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Best way to borrow for a small business start up
Hi, I'm new to this forum and in need of a bit of advice. I'm starting a new business working from home. I have covered all the set up costs myself but I will need to borrow about £3,000 to buy stock plus a further £500 approx to fund the initial advertising.
I don't want to take out a loan as it may take a little while for me to start making sales and it will be difficult to start making repayments straight away. So I am considering either an overdraft or a 0% credit card.
Does anyone have any thoughts or advice they can pass on?
Many thanks
Sharon
I don't want to take out a loan as it may take a little while for me to start making sales and it will be difficult to start making repayments straight away. So I am considering either an overdraft or a 0% credit card.
Does anyone have any thoughts or advice they can pass on?
Many thanks
Sharon
0
Comments
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An overdraft would be your best bet. Go see your business bank manager, although you will have to provide security, a Personal Guarantee is the business is not a sole trader. With a Ccard, you still have to make a monthly payment.0
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