There’s no denying that expanding your business requires adequate investment. Whether you want to open a new branch, hire new staff, or maybe ramp up advertising, you need funds to grow your small business. And what better way to get your hands on them than an unsecured business loan?
Yes, lenders today allow you to apply for a loan without pledging security. All you have to do is be ready with your documents and start applying online. So, how can you use this loan to effectively grow your business?
How to use an unsecured business loan for startup
Invest in equipment
Does your business rely on machines for production? Then, expanding your capacity might involve optimising your production process. Maybe this involves getting additional machinery, upgrading your current ones, or repairing and replacing worn-out parts. Whatever your needs may be, business finance can easily cover them. With unsecured loans, you get a quick influx of money that you can use to increase production capacity at scale.
Additional Read – How to Get Small Business Loans in Mumbai
Ramp up marketing
Just finished developing your product? Now you need to get the word around and market your business. Whether you employ a marketing agency or run ads on the web, marketing needs funds. But should you let your cash flow take a hit? Of course not.
Instead of using your operational funds for your marketing plans, apply for business finance. Most lenders offer easy-to-meet business loan eligibility criteria, which means you can get an unsecured loan in no time.
Rent new premises
If you’re planning to set up a new branch, you need to pay for rent and utilities, among a swarm of other things. More importantly, your expansion plans shouldn’t affect your current business. So, how do you do it?
Well, you get a loan from a trusted lender. Unsecured business loan interest rates have become progressively competitive over the years, allowing businesses to take on and repay debt with ease.
Expand your team
A growing business requires a capable team at its helm. Of course, hiring is expensive – both in terms of time and money. When it comes to money, turn to a business loan for the funds you need to recruit the right set of people. This will cover a variety of recruitment and training expenses – posting jobs, sourcing candidates, conducting interviews, and onboarding them successfully.
Additional Read – Five Ways to Grow Your Business
Grow your business with a loan from Tata Capital
At Tata Capital, we know your business has diverse needs. Hence, we offer multipurpose business finance options to cover all of them. Need more reason to apply with us? We offer attractive interest rates, require minimal documentation, and provide structured EMI plans to facilitate fuss-free repayments. And if you want to check how the EMIs work for yourself, you can use our business loan EMI calculator.