Following on from our article last week; SME Finances will be detailing the ‘ins and outs’ of not only what considerations should be analysed but what steps should be taken when making submission.
- How much funding does your business need?
This is yet another question you should have asked of your business before progressing a submission. The question that should always be at the forefront is ‘is this the cheapest money’? If you take out a loan for more than you actually need, it’ll affect your income-to-debt ratio, and interest can be costly.
There are a myriad of reasons to access commercial finance from consolidation to equipment purchases but, for a continued health business operation, research and understands the debt levels the business can manage and make sue the money is working for you and your business.
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