Nat west(refer to appendix 11 of page 56 and 57) mortgage the premises or shop at an interest rate of 4. 94 for 25 years and they provide 100% of the value of the property but their interest is higher than Halifax and the time p is less than Halifax. The northern rock provides the cheapest interest rates of 6. 5 for loans in the United Kingdom and I can apply between 2000 and 25000 with a time p of 1-10years. Natwest (refer to appendix 11 of page 55) provide loans at an interest rate of 6. 9. I can apply between 5000 and 25000. I need to repay them in 7 years. I think to apply credit cards such as mint and Barclay platinum card for my commercial use. I can use my credit card if I am short of any finances. In mint platinum credit card. I can apply from15000 - 50000, which interest rate is 10. 9 and in my Barclay card, I apply for a maximum of 15000, which interest rate, is 17. 4. In credit cards, I need to pay the minimum amount they usually used to send us to pay but I can pay as much as I like but I cannot pay less than the amount they send us to pay.
I can clear the credit card anytime or just pay the minimum amount of 2% of the outstanding balance and it has an advantage that I can borrow the money at any time. I need to pay the minimum amount after using the card. I think to mortgage my shop at Halifax (refer to appendix 11 of page 59) because Halifax provides the cheapest interest rate with a maximum (97%) amount when compared to Nat west other banks. I thought to apply for a loan at the northern rock(refer to appendix 11 of page 58) because it provides the cheapest interest rate (6. 5) and a maximum of 25,000. I am short of finances. I will use my credit card. I will the minimum payment and I can clear the full payment if my business became successful. I can pay the full amounts if I make more profit. I think to apply for a regional select allowance from the government. I expect to receive a 10-15% grant because at present. I am unemployed and receiving jobseeker allowances. I came to through my friend that local council supporting small business with a 15% grant of regional select allowances and he said that he would help me in terms of finance if I need it. I think to ask my local council to do not to charge business rates for the first 6 months in order to establish myself in the local market. My family promised to help me by lending 10,000 when I start up my business.