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One of the options the business has is to borrow money from a bank in the form of a business loan. You borrow a lump sum and pay it back on a monthly basis

with interest. When first starting out you may want to negotiate lower repayments until your revenues coming in are stable and you are able to break-even. Here is How to apply for a business loan  

This is one of the most popular options for starting out companies, because regardless of which financing options they go for they will still need to have a business account open with a bank, so it makes sense at the loan options available.

One of the easiest to use tools available in order to compare business loans and their requirements is MoneySuperMarket.com

Why do some entrepreneurs prefer to use a business loan to finance their start up?

  • Multiple loan options
  • Bank loans offer tax benefits 
  • Lower rates of interest

In order to get the loan you will need to ensure you prepare the following:

  • Business Plan with financial projections
  • Do a credit check on your personal finances
  • Have your personal finances in order
  • Organise/prepare collateral 
  • Include any tax returns
  • Clearly explain what the loan is for

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