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Borrowing It

How to secure a loan for your small business

JUST STARTING OUT? Some banks offer micro enterprise loans to enable businesses to get started. This is usually in the form of a credit card issued in the name of the business, (with an interest rate at the low end of credit card rates). Your application will be assessed both in the context of your personal credit rating, and of your business plan. Start by searching your bank's website for 'micro business loan' or 'micro enterprise loan'.

How to choose the right credit card

“UP TO 55 DAYS INTEREST FREE” – READING THE FINE PRINT The fine print says 25 days from your statement date

  • so its 55 days only for what you buy the day after the statement date

  • better to think of is as “at least 25 days interest free”

  • and be warned… 
if you don’t pay the full balance by the due date you lose your interest-free period for all purchases.