Industry sector:

Care home: Bank/finance charges/interest


You may need to borrow money to finance your care home business, either by way of an overdraft or a loan.

You will have to pay interest on any money borrowed and there will also be bank charges due on the operation of your business bank account. Interest and charges are normally debited from your bank account every quarter - your bank will be able to help you estimate the amounts that will be due.

If you accept payment of fees by credit card, you will need a 'merchant account' and you will have to pay monthly credit card charges.