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Tata Capital > Blog > Loan for Business > When to Get a Business Loan: Best Time for the Loan

Loan for Business

When to Get a Business Loan: Best Time for the Loan

When to Get a Business Loan: Best Time for the Loan

“Life’s not about how hard of a hit you can give...it’s about how many you can take, and still keep moving forward.” - Rocky Balboa (Sylvester Stallone)

While it’s one of the most famous movie quotes, this is also relevant in the business world, filled with ups and downs. If you’re looking for business lending options, it might be that you’re facing a financial crunch or looking to scale new heights. With the right financial help, that’s relatively easier.

“When to get a business loan?” - you must ask yourself this before applying for financing. Here are some crucial factors in deciding if it’s the right time for you to get capital:

You’re Ready for Physical Expansion

If your business is ready to expand beyond its current location, it’s a significant green flag. This means that your company is growing, opportunities await you. All you need is the cash-on-hand to initiate expansion.

Here, you must assess if you can cover the loan repayments, simultaneously making profits. If yes, then finalize a lender who’s offering you a preferable business loan interest rate, and you’re good to go!

Acquiring Newer Talent

A workplace is only as good as it’s employees. Now and then, organizations invest in new talent to stay ahead of the competition and upskill their existing workforce. Acquiring such employees does require working capital, and if you’re looking to make this move, then financing is the right option.

It is also a viable option if you need to reward or offer incentives to your current employees but lack the funds. Since it’s crucial to keep them on your team, this would prove to be the right time for getting a business loan.

Additional Read:  When You Need to Opt for Business Loan

Building Future Credit

Credit scores are crucial for assessing your business loan eligibility. The more loans you get and consistently repay, the higher your CIBIL will be. It is a smart move if you’re planning for large-scale financing in the future since getting short-term finance will steadily build your credit and strengthen the lender relationship.

With a robust CIBIl score, you can quickly access funds and grow your business favourably. If all this is on your to-do list, and you can confidently repay the debts, go ahead and get yourself the financing!

Inventory and Equipment Need

Without an adequate inventory, your business will most likely halt. As customer demands keep growing and your enterprise keeps expanding, you must meet the newer equipment and inventory needs. If this is an urgent need, then it would be the appropriate time to avail of lending.

Additional Read:  Give your Business a Boost with Tata Capital Business Loans

Obtain the Right Financing and Let Your Business Flourish!

Tata Capital’s business financing facilities are here to help your business grow. Get structured EMI plans, higher eligibility terms, collateral-free fundings, and various other benefits to give your enterprise the boost it needs. Our business loan EMI calculator is there as well to help you evaluate your monthly instalments beforehand! To know more, visit our website today.

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