The ways of cluster financing mainly include small and medium-sized enterprises' collective bonds, cluster guarantee financing, group loans and the establishment of internal capital market through equity linkage.
1. SME collective bonds
Domestic small and medium-sized enterprises want to issue bonds, and they are faced with inherent deficiencies in guarantee mechanism, risk control, scale and cost of issuing bonds. Collective bonds of small and medium-sized enterprises are a form of corporate bonds, which are organized by the leader, with a collection of several small and medium-sized enterprises as the main body of issuing bonds. The issuing enterprises each determine the issuance quota, bear the liabilities respectively, adopt a unified bond name, and issue the agreed debts and interests to investors with the issuance quota.
2. Cluster secured financing
Cluster guarantee financing is a financing method to establish mutual guarantee financing of guarantee companies through the cooperation of many enterprises in the same place and industry. Its typical case is the cluster guarantee financing in Taicang City, Suzhou area.
3. Group loans
Group loan for small and medium-sized enterprises is a joint guarantor composed of several small and medium-sized enterprises that are difficult to lend separately. By paying a certain risk deposit, the bank gives credit to these enterprises that join the joint guarantee. According to the difference between the credit balance of the enterprises participating in the joint guarantee and the risk deposit, each member enterprise shall bear joint and several liability. Group loans are different from traditional bilateral (borrower and bank) credit contracts. Group borrowers generally have no collateral, but they have joint debts with each other, that is, if any member of the group defaults, other members must repay part of the loan for them. As long as the loans of the members in the group are not fully paid off, all members will lose the opportunity to obtain loans from the bank again until the loans are paid off, and the cost of dishonesty is very high. This loan mode of inter-enterprise asset credit mutual insurance organically combines industry self-discipline, third-party credit service and bank credit business, and realizes voluntary combination, risk sharing, benefit sharing, complementary advantages and joint development of member enterprises, which better reduces the risk of information asymmetry between banks and enterprises. Mission loan is superior to traditional loan mode in mutual screening, horizontal supervision and contract execution.
Financing of small and medium-sized enterprises: refers to the financing of enterprises.