Are you the owner of an MSME looking to expand your business?
Why not take an MSME Loan which can precisely help you out in this regard. Such a loan can aid you in business expansion through various methods.
For self-employed individuals like you, getting such a business loan is considerably easier and faster. Banks and NBFCs both offer such loans and at attractive interest rates, flexible tenors, and high financing options.
So, which one should you choose?
NBFCs can provide you with extensive features and facilities in their business loans. Renowned institutions like Bajaj Finserv even offer pre-approved loans to existing customers at comparatively attractive interest rates.
Availing a collateral free business loan for your MSME from such an NBFC can prevent you from keeping your business asset as hypothecation or mortgage with the lender.
If you want to know some of the ways taking part in this process, have a read through the following section.
Ways in which a loan can grow your MSME:
The following are some of the ways through which you can grow your business with a loan.
- Franchising
When it comes to business expansion, franchising takes the upper hand. Franchising requires you to bestow your business model with the benefits of intellectual property rights, methodologies, and other aspects to a franchiser.
How would that help me?
The franchiser would sell your product at a different location and pay you a fee regularly in return.
However, to search for a potential franchiser and to go through all the legal procedures, you need a small funding. Rather than using your business funds, take an MSME loan and proceed in this business expansion.
- Mergers and acquisitions
Mergers and acquisitions can help in quick expansion of your business. While a merger brings two companies together and makes them one, with an acquisition, one business entirely takes over another; in an acquisition, the second company ceases to exist.
If a merger or acquisition is in your mind, then a loan can help you in this regard.
These are usually logistical procedures that may require work force and time, which calls for a substantial investment. Thus, a business loan, in this case, can help you carry out this phenomenon.
- Diversify
Want to include another product in your selling list?
Diversification can help your business in projecting a variable product or services base. You can achieve such a feat by adding a product type to the catalogue that does not belong to your niche.
This can expand your market reach, create more customers, and efficiently make your business grow.
However, you will need some investment for that.
An MSME Loan can come to your rescue in this case and fulfil your thirst for diversification and business expansion.
- Enter the web
Other than selling your products offline, making them online will provide your company with greater market visibility.
But first, you will need a website, an ecommerce website precisely.
An ecommerce website is different from a usual one in providing features like a payment gateway, search, compare, add to cart, and others. Developing an exceptional ecommerce website requires some investment and what better way than a business loan.
- Purchase new equipment
Purchasing new equipment i.e. plant and machinery can come in the list of business expansion methods. A business loan, in this scenario, can help you out immensely and satisfy your needs for growing it further.
The methods mentioned above are some of the ways in which you can utilise an MSME Loan to expand your company. With their Flexi loans, NBFCs like Bajaj Finserv can provide you with added benefits including easy repayment options.
So, why wait? Apply for a loan today!
