Big or small, every company needs capital for survival. The availability of capital is directly proportional to the sustainability of your company, at least in its initial days. The best way to acquire money in the beginning is to get a business loan. There are several avenues from where you can get a business loan. But the best source is a bank or an NBFC (non-banking financial company) because they don’t ask for a share in your profit. They are also the preferred source of funding because they are:
Accessible and Convenient
Because of the advancement in technology getting a small business loan is easy and convenient. These days you may not even have to visit a branch to the get the loan. And the loan amount is directly transferred into your account. This becomes very easy and makes the process extremely convenient for the borrower.
Non Profit Sharing
As mentioned earlier, banks and NBFCs are not profit hungry. They would not want to take a share of your extra money. All they need is a regular repayment of the loan given by the them.
As the market is filled with lenders, a borrower is spoilt for choices. The vast number helps a borrower to compare and select the one that is tailor made for your needs and eligibility.
Expanding the Business
Expansion also means requiring more capital. If you had well planned the expansion and you have the money now. You can use it for hiring more resources, double your inventory or to buy business related commodity or equipment. Such practices always lead to the growth of your business.
Infrastructure is the backbone of any business. While the infrastructure need may vary, it is still essential. Some may require office space, some may need space to store inventory, some may need factory spaces. Whatever may be the business model, a business loan will help you achieve your commercial property space or construction of it.
Keeping sufficient inventory is a good sign of business. It implies that that you are always ready to serve the demands of your customer.
No business would run without its resources. To grow the business too, you need more strength. Therefore, the business loan can also be used for hiring people and paying their salaries.
Also read the benefits of using Digital Payments for Small Business during lockdown
To Cover Operational Expenses
The company owner always has to be on her/his toes and bear miscellaneous expenses like accounting, buying inventory and paying staff. A business loan comes in handy to cover the cost of running the business as well.
Building a Website
Every company, no matter the size, has to be present in the digital sphere. A website means that there is more scope for your company’s visibility and more chances of your products and services getting noticed.
Only being available online is not enough. Aggressive marketing needs to be done on field as well. That marketing too requires money and the money pumped into the promotion can only bring you more leads and customers.
When you have pre-decided how to use your money, it gives you a better clarity on how to run it. Opting for a lender that helps you in the time of growth and expansion, and does not hinder in the process is imperative. Therefore, choose a lender that suits your business model and budget by all means. That will not only make the operation smooth but also make your life easier.
Looking for a small business loan? , you can apply for a Business Loan available on Finserv MARKETS at the most competitive interest rates. Flexible repayment options, hassle-free online application process has made Finserv MARKETS the most preferred destination for small business loans today. What’s more? Your small business loan application can be approved under just 3 minutes and the loan amount can be credited to your bank account within 24 hours! So why wait? Apply for a small business loan with us, today!
Also read what are the benefits of taking a business loan only at Finserv MARKETS.
“Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.”