http://www.barclays.co.uk/Businessloansoverdraftsandmortgages/Businessloansoverdraftscashflowfinanceandmortgages/Businessloansupto25000/P1242559173581
For part of our funding for our start up and first 6 months in business (in particular)- paying for the overheads, refurbishment of our retail outlet, equipment and utilies, etc, financial support is a necessity. As we want to be a Ltd Company so that we can retain 100% shares and the ownership of our company, a loan would be the best option. However, large loans for new, small businesses are particularly difficult to come by nowadays due to the financial climate.
On Friday, Sarah and I started looking online for banks offering loans, and found Barclays was perhaps the best suited to our needs- with loans up to £25,000. To find out the APR % we would have to go through the application process, so, as a rough basis, I found that the personal loan APR % was 8.9% and decided to settle for this in the accounts- with up to 10 years to pay back the loan, which would suit the company well in terms of the flexibility and changing financial climate. I will now go on to write up the accounts for the business, and take this loan into consideration when calculating our costs.
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