2) Get your finances ready

Before even applying, it’s important to have your personal finances ready and to know what you can afford. Only then will you be able to effectively evaluate your options, which will depend on how much money you need, how long you’ll need it and whether you plan on paying back with interest or if you prefer a longer-term payback period. 

For example, some business loans UK are available for up to 20 years while others might only last five years. You should also consider any fees associated with each loan as well as any possible tax breaks that could help offset those costs over time. 

It’s also worth noting that business owners who don’t already own their own homes may not qualify for certain types of loans—for example, many mortgages require that borrowers have at least 20 percent equity in their homes before they can take out a loan against it.

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