Updated on 01 July, 2022
Ready Set Grow Business Calculator
The small business calculator that lets you enter set-up costs and running costs to establish a comprehensive business financial summary.
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Please ensure you understand the term of your loan. The term of the loan is the time it will take to repay the loan. This is usually fixed for a loan and open ended for a line of credit product. Many business loans have terms of three, five or seven years. If you repay early, there may be additional early repayment fees. If you are late with repayments, you will be liable for penalties and late charges. A long er term loan may have a lower rate but the total interest bill will be larger because of the longer term of the loan.
Business loan terms and interest rates can vary according to the size of the deposit you are able to provide. If your business finance is for growing your small business with resources or equipment, then the greater deposit you can provide, the better deal you are likely to get from a lender. Collateral or security can also assist you in getting a loan approved and getting a great deal on business loan rates.