Definition

定义

A revolving loan facility is a form of credit issued by a financial institution that provides the borrower with the ability to draw down or withdraw, repay, and withdraw again. A revolving loan is considered a flexible financing tool due to its repayment and re-borrowing accommodations. It is not considered a term loan because, during an allotted period of time, the facility allows the borrower to repay the loan or take it out again. In contrast, a term loan provides a borrower with funds followed by a fixed payment schedule.

循环贷款是金融机构发行的一种信贷形式，借款人可以提款或提取，偿还和再次提取。由于可以偿还和重新借款，循环贷款被认为是一种灵活的融资工具。循环贷款不被视为定期贷款，因为在指定的时间内，该贷款允许借款人偿还贷款或再次取出贷款。相比之下，定期贷款向借款人提供资金，然后有固定的付款时间表。

KEY TAKEAWAYS

要点

·A revolving loan facility provides loans to borrowers with a great deal of flexibility in terms of repayments and re-borrowing.

循环贷款在偿还和再次借款方面具有很大的灵活性，给借款人提供便利。

·The interest rate on a revolving loan facility is typically that of a variable line of credit, rather than a fixed rate.

循环贷款的利率通常是可变信贷额度的利率，而不是固定利率。

·A revolving loan or line facility allows a business to borrow money as needed for funding working capital needs and continuing operations such as meeting payroll and payables.

循环贷款或贷款额度使企业可以根据需要借入资金，以支付营运资金需求和满足诸如薪金和应付账款之类的持续运营需求。

How a Revolving Loan Facility Works

运作

A revolving loan facility is typically a variable line of credit used by public and private businesses. The line is variable because the interest rate on the credit line can fluctuate. In other words, if interest rates rise in the credit markets, a bank might increase the rate on a variable-rate loan. The rate is often higher than rates charged on other loans and changes with the prime rate or another market indicator. The financial institution typically charges a fee for extending the loan.

循环贷款通常是公共和私人企业使用的可变信贷额度。该额度可随信贷额度的利率的波动而变化。换句话说，如果信贷市场的利率上升，银行可能会提高浮动利率贷款的利率。该利率通常高于对其他贷款的利率，并随最优惠利率或其他市场指标而变化。金融机构通常会对贷款延期收取延长贷款的费用。

Criteria for approval of the loan depends on the stage, size, and industry in which the business operates. The financial institution typically examines the company’s financial statements, including the income statement, statement of cash flows, and balance sheet when deciding whether the business can repay a debt. The odds of the loan getting approved increases if a company can demonstrate steady income, strong cash reserves, and a good credit score. The balance on a revolving loan facility may move between zero and the maximum approved value.

贷款的批准标准取决于业务开展的阶段，规模和行业。金融机构在决定企业是否能够偿还债务时，通常会检查公司的财务报表，包括损益表、现金流量表和资产负债表。如果公司能够证明收入稳定，现金储备雄厚以及信用评分良好，获得贷款批准的几率就会增加。循环贷款额度的余额可能在零到最大批准值之间变动。

How Do Businesses Use a Revolving Loan Facility?

使用

A revolving loan or line facility allows a business to borrow money as needed for funding working capital needs and continuing operations. A revolving line is especially helpful during times of revenue fluctuations since bills and unexpected expenses can be paid by drawing from the loan. Drawing against the loan brings down the available balance, whereas making payments on the debt brings up the available balance.

循环贷款或信贷额度使企业可以根据需要借入资金，以支付营运资金需求和持续运营。在收入波动期间，循环贷款额度尤其有用，因为账单和意外开支可以通过贷款来支付。提取贷款会减少可用余额，而偿还债务会增加可用余额。

The financial institution may review the revolving loan facility annually. If a company’s revenue shrinks, the institution may decide to lower the maximum amount of the loan. Therefore, it is important for the business owner to discuss the company’s circumstances with the financial institution to avoid a reduction in or termination of the loan.

金融机构可每年审查循环贷款额度。如果公司的收入减少，则机构可能会降低最高贷款额。因此，对于企业所有者而言，必须与金融机构讨论公司的情况，以避免减少或终止贷款。

A revolving loan facility provides a variable line of credit that allows people or businesses great flexibility with the funds they are borrowing.

循环贷款提供了可变的信贷额度，使个人或企业在借入资金时具有极大的灵活性。

Example of a Revolving Loan Facility

案例

Supreme Packaging secures a revolving loan facility for $500,000. The company uses the credit line for covering payroll as it waits for accounts receivable payments. Although the business uses up to $250,000 of the revolving loan facility each month, it pays off most of the balance and monitors how much available credit remains. Because another company signed a $500,000 contract for Supreme Packaging to package its products for the next five years, the packaging company is using $200,000 of its revolving loan facility for purchasing the required machinery.

Supreme Packaging获得了一笔500,000美元的循环贷款。该公司在等待应收帐款付款时使用信用额度支付工资。尽管该公司每月使用多达250,000美元的循环贷款，但它还清了大部分余额并监测剩余的可用信用额度。因另一家公司签署了一份价值500，000美元的合同，由Supreme Packaging公司在未来五年内包装其产品，该包装公司正在使用其200，000美元的循环贷款来购买所需的机器。

英文来源：https://www.investopedia.com/terms/r/revolving-loan-facility.asp