2 - accept these broad boundary lines, but in the interests of clarity I should like to define further the kinds of companies that concern us here today. Let's consider companies whose financial problems stem from a need or a desire to grow at a rate faster than the funds can be generated internally and whose financial problems cannot be solved easily and economically by selling securities to the general public. Secondly, let's concede that the companies that we are talking about today are "pretty good" only in the sense that they are smaller and sometimes less seasoned than the large successful company. From the standpoint of management quality and bright prospects for the future, their quality should not be debased. Let us dismiss with brief comment those companies whose situation is static and whose financial needs are merely seasonal in nature and easily solved by a loan from the local bank, either unsecured or secured by a pledge of receivables or warehouse receipts on inventory. Let's concentrate today on the growth companies. Companies of the type with which we are concerned have certain characteristics in common and these are in sharp contrast with the situation of the large and out standingly successful company. 1. Unlike the large company, these companies are not well or widely known to either institutional or private investors. They must seek out the sources of capital while the large well-established company's financing is a prize to be sought for in a normal money market. 2. Unlike the large well-established company, these companies more often than not will find that public financing is either not available to them or is too expensive to meet their needs.