1. In
the first year, the borrower pays the cooperative in repayment of
principal and interest 140.7 thousand, in the second year of the payment
amount to 378.7 thousand 2. Determined by the annual income from the sale of the produce further. It
is assumed that the farm will become a shareholder loan cooperative,
and be added to his income payments that are paid to shareholders from
the profit of the cooperative according to the degree of participation
in the activities of the member of the cooperative. The volume of participation in credit cooperative "Agrocredit" is the sum of the loans (ie, the sum of interest paid). Suppose
the board of the cooperative decided to pay annually to each
shareholder of 20% of the amount paid by the cooperative interest on the
loan. If
in two years the amount of interest paid will be an average of 25
thousand per year, annual payment of this economy is 5 thousand, but by
entering into a cooperative farm is obliged to pay the entrance fee and
mandatory contributions, amounting to 5.7 thousand Revenue from the sale of additional grain for the first year (D1) will be: D1
= 540 - 90 - 3 - 2 + 5 - 140.7 = 309.3 million (cost of harvesting
grain was two thousand, and the co-operative is charged at 5 thousand). For the second year in revenue (D2) will be: D2 = 540 - 90 - 3 - 2 + 5 - 378.7 = 71.3 thousand 3. Determined by the discounted value of income over the life of the project: 4. Determined by the discounted value of the credit tranches: 5. Determined by the cost-effectiveness of credit over the life of the project: E === 0,583 = 58,3% The results of calculations by the proposed method are shown in Table 11. Table 11. - Comparative cost-effectiveness of different sources of credit peasant farming Indicators Lender Commercial bank credit cooperative "Agrocredit" Present
value of the income stream from the sale of additional obtained through
the use of credit products over the lifetime of the project, th Present value of the flow of credit tranches thousand Losses due to non-optimal length of the loan, th Discounted sum of cooperative benefits over the lifetime of the project, th Registration fees and mandatory equity contributions, th Cost-effectiveness of credit over the life of the project, 137.7% 370.9 192.0 - - 37.1 370.9 370.9 - 5.0 7.0 58.3 As
shown by the calculations and figures in table 11, for the most
profitable agricultural products is to join the credit cooperative
"Agrocredit" in order to obtain credit than the credit crunch in
commercial bank. When
the present value of the flow of credit tranche, equal 370.9 thousand,
the value of the income stream from the sale of additional products
obtained through a loan from a commercial bank is 137.7 thousand,
"Agrocredit" - 370.9 thousand Besides from due
to delays in the provision of bank credit may lead to the company loss
of $ 192 thousand to calculate effective lending commercial bank farm is
37.1%, and credit cooperative "Agrocredit" - 58.3%.
Credit Union
