Once having a negative FCF one can bridge this gap by taking a loan .

The value of the loan is not FCF itself as it should account for the loan interest  and tax on interest as in the formula below:

\mbox{Loan} =\frac{\mbox{FCF} }{ 1+ r_f  \cdot (1 - r_{tax}) }

where

FCF

Free Cash Flow

Financing Rate

Corporate Tax Rate




NCF0 = FCF0 -  LI = OCF0 - CAPEX - LI =  NI0 - NWC - CAPEX - LI = EBIT - INT0 - TAX0 - NWC - CAPEX - LI
        
        NCF0 = EBIT - INT0 - TAX + TAX - TAX0 - NWC - CAPEX - LI
        
        NCF0 = EBIT  - TAX - NWC - CAPEX  + TAX - TAX0  - INT0 - LI

        NCF0 = NI - NWC - CAPEX  + TAX - TAX0  - INT0 - LI
        
        NCF0 = OCF - CAPEX  + TAX - TAX0  - INT0 - LI
        
        NCF0 = FCF + TAX - TAX0  - INT0 - LI

        NCF0 = FCF + TAX - TAX0  - INTR * LI - LI   
        
        NCF0 = FCF + TAX - TAX0  - LI * (1+ INTR) 
        
        NCF0 = FCF + TAX - ( TAX + INT0 * TAXR)  - LI * (1+ INTR) 
        
        NCF0 = FCF - INT0 * TAXR  - LI * (1+ INTR)
        
        NCF0 = FCF - INTR * LI * TAXR  - LI * (1+ INTR)
        
        NCF0 = FCF - LI * (1+ INTR - INTR * TAXR)
        
        NCF0 = FCF - LI * (1+ INTR & * (1 - TAXR) )
        
        NCF0 = FCF - LI * (1+ INTR & * (1 - TAXR) ) 


        NCF0 = 0 --→ FCF - LI * (1+ INTR & * (1 - TAXR) ) = 0
        
        LI * (1+ INTR & * (1 - TAXR) )  = FCF
        
        LI = FCF / (1+ INTR  * (1 - TAXR) )