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Funding Your Business - Business Finance


Funding Your Business - Business Finance


About Funding Your Business

Borrowing money tax efficiently
When your business needs to borrow money consider borrowing in a way that reduces your overall tax bill. Tax relief on borrowings is not sufficiently exploited by some businesses.
Tax relief may offset the costs of some types of borrowing but not all types. Careful consideration must be made of the implications of all business borrowing.

Loans and overdrafts

When you start your business, you may need to borrow money to cover your day-to-day expenses until you start to make a profit, or for initial costs like buying equipment or a premises.

There are many different sources of borrowing when starting or growing a business. There are many advantages and disadvantages of loans and overdrafts these are two of the most popular sources of start-up funding. There are other options available from high street banks and building societies and some companies offer unsecured loans. Specialist loans are also available for Muslim business owners where the payment of interest is prohibited. Some lenders may need a loan guarantee before they will give you a loan. A loan guarantee ensures that they will get their money back even if the business fails.

Borrowing Money from Family and Friends
It's common for owners of small business and start ups to look to the Family and Friends for support when they need additional business funding.

The result can be just what is needed, but often these arrangements are informal and based just on trust and verbal assurances and can sometimes go very wrong. It's always a good idea to come to a businesslike arrangement with a formal written agreement in order to avoid any potential pitfalls.

Commercial mortgages and brokers

Buying commercial premises can be a very good investment. Owning a property gives your business stability, and the property itself can become a significant asset. Or you may be buying a business that is tied into the property like a hotel, public house or care home.

If you decide to buy premises you will probably need to consider taking out a commercial mortgage. Mortgages are normally for 15 years or more and the property itself is always at risk if payments are not made on time.

Commercial mortgages can be used for a variety of purposes:

  • purchase of business premises
  • expansion
  • residential and commercial investment
  • property development

Banks and building societies offer commercial mortgages. But you must satisfy the lending criteria. Some lenders may accept applications where there is an adverse credit history, but most lenders require a positive personal credit rating and clear evidence that your business is creditworthy.

It also depends on your business circumstances at the time and the long-term projections for your business. Some lenders impose restrictions on the uses of commercial premises. Some business concerns may be excluded altogether.


List of Business Finance Providers


OCIS provide general financial information, we urge you to consult an Independent Financial Adviser ( IFA )
before making any important decisions about your finances.

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