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funding for my business(restaurant)

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Introduction

Funding for my restaurant To raise cash to start up my restaurant I could use my savings but I can't do this as I do not have that much money saved in my bank account, I could also borrow money of my family and friends but they do not have that sort of money to lend me, I could sell some of my personal items but I don't really want to do this. I could also get a bank loan or I could use a funding agencies. Funding is money that is given to help start up a business in my case a restaurant most funding come from the government or local private companies whom hope to get a return on there investment. ...read more.

Middle

Hsbc interest rates Loan amount Interest rate How much interst im paying back �1,000 14.1% �141 �5,000 11.6% �699 �10,000 10% �1000 �15,000 9.6% �14400 �20,000 9.1% �18200 �25,000 9.1% �22750 Natwest do small business loans they let you borrow between �1,000 and �15,000, its quick and easy to arrange, you can choose to repay the loan over 12 months to 10 years. But if you choose to pay back the loan over 12 months the interest rates go up which means if I decide to pay back the loan over a 5 yrs im going to be paying more money back. Natwest interest rates Loan amount Interest rate How much interst im paying back �1000 20.7% �105.56 �3000 15.9% �246 �5000 7.8% �206.92 �10,000 7.3% �386.96 I also did some research on different funding opportunities in Canterbury. ...read more.

Conclusion

I have decided I'm going to use a bank loan, I have decided to use HSBC this is because HSBC do small business loans which lets you borrow between �1,000 and �25,000 and the interest rates are fixed for life of the loan which means I will know exactly how I have to pay back each month without the fear of the interest rates going up and theres the chose of paying the loan back quickly or paying the loan back slowly. I didn't go for the natwest bank loan because the interest rates are not fixed which means I could end up paying back more then what I expected each month and if I wanted to pay the loan back over 5yr I will have to pay more interest because the interest rates increase if you choose to pay your loan back slowly. Chloe Morgan ...read more.

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