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|>Need of Business expansion loan? Apply for business loan now
Posted by nairsaloni18 on March 18th , 2019
A business grows in stages, which may be gradual or in spurts, depending on the revenue model and the nature of the business. Irrespective of the growth phase, every business unit needs business loans for business expansion. A business loan in India is especially important for small business units that are yet to get established and are in abundance due to the Government emphasis on entrepreneurship. Such units need timely financial assistance and the right amount of funds to fuel their business operations. The business loans can be availed for the following business purposes: Balance transfer, loan consolidation , working capital requirement, commercial expansion or addition of branches, offices etc, any other business expansion plan. Some examples include:
Lease bigger office premises or renovationPurchase, lease or repair of machinery and equipmentTechnology upgradationPurchase of inventoryThe hiring of skilled seasonal employeesPurchase of raw material for bulk ordersCapex plansScaling up operations to service big contracts
A small business loan offers a host of advantages for business expansion as follows:
Working capital assistance: Cash is a vital indicator of the liquidity situation of the business. Liquidity helps fund working capital needs and other daily , routine business operations. Further, in the long run, liquidity is an important measure of the solvency of the business to service debt obligations. Many times, small business units fall short of cash due to the late realization of receivables in the short term. Lack of funds can severely impair the operational capabilities of a small unit. This is where a business loan from a fintech lender comes to the rescue. Fintech lenders provide working capital loans for business expansion. The expansion may be as a result of a new customer contract for higher production volume. Thus, the working capital loan can be channelized to purchase higher raw material quantity and deploy additional manpower to complete the production within schedule. Hence the SME is able to overcome the short-term cash shortage. Generally , the tenure ranges from 6-12 months.Capital expenditure: For success in business, it is a prerequisite to have a good business infrastructure and capital asset base like buildings, fixed assets, plant and machinery, godowns for storage of inventory , workshop or factories for production purpose, land for construction commercial property. As a business grows, the need for physical infrastructure also increases. Business extension, being a one-time decision, involves huge funds by way of investment. Hence one can prepare a business plan and approach a fintech lender for business loans towards capex needs.Website development: A virtual presence on the cyberspace is a mandatory requirement in today’s digital age. Thus , expansion of the digital footprint can be enabled by availing a business loan. Digital marketing of goods and services on websites plays an important role in convincing potential buyers of the value of the product.Invest in Marketing: Expansion of the geographic footprint and new product launches needs a strong marketing setup. Business units need to have a foolproof marketing strategy and an agile marketing team in order to attract new customers, boost sales volumes and derive higher revenues. A business loan plays a vital role in the expansion of marketing initiatives.Technology upgradation
The production efficiency of manufacturing business is indicated by the economies of scale. This is achieved by technological upgradation of equipment, software etc, which would enable the production of an increased number of units within a short span of time. Business loans can be availed to expand one’s technological reach.
Expansion of physical premises like branches, offices
Often the business outgrows its current setup. The scale of operations requires additional manufacturing capacity or a greater number of skilled manpower. This requires more space. Acquisition of new business premises or commercial offices requires considerable investment and a business loan can be mobilized towards this end.
Business loans provided by fintech lenders can find application in wide-ranging business expansion activities. The lenders would not interfere or seek an explanation on the utilization of the loan amount as long as it remains in the ambit of business activities.
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