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Business funding options to take your business to the next level in 2022

Posted by RajeevKumar

Business funding options to take your business to the next level in 2022

A growing small-scale business group hopes to expand the business and grow further. Not all small case entrepreneurs have sufficient funds to expand their business. The article discusses MSME loans, a line of credit, term loan, business loans, and collateral-free loans available to businesses to grow.

Introduction:

Small businesses have a lot of opportunities but also have risks and difficulties if they want the business to grow and expand. Funding is required at crucial times at reasonable interest rates. The businesses may be from manufacturing, service, or trading industries. The type of funding depends on the type of business, funding authorities, ount of loan required. Loans available are available for both short and long periods. Businesses can study the various options available and select the funding suitable to them.

Type of Loans

MSME Loans: MSME loans are loans given to medium, small and micro enterprises that businesses can use for working capital purposes, purchasing new stock, or purchasing new machinery. Micro businesses are defined as businesses with an investment of Rs 1 crore and sales or turnover up to Rs 5 crore. The investment limit for a small enterprise should not exceed Rs 10 crore, and the sales up to Rs 50 crore and the limits for a medium enterprise can be up to Rs 20 crore, and the sales limit can be Rs 100 crore.

LOAN TERMS: The interest rates start from a low of Rs 7.65 per annum, and the minimum loan can be as low as Rs 50,000. The maximum loan period can be as long as 15 years.

In the manufacturing sector, A micro company can have a turnover of up to Rs 25 lakh; a small company can have a turnover up to Rs 5 crore, while a medium-sized company can have a turnover up to Rs 10 crore. (more…)

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