Choosing the right type of finance for a business is very important and can result in considerable savings in terms of interest and bank fees. However, with so many funding options available, it can be very difficult to determine the appropriate funding for the business.
Prior to submitting a finance application, it's advisable to talk over the various funding options with the financier or business advisor. For example, if complete flexibility is required then variable interest rate loans are better than fixed loans because they allow the business to make special repayments according to cash flow without incurring early repayment fees.
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