Published on Sept. 12, 2013
This video is a quick summary of the document CONfinance, and the ways finance is provided.
According to the Corporations Act 2001, an Act the Banks in Australia claim to be bound by…
providing finance means:
(a) lending money; or
(b) giving guarantees or security for loans made by someone else; or
(c) drawing, accepting, indorsing, negotiating or discounting a bill of exchange, cheque, payment order or promissory note so that someone can obtain funds.
This document has been prepared solely to assist those in banking and finance to consider the existence of other ways of providing finance. How often do bank staff simply state “but you borrowed money – you have to pay it back..?”
Is this a result of their education..? Are they aware of other ways of providing finance..? What if the only thing you shared with bank staff is the possibility of their being other ways to provide finance..?
What if there were up to 22 different ways corporations could provide finance..?
What if only one of those was by lending money..?
How could a bank provide finance without lending money..?
Visit Scott’s Site for more tools to assist you in approaching your bank.