的资金，你可以考虑将个人的一些资产（例如家具、首饰、房产、第二辆车等）转化为现金。

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

我得为生意筹集一些资金，所以我决定把一些有形资产变成现金。

个人信贷（take personal loans）

筹集资金也可以把个人贷款转化为商业投资。在一些需要资金的特殊时候可以考虑通过房产抵押贷款（home equity loans）或信用卡提现转账（cash-out credit card transfers）等筹集资金。但为企业运营而使用个人信贷风险极大（extremely risky），应慎重操作（do with great caution.）

⊙It seems I may just have to take out a personal loan.看起来我只能通过个人信贷来解决。

⊙I don't think I want to take the risk of ruining my personal credit.我可不想冒个人信贷毁灭的风险。

⊙I ended up having to use a personal loan from the equity on my house.我最终只能通过抵押房产来获取个人贷款。

⊙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.

如果个人贷款是我集资的唯一办法，那我别无选择，只能冒险。

出售部分所有权（sell partial ownership）

通过向投资者出售部分企业所有权，包括股票期权（stock options）或所有者权益（ownership interest）来筹集资金。前提是你得放弃对企业100%的控制权。

⊙I've decided to open up my company with stock options.我已经决定开放我们公司的股票期权。

⊙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.

即便不能成为一个全权业主，我也乐意分享一些所有者权益来让企业顺利发展。

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

我不想丧失对我的生意的完全控制。

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

如果我还能应付的话，我宁愿不出售期权。

总结

无钱寸步难行，尤其是创业的第一步。无论是向小企业管理局申请补助金，还是向银行贷款都存在一定的风险，只不过程度不同而已。个人资产抵押或者出售部分企业所有权都因其操作的高风险而成为不得已的选择。总之，有些方式可以对企业的成功发展助一臂之力，有些方式则只能用来解燃眉之急。

Words　单词表

adequate足够的，合格的

application应用，运用

asset资产，财产

capital资本，资金

debt借款，欠款，债务

equity资产净值，（公司的）股本

expenditure开支，消费，费用

favorable有利的，优惠的

grant拨款，补助金

lead线索，信息

liquidate变卖，变现

loan贷款，借款

maintain维持，保持

qualify使合格，使具备资格

term条件

Phrases　短语表

a bit more多一点，多一些

get sth off the ground开始，（使）取得进展

grant money（政府或机构）的拨款

lose control失去控制

open up开放，张开

ownership interest所有权权益

pay bills支付账单

physical asset有形资产，实物资产

right away马上，立刻

the right thing to do正确的事

sole owner独自经营者，全权业主

stock option股票期权，优先认购权

start-up costs启动成本

tons of大堆的，很多的

under review正在审查/审议中

work out解决，产生结果

实景对话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：由于我们刚刚开始运营，我们需要集资。如果不筹集资金，如何应对支出？

如果我们想保持稳定的现金流量，现在就得忙起来。

B：启动成本总是值得考虑，但我对此并不十分担心。

A：不担心？我们怎么能够在没有足够资金的前提下启动运营？

B：首先，我们得尽可能地申请所有的企业补助金。

A：什么样的企业补助金我们有资格申请？

B：我对一些我们可能有资格申请的补助金有一些线索。我们也可以考虑借贷，我们应该得到的第一笔贷款就是小企业管理局贷款。

A：你凭什么认为我们应该选择这个贷款而不是别的呢？

B：对于刚刚起步的企业，小企业管理局的贷款条件要优厚得多。

A：我真希望我早点知道……我已经在银行申请了贷款。我们的贷款已经通过了审批，但是条件没有我们希望的那样有利。

B：你是什么意思？他们给你什么样的条件？

A：我得不到商业贷款，所以我不得不以住房为抵押使用个人贷款。

B：你是怎么想的？风险太大了！换作是我，我不会愿意以我的个人信贷来冒险，也不愿意把房子赔进去！

A：如果个人贷款是我集资的唯一办法，那我别无选择，只能冒险。

实景对话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：你的车怎么了？

B：嗯，我把它卖了。

A：什么？为什么？

B：我得为生意筹集一些资金，所以我决定把一些有形资产变现。

A：你疯了吗？有一大堆的办法可以集资。你没有必要卖车。

B：啊，在当时看来这么做是对的。我必须立即支付一些账单，而且我无法等到补助金的到来。

A：补助金申请得怎么样了？

B：我还不肯定，还在审查之中，这就是为什么我得卖车的原因。

A：那你可以开放你们公司的股票期权。

B：如果我还能应付的话，我宁愿不出售期权。我不想失去对生意的控制。

A：如果是我，即便是不能成为一个全权业主，我也乐意分享一些所有者权益来让企业顺利发展，而且保证有车开……