Planning to fund your business for expansion? In Delhi, it is easy to get the best ways to get small business funding options in Delhi. Here are the top five funding options.
Business credit cards Business credit cards are an unsecured form of loan taken by businesses to manage small expenses. A business credit card is used only for business-related expenses. It is a revolving form of credit that can be used after paying the bills. A business credit card comes with a fixed credit limit which can be utilised by a particular business. After paying the bills, the business gets back the credit limit availability to use it further. It is completely unsecured in nature, as businesses don’t need to pledge any collateral or security to get a business credit card. However, it is important for businesses to maintain eligibility criteria in order to get a high credit limit. Small business loans Small business loans are unsecured forms of loans that are taken by businesses for flexible kinds of expenses related to their business. It is an instalment loan where individuals need to pay the monthly instalment in order to repay the loan. New business loans are usually taken up for small expenses like paying salaries, working capital, maintenance, regular operation costs, and small emergencies. It is unsecured in nature, which means a business owner does not need to pledge any security to get one. Business loans in Delhi are typically granted for a one-year term. Angel investors Individuals or businesses that invest in a specific business after determining eligibility and prospect. It is one of the best ways to attain instant funds by having a good business plan. Angel investors are good for small business investments, like in expansion plans or purchasing any kind of machinery or equipment. However, the business needs to convince the angel investors with a good business plan and a high business credit score. A working capital loan A working capital loan is a small business loan taken primarily to meet the working capital needs. It is only used for managing day-to-day activities and operating costs in a business. Initially, startups and small businesses need working capital loans in order to manage all kinds of expenses. It is an unsecured form of loan and comes with a short-term tenure of one year. Apply for free credit score check. Machinery loan Machinery loans are taken by small businesses to invest in new machinery and equipment. Adding new machinery in production increase productivity and generates more revenue. Machinery loans are secured ones, as the machinery itself is taken as a mortgage or security by financial institutions. New business loans are important for small businesses initially. There are various business loans in Delhi that you can opt for at the time of need. Must Read : How to Choose Between Business Loans and Overdraft Loans
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February 2022
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