{"id":2247,"date":"2019-09-12T17:42:00","date_gmt":"2019-09-12T17:42:00","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=2247"},"modified":"2026-03-10T19:01:59","modified_gmt":"2026-03-10T19:01:59","slug":"short-term-funding-choices","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/corporate-finance\/short-term-funding-choices\/","title":{"rendered":"Short-term Funding Choices"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Which borrowing option has the lowest cost of credit for a company borrowing $5 million for one month?\",\n    \"text\": \"A company is considering three options for borrowing $5 million for one month:\\n\\n\u2022 A line of credit at 8% with a 0.5% commitment fee on the full amount and no compensating balances.\\n\u2022 A banker\u2019s acceptance at an all-inclusive rate of 7.8%.\\n\u2022 Commercial paper at 7.4% with a dealer\u2019s commission of 0.25% and backup costs of 0.33%.\\n\\nWhich of the following forms of borrowing has the lowest cost of credit?\\n\\nA. Commercial paper\\nB. Line of credit\\nC. Banker\u2019s acceptance\",\n    \"answerCount\": 1,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is C. The banker\u2019s acceptance has the lowest annualized borrowing cost at approximately 7.85%. The line of credit has an annualized cost of about 8.5% when interest and commitment fees are included. Commercial paper has an annualized cost of about 8.03% after including dealer commissions and backup costs. Since 7.85% is the lowest among the three, the banker\u2019s acceptance provides the lowest cost of credit.\"\n    }\n  }\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Working Capital Management (2021 Level I CFA\u00ae Exam \u2013 Reading 35)\",\n  \"description\": \"This video lesson covers working capital management, focusing on liquidity sources, current and quick ratios, turnover metrics, operating cycles, and short-term investment strategies. It also explains how effective cash, receivables, inventory, and short-term financing decisions contribute to maximizing shareholder wealth and maintaining operational efficiency.\",\n  \"uploadDate\": \"2018-10-25T00:00:00+00:00\",\n  \"thumbnailUrl\": \"https:\/\/i.ytimg.com\/vi\/7ODf4zqxNxo\/hqdefault.jpg\",\n  \"contentUrl\": \"https:\/\/www.youtube.com\/watch?v=7ODf4zqxNxo\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/7ODf4zqxNxo\",\n  \"duration\": \"PT19M42S\"\n}\n<\/script>\n\n\n\n<iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/7ODf4zqxNxo?si=CHnVQNtK4CMMjCGN\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n\n\n\n<p>Regular assessment of short-term funding aims to ensure that a company has the ability to handle peak cash needs and maintain sufficient sources of credit to fund ongoing cash needs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Short-term Funding<\/strong><\/h2>\n\n\n\n<p>The short-term funding alternatives that are available to a company may be divided into bank sources and non-bank sources.<\/p>\n\n\n\n<p>Bank sources of funding include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>uncommitted lines of credit \u2013 this is the weakest form of bank borrowing since it involves no formal commitment from the bank;<\/li>\n\n\n\n<li>regular lines of credit \u2013 these are stronger than uncommitted lines due to the presence of a formal bank commitment;<\/li>\n\n\n\n<li>overdraft lines;<\/li>\n\n\n\n<li>revolving credit agreements \u2013 these are the strongest form of short-term bank borrowing facilities. They have formal legal agreements;<\/li>\n\n\n\n<li>collateralized loans \u2013 these loans require a borrower to list a collateral in the form of an asset;<\/li>\n\n\n\n<li>discounted receivables;<\/li>\n\n\n\n<li>banker\u2019s acceptances; and<\/li>\n\n\n\n<li>factoring<\/li>\n<\/ul>\n\n\n\n<p>Non-bank sources of funding include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>non-bank finance companies; and<\/li>\n\n\n\n<li>commercial paper<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Recommending a Financing Method<\/strong><\/h2>\n\n\n\n<p>Given a range of short-term funding options, a company has to select the most cost-effective one. To determine the cost of borrowing for comparison, the total cost of borrowing for each option is divided by the total loan proceeds, adjusting for any discounting or compensating balances.<\/p>\n\n\n\n<p>For a line of credit which requires payment of a commitment fee:<\/p>\n\n\n\n<p>$$ \\text{Cost}=\\cfrac {\\text{Interest}+\\text{Commitment Fee}}{\\text{Loan amount}} $$<\/p>\n\n\n\n<p>However, if the interest rate is stated as \u201call-inclusive\u201d and the loan amount includes the amount of interest, for example, in the case of banker\u2019s acceptances, then the formula is adjusted as follows:<\/p>\n\n\n\n<p>$$ \\text{Cost}=\\cfrac {\\text{Interest}}{\\text{Net proceeds}}=\\cfrac {\\text{Interest}}{\\text{Loan amount}-\\text{Interest}} $$<\/p>\n\n\n\n<p>If the borrowing arrangement is all-inclusive and involves a dealer\u2019s commission and backup costs, for example, in the case of commercial paper, the formula is again adjusted as follows:<\/p>\n\n\n\n<p>$$ \\text{Cost}=\\cfrac {\\text{Interest}+\\text{Dealer&#8217;s commission}+\\text{Backup costs} }{\\text{Loan amount}-\\text{Interest}} $$<\/p>\n\n\n\n<p>It is important to keep the periods for the loan proceeds and interest payments consistent during the computation.<\/p>\n\n\n\n<blockquote>\n<h2><strong>Question<\/strong><\/h2>\n<p>A company is considering three options for borrowing $5 million for one month:<\/p>\n<ul>\n<li>a line of credit at 8% with a 0.5% commitment fee on the full amount and no compensating balances;<\/li>\n<li>a banker\u2019s acceptance at an all-inclusive rate of 7.8%; and<\/li>\n<li>commercial paper at 7.4% with dealer\u2019s commission of \u00bc% and backup costs of 1\/3%.<\/li>\n<\/ul>\n<p>Which of these forms of borrowing has the lowest cost of credit?<\/p>\n<p>A. Commercial paper<\/p>\n<p>B. Line of credit<\/p>\n<p>C. Banker\u2019s acceptance<\/p>\n<p><strong>Solution<\/strong><\/p>\n<p>The correct answer is C.<\/p>\n<p>For the line of credit:<\/p>\n<p>$$ \\text{Cost}=\\cfrac {\\text{Interest}+\\text{Commitment Fee}}{\\text{Loan amount}} $$<\/p>\n<p>$$ \\text{Cost}=\\frac { \\left( 0.08\\times $5,000,000\\times { 1 }\/{ 12 } \\right) \\left( 0.005\\times $5,000,000\\times { 1 }\/{ 12 } \\right) }{ $5,000,000 } \\times 12=8.5\\% $$<\/p>\n<p>For the banker\u2019s acceptance:<\/p>\n<p>$$ \\text{Cost}=\\cfrac {\\text{Interest}}{\\text{Net proceed}} \\times 12 $$<\/p>\n<p class=\"latex-table-font-8\">$$ \\text{Cost}=\\frac { \\left( 0.078\\times $5,000,000\\times { 1 }\/{ 12 } \\right) }{ $5,000,000-\\left( 0.078\\times $5,000,000\\times { 1 }\/{ 12 } \\right) } \\times 12=7.85\\% $$<\/p>\n<p>For the commercial paper:<\/p>\n<p>$$ \\text{Cost}=\\cfrac {\\text{Interest}+\\text{Dealer&#8217;s commission}+\\text{Backup costs} }{\\text{Loan amount}-\\text{Interest}} \\ast 12 $$<\/p>\n<p>$$ \\begin{align*} \\text{Cost} &amp; \\\\ &amp; =\\frac { \\$30 833.33 + \\$1 041.66 + \\$1 388.75}{ $5,000,000-\\left( 0.074\\times $5,000,000\\times { 1 }\/{ 12 } \\right) } \\times 12 \\\\ &amp; =8.03\\% \\\\ \\end{align*} $$<\/p>\n<p>In each of the calculations, we multiply by 12 in order to get an annual rate. Since the 7.85% cost for the banker\u2019s acceptance is the lowest of the three options, the banker\u2019s acceptance has the lowest cost of credit.<\/p>\n<\/blockquote>\n\n\n\n<p><em>Reading 35 LOS 35g:<\/em><\/p>\n\n\n\n<p><em>Evaluate the choices of short-term funding available to a company and recommend a financing method<\/em>\n<\/p>\n\n\n\n<div class=\"notes_inv\"><hr>\n<p><a href=\"https:\/\/analystprep.com\/cfa-level-1-exam\/corporate-finance\/learning-sessions-curriculum-corporate-finance\/\"><em>Corporate Finance &#8211; Learning Sessions<\/em><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Regular assessment of short-term funding aims to ensure that a company has the ability to handle peak cash needs and maintain sufficient sources of credit to fund ongoing cash needs. Short-term Funding The short-term funding alternatives that are available to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-2247","post","type-post","status-publish","format-standard","hentry","category-corporate-finance","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Short-Term Funding Options | CFA Level 1<\/title>\n<meta name=\"description\" content=\"Learn about short-term funding strategies, including collateralized loans and credit sources, to manage cash flow and meet peak financial needs.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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