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Sources of finance (Business Angels (Individuals who invest in start-up…
Sources of finance
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Hire Purchase
A business can buy an asset by paying an initial deposit and then monthly payments for a fixed period of time
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Grants
Money is given to a business from central or local government, the EU or the Prince's Trust
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Bank Loan
A bank agrees to lend a business money for a specific purpose, for a fixed period of time. Regular repayment instalments are put in place
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Disadvantages:
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Small businesses may find it more difficult to secure a loan and often need to pay higher interest rates, as they are a greater risk
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