SEMINARIO DE TESIS ( INFORMACION EN INGLES)

INFORMACION EN INGLES
INFORMACIÓN DE CENTRAL WASHINGTON UNIVERSITY
FINANCIAMIENTO EN LAS MYPES
Financial Matters
All financial matters related to faculty-led programs are governed by applicable CWU policy and state law. Study Abroad & Exchange Programs staff work closely with the Travel Office, Budget Planning, Purchasing, Cashiers, and the Internal Auditor in an effort to ensure compliance with these regulations. Occassionally policies and laws do change without warning; in these cases, SAEP staff will make every effort to address issues when they are identified.
Faculty Coordinators have an equal responsibility for ensuring that programs operate in compliance with CWU policy and state law and are encouraged to seek clarification should procedural questions arise.
Initial Finances and Budgeting
The program budget is an indicator of the feasibility and affordability of the program. All overseas programs must be affordable for students, in compliance with State law and CWU policy, and financially self-supporting. When developing the program budget, there are two points to keep in mind:
identify all costs to participants and the university (even those outside the budget)
develop the highest quality program at the lowest reasonable expense to students
The program fee represents only part of the total program cost to students. International airfare, passport and visa costs, meals which aren't included in the program fee and spending money are additional items that make up the total cost of a program. Over 80% of CWU students receive some form of financial aid, so the more economical the program fee, the more likely we are to recruit and retain applicants.
SAEP develops conservative program budgets with Faculty Coordinators, which protects the program in case of unexpected currency fluctuations in the months between initial planning and the actual departure of the group. However, this does not provide for changes to the original budget once the group is on-site. Items cannot be added at that point, because there is no funding available to pay for them. SAEP will assist new Faculty Coordinators with budget development to ensure that typical program expenses are included. SAEP provides continuing Faculty Coordinators with budget information based on their last program to ensure that all costs are accounted for up front.
The final budget for the program is set by SAEP. You should not inform students about possible program cost until SAEP has established this final figure. If you have selected a program provider or vendor, SAEP will obtain the final costs from the vendor. This protects both you and SAEP from possible misunderstandings.
Minimum enrollment
All programs are budgeted based on a minimum enrollment of 10 students. Faculty Coordinator expenses as well as those of the participants are covered in the program fee; a minimum enrollment ensures that the program is not a financial burden on participants.
Programs can run with more than the minimum, and are occasionally able to run with less if faculty are willing to cut their per diem and salary lines to make this possible. Once published, the program fee will not be adjusted to compensate for low enrollments.
Developing the budget
SAEP will work with you to develop a viable budget for your program. The FLP sample budget will help you to include all items which should be part of the program cost, including pre-departure expenses, such as books & supplies, paid newspaper advertisements, and production of marketing materials. Not all items are included for all programs; the sample budget is merely intended to help you examine all options. We recommend that you include as many expenses as are necessary to the program in the budget so that students do not have to carry large amounts of cash with them.
Budget development is critical to the success of your program, and requires some time to finalize with SAEP. Failure to include all items in the final budget could result in those items being excluded from reimbursement. Substantial unexpected costs could result in the cancellation of the program if alternative arrangements cannot be made (for example, if a domestic flight in the program country became necessary but was not anticipated).
CWU tuition is not charged to participants in faculty-led programs.
SAEP fees
Study Abroad & Exchange Programs is 100% self-support funded, therefore we must charge administrative fees for our services. The following fees apply to all faculty-led programs.
Application fee: $50, due upon application to the program. Students pay this at the Cashiers Office in Barge Hall.
Faculty-led program service fee: $200 for programs 14 days or less, $300 for programs over 14 days. This fee is built into the program price.
Emergency Reserve Pool: 3% of total program cost. This amount reverts to an overall reserve pool in the event that a faculty-led program should need it. These situations include emergencies, damage, evacuation, and default of student payments.
Budget adjustments
It's inevitable that your budget will change as you determine the actual number of participants in the program, work more closely with your partners abroad, and monitor exchange rates. Though the budget submitted with your proposal should be thorough and accurate to the best of your knowledge, there will be room for modifications once the program is approved and before a price has been advertised to students. Once a price has been advertised, it will not be increased to cover enrollment shortfalls or other unanticipated costs.
For more information on budget adjustments due to over- or under-enrollment in the program, please see "Compensation" in the Faculty Logistics section.
Ensuring that you'll meet your financial goals for retirement takes careful planning. The following is intended to help you find the information you need to make important retirement planning decisions. This information is provided in the form of:
Links to web sites that include calculators and e-learning
Print material that you can order on line or pick up in the Human Resources Office
Group seminars and individual counseling sessions
1, Introduction In the work next a complete study will become of different aspects from great importance in the world of the Financial Administration and commercial activities of the organizations, as they are, the Financings in the short term constituted by the Commercial Credits, Banking Credits, Commercial Promissory notes, Lines of Credit, Papers, Financing by means of Cuentas To receive and Financing by means of the Inventories. On the other hand are in the long term the Financings constituted by Hipotecas, Financial Actions, Bonds and Rentings. To each one of the points already named they will be studied from the point of view of
his Meaning, Advantages, Disadvantages, Importance and Forms of Use; For this way including/understanding its participation within the different commercial activities that daily are made.

Commercial Credit. It is the use that are done to him to the accounts to pay of the company, of the in the short term accumulated liabilities, like the taxes to pay, the accounts to receive and of the financing of inventory like sources of resources. Importance. The commercial credit has its importance in which it is an intelligent use
of the short term liabilities of the company to the obtaining of resources of the possible less expensive way. For example the accounts to pay constitute a form of commercial credit. They are the short term credits that the suppliers grant to the company. Between these specific types of accounts to pay they appear the open account which allows the company to take possession from the merchandise and pagarv by them in a certain short term, the Trade acceptances, that are essentially payable checks to the supplier in the future, the Promissory notes which it is a formal recognition of the received credit, the Consigment in which credit is not granted some and the property of the merchandise never happens to the creditor to the company. But, the merchandise are sent well to the company in the understood one that this one will sell to benefit of the supplier retiring solely a small commission by concept of the utility.
Advantages. Average but it is balanced and the less expensive one to obtain resources.
It gives opportunity to the companies to make agile his commercial operations. Disadvantages The risk always exists of which the creditor does not cancel the debt, which brings like consequence a possible legal intervention.
If the negotiation becomes I credit are due to cancel passive rates.
Forms of Use. When and as the Commercial Credit arises. The executives of finances must know how the answer well to take advantage of the advantages that the credit offers. Traditionally, the credit arises in the normal course of the daily operations. For example, when the company incurs the expenses that imply the payments that will carry out ahead but or accumulate their debits with their suppliers, is obtaining from them a temporary credit. However, the suppliers of the
company must fix the conditions in which they hope that them page when they grant the credit. The classic conditions of payment can be from the immediate payment, that is al counted, to the most liberal terms, depending on as it is the custom of the company and of the opinion that the supplier has of capacity of payment of the company an account of Commercial Credit must solely appear in the registries when this one commercial credit has been bought and paid in cash, in actions of the capital, or other properties of the buyer.
The commercial credit cannot be bought independently; it must buy everything or part of a business to be able to acquire that intangible value that accompanies it.
Advantages. Average but it is balanced and the less expensive one to obtain resources.
It gives opportunity to the companies to make agile his commercial operations. Disadvantages
The risk always exists of which the creditor does not cancel the debt, which brings like consequence a possible legal intervention.
If the negotiation becomes I credit are due to cancel passive rates.
Forms of Use. When and as the Commercial Credit arises. The executives of finances must know how the answer well to take advantage of the advantages that the credit offers. Traditionally, the credit arises in the normal course of the daily operations. For example, when the company incurs the expenses that imply the payments that will carry out ahead but or accumulate their debits with their suppliers, is obtaining from them a temporary credit. However, the suppliers of the
company must fix the conditions in which they hope that them page when they grant the credit. The classic conditions of payment can be from the immediate payment, that is al counted, to the most liberal terms, depending on as it is the custom of the company and of the opinion that the supplier has of capacity of payment of the company an account of Commercial Credit must solely appear in the registries when this one commercial credit has been bought and paid in cash, in actions of the capital, or other properties of the buyer. The commercial credit cannot be bought independently; it must buy everything or part of a business to be able to acquire that intangible value that accompanies it.

Banking Credit. It is a type of short term financing that the companies obtain by means of the banks with which they establish functional relations. Importance.
The banking Credit is one of the ways but used on the part of the companies nowadays to obtain a necessary financing. In its totality they are almost commercial banks that handle the check accounts of the company and have the greater capacity of loan in agreement with the laws and effective banking dispositions at the present time and provide most of the services that the company requires. As the company goes frequently to the commercial bank in search of short term resources, the election of one in individual deserves a careful examination. The company must be sure that the bank will be able to help to the company to satisfy the necessities with short term cash that this one has and at the moment at which it appears. Advantages.
If the bank is flexible in its conditions, will be but probabilities of negotiating a loan that adjusts to the necessities of the company, which locates it in the best atmosphere to operate and to obtain utilities.
It allows the organizations to become stabilized in case of hardships with respect
to the capital. Disadvantages.
A very strict bank in its conditions, can limit the operation facility illegally and act in damage of the utilities of the company.
Passive a Banking Credit carries rate that the company must cancel sporadically to the bank by concept of interests.
Forms of Use. When the company, appears with the civil employee of we rendered of the bank, must be able to negotiate. It must give the impression that he is competent. If one goes away in search of a loan, will be necessary to appear with the corresponding civil employee with the following data:
a) The purpose of the loan.
b) the amount that is required.
c) a payment plan defined.
d) Tests of the solution of the company.
e) An affluent plan drawn up of how it hopes the company to develop in the future and obtaining a situation that allows to pay the loan him.
f) One lists with endorsement and collateral guarantees that the company is arranged to offer, if there are them and are necessary.
The cost of interests varies according to the method that is followed to calculate them. It is precise that the company always knows how the bank calculates the real interest by the loan. As soon as the bank analyzes requisite sayings, it will make the decision to grant or not the credit.
Promissory note. It is a negotiable instrument which is a "unconditional promise in writing", directed from a person to another one, signed by the formulante of the promissory note, committing itself to pay to his presentation, or in a date it fixes or future time determineable, certain amount of money in union of his interests to a specified rate at your service and the carrier. Importance. The promissory notes are derived from the merchandise sale, of we rendered in cash, or of the conversion of a current account. Most of the promissory notes takes interests which become a cost for the girador and an entrance for the beneficiary. The negotiable instruments are
payable to their victory, anyway, sometimes that is not possible to receive an instrument to its victory, or can arise some obstacle that requires legal action. Advantages? He is payable in cash? There is discharge security of payment at the time of conducting some commercial operation. Disadvantages.
Some breach in the payment can arise that requires legal action. Forms of Use. The promissory notes are derived from the merchandise sale, of we rendered in cash, or of the conversion of a current account. This document must contain certain elements of negotiability between which it emphasizes that: It must be in writing and be signed by the girador; It must contain an unconditional order to also pay to certain amount in cash settling down the quota of interest that load by the extension of the credit by the way time. The interest for aims of convenience in the commercial
operations calculates, generally, on the basis of 360 days per year; It must be payable in favor of a designated person can be fact to the carrier; It must be payable to his presentation or in certain determineable fixed and future time. When a promissory note is not paid to its victory and is protested, the possesor of the same one must prepare a certificate of I protest and a warning of I protest that they must be elaborated by some person with notarial faculties.
The possesor who protests payment to the public notary a quota by the preparation of documents of I protest; the possesor can receive these expenses to him to the girador, that is forced to reimburse them.
The public notary applies the seal of "Protested by Lack of Payment" with the date of I protest, and increases the accumulated interests to the amount of the promissory note, signing it and printing his own notarial seal.

Line of Credit. The Line of Credit means money always available in the bank, during a been suitable period beforehand. Importance. It is important since the bank this in agreement in rendering to the company until a Maxima amount, and within certain period, at the moment that asks for it. Although generally it does not constitute a legal obligation between the two parts, the line of credit almost always is respected by the bank and avoids the negotiation of a new loan whenever the company needs to have resources. Advantages.
It is a cash "available" on which the company counts. Disadvantages.
A percentage of interest is due to pay whenever the line of credit is used.
This type of financing, this reserved for the reliable clients but of the bank, and nevertheless in some cases the same one can request collateral guarantee before extending the line of credit.
It is demanded to him to the company that maintains the line of credit
"Clean", paying all the dispositions that have become. Forms of Use.
The quick bank to the company a Maxima amount of money by a certain period. Once the negotiation takes place, the company does not have but that to inform to the bank of its desire "to have" such amount, signs a document that it indicates that the company will have that sum, and the bank automatically transfers bottoms to the check account. The Cost of the Line of Credit generally settles down during the original negotiation, although normally it fluctuates with the prime rate. Whenever the company has a part of the line of credit pays the been suitable interest. When finalizing the term negotiated originally, the line lets exist and the parts will have to negotiate another one if therefore they wish it.
Commercial Papers. It is a Source of short term Financing that consists of the promissory notes nonguaranteed of great and important companies that acquire the banks, the insurance agencies, the bottoms of pensions and some industrial companies that wish to invest I shorten to term its excessive temporary resources. Importance. The companies can consider the use of the commercial paper like source of resources in the short term not only because he is less expensive than
the banking credit but also because it constitutes a complement of we lent them banking usual. The judicious use of the commercial paper can be another source of resources when the banks cannot provide them in the periods of tight money when the necessities exceed you limit them of financing of the banks. It is necessary to remember whenever the commercial paper is used fundamentally to finance necessities of short term, as it is the capital of work, and does not stop to finance
capital assets in the long term. Advantages.
The commercial Paper is a source of financing less expensive than the Banking Credit.
It serves to finance short term necessities, for example the capital of work. Disadvantages.
The emissions of Commercial Paper are not guaranteed.
A line of credit or a letter of credit in payment difficulties must go accompanied of. The negotiation carries a cost by concept of a prime rate. Forms of Use. The commercial paper is classified in agreement with the channels through which it is sold, with the operative turn of the salesman or with the quality of the emitter. If the paper is sold through an agent, it says that it is placed with the agent, who to you raise resells it to its clients to a high price but. Generally it retires a commission of 1/8 % of the total amount to handle the operation. Finally, the paper can be classified like of first quality and average quality. The one of first quality is the emitted one by but the reliable one of all the reliable clients, whereas the one of average quality is the one who emit the clients only a little less reliable. This locks up for the company a careful investigation. The cost of the commercial paper has
traditionally been ½ % underneath the prime rate because, it is that it is sold directly or through the agent, eliminate the utility and the costs of the bank. The average victory of the commercial paper is of three to six months, although in some occasions emissions of nine months and to a year are offered. A minimum balance In some cases is not required, the emission goes accompanied by a line of credit or a
letter of credit, prepared by the emitter to assure to the buyers that, in case of difficulties with the payment, will be able to endorse the paper by means of an agreement of loan with the bank. This demands some times to the companies of smaller quality when they sell paper, and increase the interest rate real.

Financing by means of Cuentas To receive. He is that in which the company is able to finance these accounts to receive being able resources to invest them in her. Importance. It is a financing method that is less expensive and diminishes the breach risk. It contributes many benefits that are in the costs that the company saves when not handling its own operations of credit. There are no costs of cobranza, since an agent in charge exists to receive the accounts; there is cost of the credit no department, like accounting and pays, the company can elude the breach risk if it decides to sell the accounts without responsibility, although this generally more expensive, and can obtain resources quickly and practically without no delay cost. Advantages.
He is less expensive for the company.
The breach risk diminishes.
There is no cost of cobranza. Disadvantages.
A cost by concept of commission exists granted to the agent.
The possibility of a legal intervention by breach of the contract exists.
Forms of Use. It consists of selling the accounts to receive of the company to a factor (agent of sales or buyer of accounts to receive) according to an agreement negotiated previously. By regulating instructions occur to the clients so that they directly pay to his accounts to the agent or factor, who acts like credit department of the company. When he receives the payment, the agent retains a part by concept of honoraria by his services to a stipulated percentage and to pay the rest to the account of the company. Most of the accounts to receive they are acquired with responsibility of the company, that is to say, that if the agent does not manage to receive, the company will have to rembolsar the amount or by means of the payment in cash or being replaced the incobrable account by another but viable one.
Financing by means of the Inventories. He is that in which the inventory like guarantee of a loan is used in which the right is conferred to the creditor to take possession guarantee in case that the company lets fulfill Importance. He is important since it allows the directors of the company to use the inventory of the company like source of resources, burdening the collateral inventory as is possible
to obtain resources in agreement with usual the specific forms of financing, in these cases, as they are the Deposit in Public Warehouse, the Storage in Fabrica, the Receipt in Safekeeping, the Floating Guarantee and Hipoteca. Advantages. * It allows to take advantage of an important piece the company as it is the Inventory of
Merchandise It offers opportunity to the organization to make but his activities dynamic. Disadvantages.
It generates a Cost to him of Financing to the indebted one.
The indebted one runs risk of losing the Inventory given in guarantee in case of not being able to cancel the contract.
Forms of Use. Generally at the time of becoming the negotiation, it is demanded that the articles are lasting, identifiable and susceptible to be sold to the price that prevails in the Market. The creditor must have straight legal on articles, so that if it becomes necessary to take possession from them the act is not controversy matter. The burden that is constituted on the inventory must formalize by means of some class of agreement that proves the existence of the collateral one. The one that is also celebrated with the specific bank not only the guarantee but the rights of the bank and the obligations of the beneficiary, among other things. The directors will sign this class of agreements in name of their company when they occur to guarantees such as inventarío. In addition to the guarantee agreement, other documents will be able to be found probatory between which the Receipt in Safekeeping and the Storage can be mentioned. However, whatever it is the type of agreement that is celebrated, for him company will be generated a Cost of Financing that includes/understands something but that the interests by the loan, although this one is the main cost. To the company it is called on to him to absorb the positions by
maintenance service of the Inventory, that can include storage, inspection on the part of the representatives of the creditor and handling, everything which comprises of the obligation of the company to conserve the inventory so that its value like guarantee does not diminish. Normally fire or robbery does not have to pay to the cost of an insurance against loss by.

Sources and Forms of Financing in the long term.
2.1. - Mortgage.
It is a conditional transfer of property that is granted by the borrower (indebted) the moneylender (deserving) in order guarantees the payment of the loan. Importance. It is important to indicate that a mortgage is not an obligation to pay since the indebted one is the one that grants the mortgage and the creditor is the one who receives it, in case that the moneylender does not cancel this mortgage, the same one will be snatched to him and will happen to hands of the borrower. Bond to emphasize that the purpose of the mortgages on the part of the moneylender is to obtain some fixed assets, whereas for the borrower is to have security of payment by means of this mortgage as well as obtaining gain of the same one by means of interests them generated. Advantages.
For the borrower he is to him profitable due to the possibility of obtaining gain by means of the generated interests of this operation? It gives security to the borrower of not obtaining lost when granting the loan? The moneylender has the possibility of acquiring a good Disadvantages? To the moneylender he generates an obligation to him before third? Risk exists of arising certain legal intervention due to lack from payment. Forms of Use.
The mortgage confers to the creditor a participation in the good. The creditor will have to go to the court and to obtain that the merchandise are sold by order of this one for That is to say, that the good does not happen to be of the moneylender until the loan has not been cancelled. This type of financing generally is made by means of the banks.
2.2. - Actions. The actions represent the patrimonial participation or of capital of a shareholder within the organization to whom it belongs. Importance. They are of much importance since they measure the participation level and what it corresponds to him to a shareholder on the part of the organization whom represents, is well
by concept of dividends, preferential rights of the shareholder, rights, etc. Advantages.
The preferred stocks give the wished emphasis to the entrance. * The preferred stocks are particularly useful for the negotiations of fusion and acquisition of companies.
Disadvantages
The use of the actions dilutes the control of the present shareholders.
The cost of emission of actions is high. Forms of Use.
The actions are classified in Preferred stocks that are those that comprises of the countable capital of the company and its possession gives right to the utilities after tax of the company, until certain amount, and to the assets of the same one. Also until certain amount, in case of liquidation; And on the other hand are the Common stocks that they represent the residual participation that confers to the possesor a right on the utilities and the assets of the company, after to have satisfied the high-priority claims on the part of the preferred shareholders. Therefore it is understood that the priority of the preferred stocks surpasses to those of the common stocks.
Nevertheless both types of actions resemble in which the dividend can be omitted, in that the two comprise of the countable capital of the company and both have date of victory. What elements are due to consider with respect to the use of the Preferred stocks or in their defect Common? That is due to take that is but the appropriate one
like source of long term resource for the investor. How to sell the Actions? The recent emissions but are sold through a subscriber, the used method to sell the new emissions of actions is the subscription right which becomes by means of a runner of investments. After to have sold the actions, the company will have to take care of its value and of considering operations such as the increase of the number of
actions, the diminution of I number of actions, the listing and the repurchase.
2.3.-Bonos. It is an instrument written in the form of an unconditional promise, registered letter, in which the borrower promises to pay a sum specified in a future determined date, union to the interests to a certain rate and in certain dates. Importance. When a joint-stock company has necessity of additional bottoms in the long term is seen in the case of having to decide between the emission of additional actions of the capital or to obtain loan sending evidence of the debit in the bond form. The bond emission can be advantageous if the present shareholders prefer not to share their property and the utilities of the company with new shareholders. The right to emit bonds is derived from the faculty to take lent money that the law grants the joint-stock companies. The possesor of a bond is an creditor; a shareholder is a proprietor. Because most of bonds must be endorsed by tangible fixed assets of the emitting company, the proprietor of a bond enjoyment of greater protection to his
investment, the type of interest that is paid on bonds is possibly, generally, inferior to the rate of dividends that receive the actions of a company. Advantages.
The bonds are easy to sell since their costs are smaller.
The use of bonds does not dilute the control of the present shareholders.
They improve the liquidity and the situation of capital of work of the company. Disadvantages.
The company must be careful at the time of investing within this market Forms of Use. Each bond emission is assured by a well-known mortgage like "Scripture de Fideicomiso". The possesor of the bond receives a claim or burden against the property that has been offered like security for the loan. If the loan is not covered by the borrower, the organization who the trust can initiate legal action in order that the
mortgaged property removes to closing and the obtained value of the sale is applied to the payment of the deudo a At the time of becoming the adjustments for the expedition and bonds, the borrowing company does not know the names the propietary futures of bonds because these will be emitted by means of a bank and can be transferred, more ahead, of hand in hand. Consequently the writing of trust of these bonds cannot mention the creditors, since it becomes when it is a direct mortgage between two people. The borrowing company chooses like representatives of the propietary futures of bonds to a bank or a financial organization to become position of the trust. The trust writing transfers conditionally I title on the mortgaged property to the trustee On the other hand, the debits by interests on a bond are
fixed positions the borrower that must be covered to their victory if it is that it is desired to avoid a possible anticipated cancellation of the loan. The interests on bonds must pay themselves to the dates specified in contracts; the dividends on actions are declared to discretion of the directive advice of the company. Therefore, when a company sends bonds must be well safe that the use of the money taken
in loan will be in one in a net utility that is superior to the cost of the interests of the own loan.
2.4. - Financial Renting. It is a contract that negotiates between the proprietor of bienes(acreedor) and the company (renter) to which allows the use him of those goods during a certain period and by means of the payment of a specific rent, their stipulations can vary according to the situation and the necessities of each one of the
parts. Importance. The importance of the renting is the flexibility that renders for the company since their possibilities are not limited of adopting an immediate change of plans or of undertaking a nonpredicted action with the purpose of taking advantage of a good opportunity or of adjusting to the changes that happen and means of
the operation. The renting is lent to the financing by parts, which allows the company to resort to this average one to acquire small assets. On the other hand, the renting payments are deductible of the tax like cost of operation, therefore the company has greater fiscal deduction when it takes the renting. For the marginal company the renting is the only form to finance the acquisition of assets. The risk is reduced because the property is with the rented one, and this one can be arranged to operate when other creditors refuse to finance the company. This considerably facilitates the reorganization of the company. Advantages.
It is in quite flexible financing for the companies due to the opportunities that offer. It avoids risk of a fast obsolescencia for the company since the assets do not belong to élla.
The rentings give opportunities to the small companies in case of bankruptcy. Disadvantages.
Some companies use the renting stops like average eluding the budgetary restrictions when the capital is rationed.
A renting contract forces a rate cost by concept of interests? The main disadvantage of the renting is that it is more expensive than the purchase from assets. Form of Use. It consists of giving a loan with obligatory periodic payments on credit that they take place in the course of a determined term, generally equal or smaller than the considered life of the rented assets. Arrendatario(la company) loses the right on the value of rescue of the assets (that will conserve however when it has bought it). Most of the renting they are incancelables, which means that the company is forced to continue with the payments that remember even though leaves the assets not to need it but. In any case, a nonvoidable renting is so obligatory for the company as the payments of the interests that is committed. A distinguishing characteristic of the financial renting is that empresa(arrendatario) agrees upon conserving the assets although the property of the same one corresponds to the landlord While lasts the
renting, the total amount of the payments will exceed to the original price of purchase, because the rent not only must restitute the original payment of the landlord, but also to produce interests by the resources that are committed during the life of the assets.

Conclusio. We can conclude indicating the importance that has so much the financings to Short or Long Term which daily the different organizations use, offering him the possibility from these institutions of maintaining an economy and a continuity of their commercial activities stable and efficient and by consequence to grant a greater contribution to the economic sector to which they participate.





Financing
The provision of efficient and affective financing has been recognized like a key factor to assure that those companies with growth potential can expand and to be more competitive. The difficulties of access on the credit simply do not talk about the fact that bottoms through the financial system cannot be obtained; in fact it would be possible to hope that if this is not solved, all the projects automatically would not be financed. The difficulties happen in situations in which a project that is viable and profitable is carried out (or it is restricted) because the company does not obtain bottoms of the market.
Since it has been seen previously, the MYPE, need capital in cash to face the different expenses of investment and operations. It is important to advise them so that they know to choose the best source of financing. Generally, within the MYPE a segment exists that, by its conditions of unmannerliness, does not have access to the formal sources of credit. This not to have the sufficient guarantees which forces them to resort to informal sources that, in some cases, receives very high interest rates that they prevent them to come out ahead. In Central America, 480,000 microcompanies, Are to say 80% of the total, are taken care of with financial services, essentially credit; around 90,000 (15%) it receives some form of qualification and other 30,000 (5%) count on some type of technical attendance. The
taken care of segment Is the one of the microcompany and not car used them, that the majority represents. 75% of the organizations who offer credit to the microcompany, appeared in this decade. Of these, 60% administer small programs of credit with an attention of 15% of the portfolio, whereas a 20% take care of more of 60% of the portfolio.
The unitary balances average oscillate between USS 200 and 800, with terms 13 averages of medes. The car used and the microcompanies pay the highest rates. The effective rate received average is located in 1.42 on the commercial rate of each country, and the some countries this rate can get to be the double of the commercial one. Only 10% of the portfolio are placed with rates equivalent to 1 or smaller than
the commercial rate. The predominance of the financial institutions is explained, on the one hand, by the necessity of the capital of the microcompany and, on the other hand, by the advantages that represent for this type of institutions to serve this to the power to get to be sustainable, now that the international cooperation has diminished the donations. The more effective modalities of credit are those of the individual credit based on the capacity of personal payment of the users, like the communal banks.
Financial institutions In our countries exist a great number of institutions of financing of communitarian type, deprived public and international. These institutions grant credits of diverse type, to different terms, people and organizations. They exist in the regulation of the law of institutions of the financial system of each one of the countries. They are put under the supervision and the
control of the supervision of banks, that encada cou ntry has a different name. These institutions are classified like: Deprived financial institutions: banks, financial societies, mutualistic associations of saving and credit for the house, cooperatives of
saving and credit that make financial intermediation with the public. Public financial institutions: state banks, small farm loan banks of stable institutions. These institutions are governed by their own laws, but they are put under the financial legislation of each country and the control of the supervision of banks. Financial organizations:
this It is the name that occurs to the organizations who maintain lines of credit for development projects and small productive projects in favor of the poor populations. They include the international organisms, the international or national governments and mype. These organizations are governed by the policies of international technical and economic cooperation and have obtained doubtless levels of qualification and experience that qualify them in the benefit of the credit. Nevertheless, the majority is not functional within the framework of real conditions of market, Is to say if they had to receive the credit to the interest rate that allows to pay its expenses them to obtain a utility. Financing for the development the financing for the development comes mainly from resources of the State and international financial organisms: the Inter-American Development Bank (I.A.D.B.), the World Bank (BM), the Central American Bank of
Integracio'n Econo'mica (BCIE), the program of Nations Unit for the
Development (the PNUD), the European Economic Community, (the EEC) among others. Generally, these resources of external origin demand, like contraparte, contributions of national resources for development projects. In the last years, the financing for the development in favor of the poor population and of specific groups like the women to acquired a significant importance.
These bottoms canalize for productive projects and other services nonfinanciers, through the international and national ONG. What is the credit and where to obtain
it? The credit is the money in cash that we received to face a financial necessity and that we commit ourselves to pay in a determined term, to a certain price (interest), with or without partial payments, and offering of our part guarantees of satisfaction
of the financial organization that assure the collection to him the same one. The answer to where to obtain the credit Is not difficult, but Is very ample and complex by the variety of possibilities that are offered in agreement with the country. There are two types of credit:
banking and the nonbanking one.
Banking credit the banking credit comes from state banks and private banks. Loans of State banks are varied the organizations public that act or have acted in our countries like financial organizations, among them stand out the promotion, development banks, commercial, mixed, agrarian, industrial, of house. To this type of loans the MYPE have access that reunite a series of conditions, between which are: to demonstrate that there are been working by a sufficient time, that they have separate properties of husband and wife like guarantee, yield of the project, being reliable in payment terms, that take a basic accounting, established customer. Most of the loans that are granted are of short term, thus they are limited to acquire fixed
assets like earth, the premises, machinery and quipos that are goods which they only can be amortized in the medium and long term, without causing flow problems. In order to obtain this type of loans the MYPE must sign a promissory note, to have fasteners or assets that can be put in guarantee.
The payment of the capital and the interests establishes the bank. It is good, before nothing, to know range possibilities that are offered and which well is most advisable. The personal loan is simplest and it grants based on the solution of the
applicant and its capacity of payment. The commercial loan or of short term is to less of a year and generally to 90 days. It constitutes in the facts, an advance of 90 days of the money that the company hopes to receive of its clients. For that reason to interests and/or commissions are paid. A good industralist must learn to diminish to the maximum possible the payment of interests and commissions. The long-term greater loan to a year, requires greater guarantees, or stronger (real guarantees) that those of short term that generally the MYPE and in them, the women, have greater
difficulty to obtain. They are used to finance investments in fixed assets (movable or immovable). This type of loan requires of a greater justification, than it can reach to the presentation of a project. It supposes a continuous pursuit on the part of the Bank, due to the extension of the term to the variations that can be produced in this
time. Loans of Private banks the conditions demanded by the private banks, in terms of term, interest rates and guarantee are harder than those of the banks public. From which it is very difficult them MYPE to have access to his resources, single when these banks canalize specific international bottoms for productive element or the owner of the MYPE can have access. NonBanking credit the nonbanking credit Is
any loan that is not granted by the banks of the banking system of the country. In many cases, it is not supervised by the monetary authorities of the country (Central bank or Supervision of Banks or another similar). The following ones are the most common forms that it assumes the supply of credit: Own financing: personal or familiar saving, Loans friends, neighbors, Loans ONG, Loans suppliers of machinery or quipo, commercial Credit, other financial organizations.
Own Financing: Personal or Familiar saving first that must make a company, when needs financing, Is to find out if it has those means and if they are usable. An excess of financial resources available or a capital of very high work, as well as excessive immobilizations (for example, machines in disuse), can be the source of own financing, that the company this looking for. It is the economic financing and the one than it originates minors obtaining difficulties. The MYPES commonly have a great limitation of money and, sometimes, this does not allow them to make some investment or to pay expenses of operation. This is agravated by the fact that, when lacking goods that can serve as guarantee, they cannot accede to other sources of financing. By the previous thing, the undercapitalized MYPE more initiate their
operations with their low personal or familiar savings. This way they do not reach the required level of operation to obtain an entrance sufficient and to cover its personal necessities thus. Loans of Neighboring Friends This Is a source to which the MYPE resort, although often they receive usury interests. Nevertheless, they are
sources that do not ask for any type of guarantee and offer the money immediately. The opportune credit and without requirements is fundamental aspects for on experience reason why the high interest rates are not a reason to reject the supply. Unfortunately in many cases, by the type of relation that settles down, the moneylenders feel with the right to think on the decisions that are due to take in
the company, which prevents that the industralist develops freely.
NonBanking credit the nonbanking credit Is any loan that is not granted by the banks of the banking system of the country. In many cases, it is not supervised by the monetary authorities of the country (Central bank or Supervision of Banks or another similar). The following ones are the most common forms that it assumes the supply of credit: Own financing: personal or familiar saving, Loans friends,
neighbors, Loans ONG, Loans suppliers of machinery or quipo, commercial Credit, other financial organizations. Own Financing:
Personal or Familiar saving first that must make a company, when needs financing, Is to find out if it has those means and if they are usable. An excess of financial resources available or a capital of very high work, as well as excessive immobilizations (for example, machines in disuse), can be the source of own financing, that the company this looking for. It is the economic financing and the one than it originates minors obtaining difficulties. The MYPES commonly have a great limitation of money and, sometimes, this does not allow them to make some investment or to pay expenses of operation. This is agravated by the fact that, when lacking goods that can serve as guarantee, they cannot accede to other sources of financing. By the previous thing, the undercapitalized MYPE more initiate their
operations with their low personal or familiar savings. This way they do not reach the required level of operation to obtain an entrance sufficient and to cover its personal necessities thus. Loans of Neighboring Friends This Is a source to which the MYPE resort, although often they receive usury interests. Nevertheless, they are
sources that do not ask for any type of guarantee and offer the money immediately. The opportune credit and without requirements is fundamental aspects for on experience reason why the high interest rates are not a reason to reject the supply. Unfortunately in many cases, by the type of relation that settles down, the moneylenders feel with the right to think on the decisions that are due to take in
the company, which prevents that the industralist develops freely.
Loans nonGovernmental Organizations One of the few sources of financing that offers to the MYPE conditions adapted as far as interest rates and terms are the governmental organizations without profit aims, ONG, that have like part of their organizacional mission
supporting to the worked against people more. In addition, most of them it offers a technical attendance that allows the future industralist to improve its methods of work, of production, product trade, accounting, among others. Loans Suppliers De Maquinaria and Equipo To be able to buy these assets the MYPE resort to companies that offer the suitable conditions them of term to be able to pay them. This equipment is as guarantee and cannot be used like guarantee in another loan. Also it exists companies that rent machinery with the purchase possibility (leasing). Commercial credit According to its activity, the MYPE can negotiate prorogation in the term of its payments (60 or 90 days, for example), before creditors or suppliers.
The possibilities of obtaining financing by these managements will depend in good measurement on the situation del market, and the capacity of management of the company before the other companies that deal with her: the suppliers and the own clients. This Is one of the sources that use the MYPE with better economic conditions more. The loan that is granted depends on the fundamental factors: the knowledge and confidence that the supplier of the person has industralist and of the type of business to which it is dedicated. The loan that is granted Is of short duration; in general, 30 days. This type of loan allows the MYPE to tell on the insumos and materials necessary to produce and, on the other hand, also allow to give to credit to their clients when financing to them their sales him. Other Financial
Organizations Nowadays a generalized process enough on transformation
of the financial system is being lived. In addition, the modernization, via computation, takes us to the time of the automatic tellers, the electronic intercommunication, the credit cards, and other innovations. A great competition between organizations takes place and it almost disappears the border between domestic organizations and the international. This forces to watch well, to observe thorough the supply, to choose most advisable for our companies. According to each country of the region, it is possible to be identified by being recognized formally, or because they are acting in fact, without control nor registry of the banking authority. They are similar to the banks but usually they change to the flexibility and agility, by elevated interests and commissions more, when "they facilitate" the financing. Some of them are dedicated to receive the invoicing produced between the client and the company (factoring factoraje or"), assuming the risk of the invoices impagas, offers liquidity in exchange for conformed invoices but, of course, that to a
high cost. Also other companies have arisen like: The companies of insurances, that look for yield and demand guarantees of high
Alternative credit the alternative credit is a less precise concept and than it contrasts with the traditional credit of the banks, financiers and cooperatives of saving and credit. One talks about any financial institution "that leaves the traditional credit, that takes care of a customer who normally Is not subject of credit, or that
develops innovativos financial services.... It has a developmentapproach taking care of population segments that do not participate in total way in the processes of economic development. The institutions that handle alternative credit are: great projects of international cooperation like those of the Bottom for the Development, FIDA, the Agency for the Development the International of the United States of
North America, AID and the European Economic Community, the EEC; dependencies of the government with special lines of financing of nongovernmental international agencies and the gremiales cooperatives and associations with own and international financing. This type of credit has received use because it has characteristics different from the banking credit: they are nearer forms of financing and, therefore, they select better to its customer; more they are respected in a the
community, they offer technical attendance, they are less bureaucratic, they request adapted guarantees to the situation of the person, his costs are lower than in the bank and, generally, the interest rate Is lower. In spite of the previous advantages, the
portfolios of alternative credit undergo problems: losses by dilatoriness, the countable systems do not allow to give pursuit, the flexibility of the technicians in how much to the Moor it causes that the institution loses prestige and people do not pay to him, high administrative costs, low interest rates that do not allow them to
cover costs. This type of credits arrives little at the women by different reasons: by which the financial products do not adapt to their situation, or its roll in the family and the community and to its capacity of endorsement already that bines is not to their name; the productive activities that make are diverse, and therefore, the
financial ones do not have the knowledge of how they handle the money, how they prioritize the expenses of the family. In spite of the previous thing, numerous studies have demonstrated that the women are better payer than the men. Requirements To obtain Credit the requirements to accede on the credit depend on the type of financial institution (private bank, cooperative, ONG). Also they depend on the
line of financing that goes away to you use. Nevertheless, common aspects like the following ones can be identified: To present/display the credit request before the financial institution of its confidence, being accompanied the project to which the credit will be destined. The institution analyzes and evaluates the request. If
the analysis and the evaluation of the institution are favorable, this one test the credit. Document company/signature of endorsement and constitution of guarantees.
Components of an Operation Credit Amount Of the Credit Normally the amount of the credit Is the sum of the capital itself, that is the money that does not give the institution, plus the calculated interests in advance, which we will have to pay to the victory. If we requested to the financial organization a credit to him to three
months of term, by 5,000 quetzalespara to pay the wood of the tables, and 3,000 for the payment of the other materials and the manual abor, the amount is going to be 8,000 Quetzals. To this sum they must add to it him the interests, that calculate thus: 8.000 to a term of three months, to annual 10% 8,000 xs 0,10 200 /12 xs 3 = the interest will be of $200 the amount of the credit will be of 8,000 + 200, that is $8.200. The interests the interest in the price that receive to lend the money by a certain term. These interests are moderate in an annual percent (10%, as already it were seen, for example). The forms to receive the most current interests in the region are: Linear Rate: It is a formula of simple interest that it calculates the rate
established on the capital of the credit until the victory of the fixed term. The used interest rate more Is the TEA, and is calculation tables that are of easy handling. This will allow the person advises and to the industralist the MYPE to make the calculations, which facilitates the decision making. Term De Repago Is the time expressed in days, months or years, that the financial organization grants or
that is agreed to with this one for the return of the capital of the credit. It can be a unique, determined or fixed term. For example: 30 days, 180 days or a year. It can also be a determined term, but with partial, monthly or quarterly payments for example: term of 1 year with monthly payments; or term of 2 years by quarterly gagos. Period De Gracia Is the time, within the main term, that is granted or agreed
not to pay to the capital or the capital and interests of the credit.
The grace Is a very useful instrument for the credit takers. An initial relief of financial obligations, in moments in which the investment makes not yet with the credit generates the income waited for, Is a good support, that it will facilitate the fulfillment of the payments. Normally the grace is used in the credits to medium and long term for the financing of investments in the companies. According to it is the project to finance, and according to they are the terms of the credits, thanks that are granted will be of six months or more. If it is going to be of more than six months, the grace that is granted will be single of capital and in that period it will be necessary to pay the interests. Amortization the partial amortization, payments or
quotas are forms of cancellation or payment of the credits. The credits on credit fixed, generally, have an only amortization to the victory. The credits in amortizable quotas or are those that are agreed to with partial payments, monthly for example, in general in equal quotas. The credits on credit fixed, according to remember with the financial organization, can renew by a term greater than the
initial. Surely the payment of the interests will be demanded to him indebted and leaves from the capital.
Guarantees the guarantees consist of real or patrimonial the endorsement, that are asked for to make sure the final collection the credit that grants to us. For the women It is more difficult to count on articles and required guarantees, not as much by economic incapacity, but by the conditions of sort inequality. Diverse types of
guarantees exist that vary according to the amount, type, term that is granted. Among them they are the real guarantees and the fiduciary.
Real guarantees East type of guarantee of very frequent use, consists of affecting real estate of property of the credit applicant, of article form or mortgages. The article becomes on personal property (vehicles or machineries, equipment). And the mortgage, on real estate (lands, buildings, sheds, etc.). as much the articles as the mortgages are operations with contract forms, that are regulated by the law. So
that they have value like guarantees, they will have to be registered generally to avoid the superposition of creditors in and the case that the good to receive the debt must be hopeless. Normally, in the region, the articles and mortgages of goods are computed like guarantees in a relation from 2 to 1. The financial organization does
an appraisal of the good, valuing it by the estimation of its value of sale. The pledged or mortgaged goods will not use in general new affectations like real guarantees. Fiduciary guarantee East type of guarantee Is personal and consists of that the applicant del credit presents/displays one or several people fasteners that must have certain requirements, as a minimum amount of entrance that can be responsible for the credit, in case that does not pay the loan by part of the person who asks for it. Considerations To grant a Credit the banking antecedents or with other financial organizations of the company are fundamental data when it is going away to solve a credit request. The company, in addition to the own guarantees that can offer, can promise complementary guarantees of different type. It is quite common, in some credits, the contributed shared in common guarantee in joint form by other MYPE
Application of the technology of information in the finances In this publication article one occurs to an introduction on the necessity and the impact of the technology of information in the field of the finances. Later, one as much describes to the situation and present relation between the finances and the technology of information in the United States, as in different Latin American countries. The impact is analyzed that has had the new Sarbanes-Oxley regulation in the use of technology of information in the area of finances. In the third section of this article to recent examples and concrete applications of companies at world-wide level are described that have used the financial technological systems successfully to perform their functions daily and to obtain competitive advantages by means of the use of these systems. The information technology also is used by organisms public like the International Bags of Values. The aspects of the area of finances in as east article focuses are: budgets and planning, financial analysis, I close financiers of month,
treasury, administration of inventory, credits and cobranzas and accounts to pay. At the end of this article a conclusion of the benefits and the added value appears to use the technology of information in the area of finances.