Own a Small Business in Bangalore? Here’s How a Business Loan Can Help

The second wave of Covid-19 dealt a major blow to micro, small, and medium enterprises (MSMEs), which are facing a slew of crises on multiple fronts, including labour, finance, raw material supply, bottlenecks in logistics, and spiralling prices. Despite the easing of Covid-     related restrictions in Karnataka and the rest of India, small businesses continue to face issues like the lack of skilled employees and, most importantly, the surges in raw material costs.

There are various ways to get your small business back on track, such as commercial business loans, personal loans, loans against securities, government schemes, and much more. However, most of these options require pledging some form of collateral, which can be an inconvenience. But this is where a collateral-free business loan in Bangalore come in and save the day, bringing you one step closer to your dreams of expansion.   

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Still don’t know if you should apply for a business loan in Bangalore? Find below some of the ways in which a business loan can help your small business grow drastically:

  • Renovation

The first impression a company makes on its customers is through its office space or business premises. Expanding or renovating your premises can give it a much-needed facelift while also ensuring business growth. However, office renovation is a complex task that necessitates careful planning and sufficient funds. A collateral-free business loan in Bangalore could provide you with the short-term funds you need to renovate your space without disrupting your cash flow. So, applying for a collateral-free business loan via a reputable NBFC or financial institution can be game-changing for your expansion plans.

  • Product Expansion

Since a business loan enables you to buy more raw material or better equipment with the additional funding, your small business can venture into new product lines for expansion. Thus, you can achieve two goals with a good business plan expansion: reaffirming current clients’ faith and commitment to your company and attracting new clients. 

  • Working Capital Stability

Working capital is the amount of cash required by a business to carry out its day-to-day operations. Working capital management, in a broader sense, includes financial provisioning for weekly and monthly operational expenditures. Thus, working capital management allows a business to function independently of its buyers and suppliers. A small or medium-sized business, on the other hand, may require outside assistance in business financing to manage cash flow and working capital effectively.

Therefore, you can apply for a business loan in Bangalore to increase your working capital. This can be extremely beneficial if you are experiencing a liquidity crunch. You can go about your daily business and cover short-term expenses without having to dip into your emergency fund.

  • Competitive Edge

Stay ahead of your competitors in the market by getting big orders as you get more accessibility through business loan funding. You no longer need to worry about arranging for inventory or raw materials to fulfil a big order as NBFCs like Kinara Capital disburse a business loan in Bangalore in as little as 24 hours. Moreover, you can apply online at your own convenience or have a Kinara loan officer come to your doorstep to guide you through the process.

Get Started with Yours

Obtaining a loan from your bank may sound simple, but historically, only a few fortunate small businesses have been able to benefit from it due to the strict eligibility criteria. However, this scenario is changing in India as a result of the government’s encouragement of MSMEs through a variety of policies and schemes. Financial institutions like NBFCs recognize the distinct value of small businesses and are in the market to service their specific needs. You can visit online portals like Kinara Capital that offer flexible and fast business loans in Bangalore to support your business’s growth!