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Task 4 (P3) Sources of Finance available to Joseph Chamberlain Sixth Form College There are two types of sources of finances namely internal sources and external sources. Internal sources of finance can be from savings or profits however external sources of finance can be from outside the business such as banks, shares etc There are many different sources of finance available generally however it depends on the actual business type. For JCC the sources of finance available to them are as follows: * Banks - banks are able to offer loans, business accounts, commercial mortgages and overdraft facilities based on the business plan. Interest is payable based on the predicted risk. Some security will need to be provided, e.g. assets such as college premises. * Overdraft - an arrangement with the bank where a business will be able to borrow more money from its bank than is actually in their account. ...read more.


The assets which are sold may not be needed any longer by the business. * Lease - a method of obtaining items for a stated period of time. At the end of the lease the item has to be returned to the owner. Useful when expensive machinery is replaced regularly * Hire purchase - a system of obtaining items in return for a monthly payment over a given period. The item does not become the owners until the last payment is made * Grants - an amount of money usually made available for a specific purpose by the government. * Owner's investment - the existing owners of the business may invest more money. * Mortgage - a very long - term method of borrowing money which requires some security. * Share issue - limited companies and release shares for people to buy to raise money. * Debenture - another type of loan but is secured against an item that is worth a lot of money as security. ...read more.


The HR will outline the job description and the personal specification which will then be advertised in the Evening mail which cost them �4000 four a quarter A4 page. However when they advertise vacancies for the Principal they use Specialist magazines such as the times and the guardian which costs them �15,000 for two weeks of advertising. Once they receive the applications they start the first step by short listing them and they read it for only 30 seconds if it makes them interesting and more realistic they will continue to read it otherwise they do not read it because they have a lot of applications to look at which the time is short. Once the shortlist procedure is finished they call the applicants for an interview in which cases sometimes the head of department or the assistant principal interviews as well with the HRM. They judge the applicant by how they present themselves and look for their experience and achievements. ?? ?? ?? ?? Akhtar Esmail Adam J35081 1 ...read more.

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