Business, Legal & Accounting Glossary

Definition: Facility

Full Definition of Facility

A term used to describe financial assistance programs offered by lending institutions to help companies requiring capital

Notes: These financial assistance programs are merely another name for loans taken by companies. Examples of such facilities include swingline loans and lines of credits. Oftentimes you will hear of companies obtaining different credit facilities, as they can vary between committed or uncommitted.

Cite Term

To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
Modern Language Association (MLA):
Facility. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. September 20, 2021 https://payrollheaven.com/define/facility/.
Chicago Manual of Style (CMS):
Facility. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/facility/ (accessed: September 20, 2021).
American Psychological Association (APA):
Facility. PayrollHeaven.com. Retrieved September 20, 2021, from PayrollHeaven.com website: https://payrollheaven.com/define/facility/

Definition Sources

Definitions for Facility are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 23rd April, 2020 | 2 Views.