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A guide to borrowing money for a business

Raising money is one of the most important steps for starting your own business and it sometimes can be a frustrating process. It is not easy for new entrepreneurs to find a source of money, but with a good level of information, it can be possible.

When looking for financing your own business, you should always try to look into several sources. You can choose to start with some of your personal savings or to get an interest-free loan from friends or family. However, the most common sources of funding for a new business are bank loans.

Borrowing money for a business is a serious decision and sometimes it is best to talk to a finance specialist before making a decision. Before deciding on a budget, you should get informed about all financial matters related to your business. There are numerous online resources that you can use for free in order to identify the best finance options for your business.

A useful resource is businesslink.gov.uk, where you can read about borrowing money tax efficiently and claiming loan interest against tax. You can also choose to check the websites of specific banks and see what offers they have for your business needs.

For example, RBS offers small business loans with repayment terms of up to ten years and the services of a dedicated Business Manager throughout this period. For more information and conditions for borrowing, you can check rbs.co.uk/business/borrowing.ashx.

Another bank where you can borrow money for your business is HSBC. They offer free support to help you with your business plan and you can get repayment periods of up to ten years. You can check out their business offers at business.hsbc.co.uk.

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