I'm not sure if the situation is explained in the programme, how the finance is transferred. Whether the business owner walks out with a cheque immediately or if the money is given as the bills arrive. My impression is that the "Dragon" is not too hands on, for this isn't going to be their main business interest. They examine the company, advise, introduce to contacts, provide the agreed finance, etc.. If I were to guess I'd suspect the money transferred to the business books fairly early on.