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CSO statistical release, 03 March 2016, 11am

Access to Finance

2014

Small and medium sized enterprises applying for different types of finance, 2014
%
Size of Enterprise Bank financeEquity financeOther types of finance
   
Micro (1-9 Persons employed)20.01.75.0
Small (10-49 Persons employed)35.02.58.0
Medium (50-249 Persons employed)39.84.79.1
All SMEs (Under 250 Persons employed)21.41.85.3
     

Bank finance the most popular type of finance sought by SMEs in 2014

Figure 1: SMEs applying for finance, 2014
go to full release

Results from the 2014 Access to Finance survey show that bank finance was the most popular type of finance sought. Over a fifth of all small and medium sized enterprises (SMEs) applied for such finance in 2014. While 20% of micro sized enterprises  applied for bank finance, the rate rose to 35% for small sized enterprises and increased again to 39.8% for medium sized enterprises.

Relatively few SMEs looked for finance from non-bank sources, for example only 4.7% of medium sized enterprises looked for equity finance compared to 39.8% of similar sized enterprises who looked for bank finance. Exporting SMEs generally made more applications for bank finance than non-exporting SMEs. See Headline table, Table 1 and Figures 1 & 2.

 

Size of EnterpriseBank financeEquity financeOther types of finance
Micro (1-9)201.75
Small (10-49)352.58
Medium (50-249)39.84.79.1
000
All SMEs (Under 250)21.41.85.3

 

The Access to Finance survey was first carried out for reference year 2010. The most recent survey was carried out for reference year 2014 for all SMEs. There are significant methodological differences between the 2010 and 2014 surveys and the results are not comparable. Please see background notes for more detailed explanation. 

 

Larger SMEs were more successful when applying for bank finance in 2014

Over 70% of SME bank finance applications were successful. Applications from larger SMEs were more successful than smaller SMEs when applying for bank finance. Almost 92% of medium sized enterprises were successful compared to just under 70% of micro sized enterprises. Exporting SMEs were noticably more successful than non-exporting SMEs when applying for bank finance. Almost 95% of exporting SMEs were successful compared to 67% for non-exporting enterprises. See Figure 3 and Table 2.

Size of EnterpriseBank finance
Micro (1-9)69.5
Small (10-49)74.4
Medium (50-249)91.6
0
All SMEs (Under 250)70.6

Information and Communications (ICT) sector less likely to look for bank finance than other sectors but more likely to be successful 

Over a fifth of SMEs in the Industry, Construction and Selected Services sectors applied for bank finance in 2014. This was in contrast with the ICT sector where only 12.5% of SMEs applied for bank finance. However, the ICT sector had the highest rate of applications for equity finance at 3.9%. 

The use of finance types other than bank and equity finance was most prevalent in the Construction sector, with 8% of SMEs in this sector applying for other types of finance, such as loans from sources other than banks, leasing, factoring, etc. See Figure 4 and Table 3.

NACE SectorBank financeEquity financeOther types of finance
Industry (NACE 05-39)232.96
Construction (NACE 41-43)22.30.87.98131679538186
Selected services (NACE 45-56, 68, 77-82)23.725.14564547587416
Information and communications (NACE 58-63) 12.53.93.70512163892446
Professional, scientific and technical
activities (NACE 69-75)
16.31.32.92516370439663
000
All economic sectors (05-82, excl. 64-66)21.41.8220968520565.26249198423506

Looking at the success rates of bank finance applications for individual NACE sectors, the ICT sector reported the highest success rate with 84.3% of all applications approved, followed by the Construction sector where 73% of bank finance applications were successful.

The sector with the highest rate of unsuccessful bank finance applications was the Selected Services sector (retail, accommodation, food and professional services sectors) where 31.6% of applications did not succeed and a further 6.6% of applications were only partially successful. See Figure 5 and Table 4.

NACE SectorSuccessfulPartially successfulUnsuccessful
Industry (NACE 05-39)65.44.929.7
Construction (NACE 41-43)73027
Selected services (NACE 45-56, 68, 77-82)61.86.631.6
Information and communications (NACE 58-63)84.3015.7
Professional, scientific and technical
activities (NACE 69-75)
676.826.2
000
All economic sectors (NACE 05-82 excl. 64-66 )65.55.129.4

Higher growth enterprises more successful in bank finance applications than lower growth enterprises

Using increases in employment over time as a proxy for enterprise growth, it is possible to analyse the financial application experience by enterprise growth type. Enterprises classed as “high-potential start-ups” are SMEs established between 2010 and 2014 whose employment increased by at least 20% per annum over that period. SMEs classed as “other high growth” are enterprises established prior to 2010 whose employment increased by at least 20% per annum between 2010 and 2014. The remaining SMEs were classed as “other” enterprises. 

There was little difference in bank application rates between the three growth types (high-potential start-ups, other high growth, and other enterprises) – approximately 20% - there was however a marked difference in success rates by type of growth enterprise. Bank finance applications from SMEs which experienced more employment growth were more successful when applying for finance. Applications from high-potential start ups and other high growth enterprises achieved success rates of over 70%, compared to lower employment growth SMEs who recorded a success rate of 47.3%. See Figure 6 and Tables 5 & 6.

Growth groupSuccessfulPartially successfulUnsuccessful
High potential start-ups70.94.524.6
Other high growth75421
Other enterprises47.37.245.5
000
All growth types65.55.129.4

New lending was the main type of finance sought from banks

The main type of finance that SMEs sought from banks in 2014 was new lending, which amounted to 57.1% of all applications. Nearly 31% of all SME applications for bank finance were for renewals of existing facilities, while 12.2% of applications were for debt restructuring purposes. When analysing by enterprise size class, approximately 16% of small and 20% of medium size enterprises indicated debt restructuring as the reason for applying for bank finance. See Table 7.

 

Working capital the main reason for majority of all finance applications 

More than half, 50.1%, of all applications for bank finance indicated that the finance was to be used as working capital. Nearly 40% of applications for other types of finance and  over a third  of applications for equity finance specified the need for working capital. Other reasons for seeking finance included investment in property, intangibles and export growth. See Figure 7 and Table 8.

ReasonBank financeEquity financeOther finance types
Working capital50.133.439.3
Investment (intangibles)1423.423.1
Investment (property)13.2114.3
Other finance11.78.49.8
Investment (other)10.116.520.6
Export growth17.33

If not applying for bank finance, 80% of SMEs indicated not needing the finance as the main reason

For SMEs not looking for bank finance, 80% of these enterprises indicated that their business did not need bank finance. Just under 7% of these SMEs did not apply for bank finance because they felt they would have loan repayment difficulties, while approximately 6% of those who did not apply believed that the banks were not lending. See Figure 8 and Table 9.

 

ReasonsReasons
The business did not need it80.000370165525
The business was unable to repay the debts6.82587197116489
Belief the banks were not lending6.18951214743457
An informal approach to the bank was rejected2.41980944745116
The cost of credit was too high2.40197061948973
The bank lending terms and conditions
were too strict
2.16246564893462

In relation to SMEs who did not look for equity finance, over 81% of these enterprises indicated that their business did not need it. Just over 6% of these SMEs did not apply for equity finance as it was not relevant to the business, with a further 5% not applying due to probable rejection. See Figure 9 and Table 10.

ReasonsReasons
The business did not need it81.2741700980704
Not relevant to the business6.05948788809692
Probable rejection5.03228528172471
Unfamiliar with the product4.45648787756975
The director/owner did not want to cede control1.75842787969858
Equity was too expensive a form of financing1.41914097483966

Existing relationship with a bank was the main reason SMEs chose a bank for a loan

When asked about the reason for choosing a particular bank for a loan, over 45% of SMEs  indicated the enterprise already being a client of  the bank was the main reason, with a further 21.5% of SMEs indicating that the branch was local to them. Only 8.9% of SMEs primarily selected their bank based on the interest related terms offered. See Figure 10 and Table 11.

Reasons
Business already a client45.2
Bank branch local21.5
Bank branch known for good client relationships9.5
Bank offered best interest related terms8.9
Bank's knowledge of the sector5.3
Other reasons3.4
Bank's emphasis on SMEs3.4
Bank offered best non-interest related terms2.8

Three-quarters of loan applications required collateral

SMEs reported that collateral was requested in 73.6% of bank finance applications. When collateral was required, the personal guarantee of the owner/director of the SMEs accounted for 53.9% of cases. A further 16.5% of applications had to provide collateral in the form of a property of the business. See Figure 11 and Table 12.

 

Type of collateralType of collateral
Personal guarantee of an
owner/director of the business
53.9
Property of the business16.5
Current assets of the business12.4
Other fixed assets of the business7.2
Other types of collateral5.5
Personal guarantee of other individuals4.5

In almost 18% of unsuccessful bank finance applications, SMEs indicated they received no reason from the bank

SMEs indicated that they had not received any explanation for the refusal from their bank in 17.6% of cases. Lack of own capital was given as the reason in almost 17% of applications, while nearly 16% of SMEs reported that they were refused as the enterprise already had too much debt. See Figure 12 and Table 13.

Reasons given, if any
No reason given17.6
Lack of own capital16.8
Too many loans/debt15.9
Insufficient or risky potential12.6
Other reason 11.6
Bank seemed unfamiliar with business' sector11.5
Insufficient collateral or guarantee10.4
No loan history2.4
Risky export proposal plan1.2

When unsuccessful, over 40% of SMEs forgo the additional finance

Following a bank finance application refusal, 41.7% of SMEs decided to forego the funds applied for and continue to operate without the additional finance, while 16.1% of SMEs applied for alternative financing. See Figure 13 and Table 14.

Action
Forego the funds applied for41.683387393796
Applied for alternative financing16.0927494545628
Sought informal finance from friends and family10.3122104479093
New application at new bank9.37700954788958
New application at State entity
(e.g. Microfinance Ireland)
8.9378246688394
Re-applied at the same bank8.64954515756144
Applied for trade credit facilities with suppliers4.50473786152532
Appealed through banks official appeals process0.242917692784507
Credit review office0.199617775131672

1 in 7 of SMEs indicate they have outstanding property debt of an owner/director

When looking at credit exposures, 14.5% of SMEs indicated that they carry outstanding property debts of the owner or director. Of these SMEs, 38.8% identified it as a major obstacle to business performance, 35.5% cited this as a minor obstacle, while the remaining 25.7% reported that this debt was no obstacle to business performance.

When asked about business debt relating to property purchase, 8.8% of SMEs reported that they had such debt, and 8.5% of SMEs carried debts of the owner relating to the purchase of business premises. Around three-quarters of these SMEs view this debt as being an obstacle, either minor or major, to business performance. See Figures 14 & 15 and Table 16.

Outstanding business debt related to property purchaseOutstanding debt of owner/director relating to purchase of business premisesOutstanding property debts of owner/director
Micro (1-9)7.77.714.3
Small (10-49)19.316.416.5
Medium (50-249)24.81914.3
000
All SMEs (Under 250)8.88.514.5
Exposure typeMajor obstacleMinor obstacleNo obstacle
Outstanding business debt
related to property purchase
41.734.723.6
Outstanding debt of owner/director relating
to purchase of business premises
413425.0094527096905
Outstanding property debts of
owner/director
38.835.525.7

Almost half of SMEs expect to seek bank finance in the period 2015-17

When asked about their future finance options, 47.7% of SMEs said that they expect to seek bank finance in the period 2015-17, with a further 10.7%  stating that they expect to seek finance from their owners/directors. 

When asked about the purpose of any future financing  36.5% of SMEs indicated that the need for working capital will continue to be the main reason, with 17.9% of SMEs expecting to finance other investments. See Tables 17 & 18.

Table 1 Enterprises applications for finance, by number of persons engaged and type of finance, 2014
    %
Number of persons engagedType of financeExporterNon-exporterAll enterprises
     
Micro (1-9)Bank finance22.620.120.0
 Equity finance2.21.71.7
 Other finance types2.95.35.0
Small (10-49)Bank finance49.332.535.0
 Equity finance3.42.32.5
 Other finance types15.77.08.0
Medium (50-249)Bank finance42.139.639.8
 Equity finance9.43.64.7
 Other finance types10.08.99.1
All SMEs (Under 250)Bank finance26.121.221.4
 Equity finance2.51.81.8
 Other finance types4.55.45.3
     
Table 2 Success rates of finance applications by number of persons engaged and type of finance, 2014
    %
Number of persons engagedType of financeExporterNon-exporterAll enterprises
     
Micro (1-9)Bank finance:66.069.5
 Equity finance:28.733.6
 Other finance types:62.564.6
Small (10-49)Bank finance85.470.874.4
 Equity finance:16.420.4
 Other finance types:45.450.8
Medium (50-249)Bank finance92.891.191.6
 Equity finance:::
 Other finance types:::
All SMEs (Under 250)Bank finance94.767.070.6
 Equity finance:27.532.1
 Other finance types:60.162.3
    
Note 1: The success rates in this table reflect the share of finance product applications made by enterprises that were fully or partially successful
Note 2: No exporter breakdown given due to small number of responses per category when broken down
Table 3 Enterprises applications for finance by NACE sector and type of finance, 2014
   %
NACE SectorBank financeEquity financeOther types of finance
    
Industry (NACE 05-39)23.02.96.0
Construction (NACE 41-43)22.30.88.0
Selected services (NACE 45-56, 68, 77-82)23.72.05.1
Information and communications (NACE 58-63)12.53.93.7
Professional, scientific and technical activities (NACE 69-75)16.31.32.9
All economic sectors (NACE 05-82 excl. 64-66)21.41.85.3
    
Table 4 Success rates of bank finance applications by NACE sector, 2014
   %
NACE SectorSuccessfulPartially successfulUnsuccessful
    
Industry (NACE 05-39)65.44.929.7
Construction (NACE 41-43)73.00.027.0
Selected services (NACE 45-56, 68, 77-82)61.86.631.6
Information and communications (NACE 58-63)84.30.015.7
Professional, scientific and technical activities (NACE 69-75)67.06.826.2
All economic sectors (NACE 05-82 excl. 64-66)65.55.129.4
    
Table 5 Enterprises applications for finance by growth type and type of finance, 2014  
    %
Growth typeType of financeExporterNon exporterAll enterprises
     
High potential start-ups1Bank finance23.820.120.2
 Equity finance0.51.11.0
 Other finance types0.15.55.0
Other high growth2Bank finance33.220.521.5
 Equity finance2.51.11.2
 Other finance types6.23.53.7
Other enterprises3Bank finance14.623.122.2
 Equity finance4.03.33.3
 Other finance types4.88.48.0
All growth typesBank finance26.121.221.4
 Equity finance2.51.81.8
 Other finance types4.55.45.3
     
     
Note 1: High potential start-ups: Enterprises established between 2010 and 2014 whose employment increased by 20% per annum over that period  
Note 2: Other high growth: Enterprises established prior to 2010 whose employment increased by 20% per annum during the period 2010 to 2014  
Note 3: Other enterprises: Enterprises other than High potential startups and High growth enterprises  
Table 6 Success rates of bank finance applications by growth type of enterprise 2014
   %
Growth groupSuccessfulPartially successfulUnsuccessful
    
High potential start-ups170.94.524.6
Other high growth275.04.021.0
Other enterprises347.37.245.5
All growth types65.55.129.4
    
    
Note 1: High potential start-ups: Enterprises established between 2010 and 2014 whose employment increased by 20% per annum over that period
Note 2: Other high growth: Enterprises established prior to 2010 whose employment increased by 20% per annum during the period 2010 to 2014
Note 3: Other enterprises: Enterprises other than High potential startups and High growth enterprises
Table 7 Type of bank finance sought, 2014
   %     
Number of persons engagedNew Lending Renew existing facilitiesDebt Restructuring       
Micro (1-9)57.331.211.5
Small (10-49)56.827.615.6
Medium (50-249)45.534.220.3
All SMEs (Under 250)57.130.712.2
    
 
Table 8 Enterprises reasons for applications for finance, 2014
   %
ReasonBank financeEquity financeOther finance types
    
Working capital50.133.439.3
Investment (intangibles)14.023.423.1
Investment (property)13.211.04.3
Other finance11.78.49.8
Investment (other)10.116.520.6
Export growth1.07.33.0
All reasons100.0100.0100.0
    
Table 9 Main reasons enterprises did not apply for bank finance, 2014
 %
Reason 
  
The business did not need it80.0
The business was unable to repay the debts6.8
Belief the banks were not lending6.2
An informal approach to the bank was rejected2.4
The cost of credit was too high2.4
The bank lending terms and conditions were too strict2.2
All Reasons100.0
  
Table 10 Main reasons enterprises did not seek equity finance, 2014 
 %
Reason 
  
The business did not need it81.3
Not relevant to the business6.1
Probable rejection5.0
Unfamiliar with the product4.5
The director/owner did not want to cede control1.8
Equity was too expensive a form of financing1.4
All Reasons100.0
  
Table 11 Enterprises reasons for choosing a particular bank, 2014
 %
Reason 
  
Business already a client45.2  
Bank branch local21.5  
Bank branch known for good client relationships9.5  
Bank offered best interest related terms8.9  
Bank's knowledge of the sector5.3  
Other reasons3.4  
Bank's emphasis on SMEs3.4  
Bank offered best non-interest related terms2.8  
All Reasons 100.0  
  
Table 12 Collateral for bank finance, if required, by type of collateral, 2014
 % 
Type of collateral 
  
Personal guarantee of an owner/director of the business53.9 
Property of the business16.5 
Current assets of the business12.4 
Other fixed assets of the business7.2 
Other types of collateral5.5 
Personal guarantee of other individuals4.5 
All collateral types100.0
  
Table 13 Reasons given by banks for full or partial loan refusal, 2014
 %
Reasons given, if any 
  
No reason given17.6 
Lack of own capital16.8 
Too many loans/debt15.9 
Insufficient or risky potential12.6 
Other reason 11.6 
Bank seemed unfamiliar with business' sector11.5 
Insufficient collateral or guarantee10.4 
No loan history2.4 
Risky export proposal plan1.2 
All Reasons100.0
  
Table 14 Actions taken by enterprise following full or partial loan refusal by banks, 2014
 %
Action 
  
Forego the funds applied for & continued to operate without additional/new finance41.7
Applied for alternative financing16.1
Sought informal finance from friends and family10.3
New application at new bank9.4
New application at State entity (e.g. Microfinance Ireland)8.9
Re-applied at the same bank8.6
Applied for trade credit facilities with suppliers4.5
Appealed through banks official appeals process0.2
Credit review office0.2
All actions taken 100.0
  
Table 15 Main sources used to finance working capital and investment, 2014 
%
Sources of financeWorking capitalInvestment
   
Internal funds/Retained earnings58.455.6  
Trade credit12.56.3  
Equity1.81.5  
Borrowed from banks9.515.1  
Government sources0.7*  
Bonds**0.0  
Borrowed from non bank financial institutions/funds0.71.3  
Owner's contribution14.316.9  
Other2.13.3  
All sources100%100%
   
Note 1 * Government sources option not available for investment sources
Note 2 ** Bonds option not available for working capital sources
Table 16 Credit related exposures and obstacles to performance, 2014
      %
Exposure type Exposure rate Major obstacleMinor obstacleNo obstacle
       
Outstanding business debt related to property purchaseMicro (1-9)7.7 :::
 Small (10-49)19.3 :::
 Medium (50 - 249)24.8 :::
 All SMEs (Under 250)8.8of which 41.734.723.6
Outstanding debt of owner/director relating to purchase of business premisesMicro (1-9)7.7 :::
 Small (10-49)16.4 :::
 Medium (50 - 249)19.0 :::
 All SMEs (Under 250)8.5of which 41.034.025.0
Outstanding property debts of owner/directorMicro (1-9)14.3 :::
 Small (10-49)16.5 :::
 Medium (50 - 249)14.3 :::
 All SMEs (Under 250)14.5of which 38.835.525.7
       
       
Note - : Indicates that no breakdown is available due to small number of respondents in this category.
Table 17 Expected sources of finance between 2015 and 2017      
 %      
Source 
  
Banks47.7 
Owners/directors of the business10.7 
Leasing companies9.5 
Family and/or friends8.6 
Government support (grants)5.9 
Other financial institutions4.5 
Venture capital funds & private equity3.7 
Loans from other finance sources3.2 
Business angels2.6 
Business to business2.2 
Other employees of the business1.4 
All sources100.0
  
Table 18 Reasons enterprises expect to request finance between 2015 and 2017
 %
Reasons 
  
Working capital36.5
Investment other17.9
Refinance/restructure existing facilities13.2
Investment in intangibles12.2
Investment in property12.0
Other6.2
Export growth2.0
All reasons100.0
  

Background Notes

Introduction

The “Access to Finance” survey was first carried out by the CSO for reference year 2010. This most recent survey was undertaken for reference year 2014 for all SMEs. Only independent SMEs are included in this survey, i.e. no subsidiary enterprises were selected on the assumption that their finance arrangements may be organised or influenced by the Group HQ.

The aim of the survey is to examine the different types of finance sought by SMEs, the reasons for which finance is sought and how successful these finance applications are.  There are significant methodological differences between the 2010 and 2014 Access to Finance surveys and so the results are not comparable.  Different questions were asked, and in particular the inclusion of micro sized enterprises in the 2014 Access to Finance survey introduces a significant change in the results. These micro sized enterprises were not surveyed in the 2010 Access to Finance survey. This release shows that the access to finance experience for micro sized enterprises can be quite different to larger size classes of SMEs. 

Reference Period

2014, with a limited amount of estimated data for the years 2015 - 2017

Scope

The scope of the survey was enterprises in the non-financial market sectors that employed between 1 and 249 persons in the reference year 2014, and which continued to employ at least 1 person at the time of the survey. The enterprises in scope should be financially independent, i.e, not subsidiaries of another enterprise.

 

Size Classes

Micro                                                               1 – 9            Persons employed

Small                                                              10 – 49         Persons employed

Medium                                                           50 – 249       Persons employed

All Small and Medium Enterprises                     Under 250     Persons employed 

Growth Types

Enterprises classed as “high-potential start-ups” are SMEs established between 2010 and 2014 whose employment increased by at least 20% per annum over that period.

SMEs classed as “other high growth” are enterprises established prior to 2010 whose employment increased by at least 20% per annum between 2010 and 2014.  

The remaining SMEs can be classed as “other” enterprises. 

 

Coverage

The sample was selected from the following NACE Rev 2 Divisions:

Sector                                                  NACE                                       Description

B to E                                                     (05-39)                                   Industry

F                                                            (41-43)                                   Construction

G to N (excluding J, K and M)                  (45-56,68,77-82)                    Selected services

J                                                            (58-63)                                    Information and communications

M                                                           (69-75)                                    Professional, scientific and technical services

 

Sample size 6,000 

 

Response Rate 27.3%

 

 

Sampling errors 

As with all sample surveys, the estimates in this release are subject to sampling variability. All of the published estimates come from survey data and so have a degree of statistical error associated with them. The sample error for this survey has been calculated at just + or – 2.3% at 95% significance level. 

 

Questionnaire

The Survey Questionnaire can be found on the CSO website, under Surveys and Methodology, Business Sectors, Services, Survey Forms.

 

Glossary

Business Angels: A business angel, also known as an angel investor, is an affluent individual who provides capital for a business, typically an equity investment.

Equity Finance: Equity finance is the money raised for business activities by selling common or preferred stock to individual or institutional investors.

Factoring: Factoring is a financial transaction whereby a business sells its accounts receivable (i.e. invoices) to a third party (called a factor) at a discount in exchange for immediate money with which to finance continued business.

Hybrid Financing: Hybrid financing can be defined as a combined face of equity and debt. This means that the characteristics of both equity and bond can be found in hybrid financing.

Leasing: Leasing is a process by which a business can obtain the use of certain fixed assets for which it must pay a series of contractual, periodic, tax deductible payments. The lessee is the receiver of the services or the assets under the lease contract and the lessor is the owner of the assets.

Loan: A sum of money given from one party to another for use over a period of time. The money is paid back according to terms agreed upon by both parties, including the specified interest rates and the time frame over which the loan will be repaid.

Mezzanine Financing: A hybrid of debt and equity financing that is typically used to finance the expansion of existing companies. Mezzanine financing is basically debt capital that gives the lender the rights to convert to an ownership or equity interest in the business if the loan is not paid back in time and in full. It is generally subordinated to debt provided by senior lenders such as banks and venture capital companies.

Preferred Debt: Debt that takes precedence over other debts.

Subordinated Loan: A type of loan which ranks behind other debts should a business be wound up. Typical providers of subordinated loans are major shareholders or a parent business.

Venture Capital: Venture capital is money provided to a growing business for advertising, research, building infrastructure, developing products, etc. The investment business is called a venture capital business and the money that it gives is called venture capital.

Working Capital: The capital of a business which is used in its day-to-day trading operations, calculated as the current assets minus the current liabilities.

Fixed Assets: Assets which are purchased for long-term use and are not likely to be converted quickly into cash, such as land, buildings, and equipment.

Personal Assets: A type of property which, in its most general definition, can include any asset other than real estate. The distinguishing factor between personal property and real estate is that personal property is movable.

Investment: An asset or item that is purchased with the hope that it will generate income or appreciate in the future.

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