When you run a business, you constantly evaluate the possibilities for growth and expansion. A great opportunity could arise anytime, anywhere. If you are not financially prepared for such a situation, or it turns out to be a larger financial commitment than expected, then an instant small business loan can come to your rescue.
What is an Instant Business Loan?
An instant business loan is credit for your business that is quick and easy to process. It is usually granted in a short time span, requires minimum documentation and can be applied for with maximum convenience. Thanks to technology and high-speed internet, an instant business loan online can help your Small and Medium sized Enterprise (SME) meet financial obligations at the click of a button. SMEs are also called Small and Medium Businesses (SMB) as their number of employees, investments and turnover fall within certain limits.
Reasons to Apply for an Instant Small Business Loan
Each business will need funds for different reasons. Some may want to grow, while others may need working capital funds. Instant business funding can ensure that your business does not lose out on any opportunity because of lack of money. Here are some top reasons to apply for a business loan:
Most medium or large businesses were once small businesses. For all businesses, growth and expansion is the ultimate goal. An opportunity may present itself to grow your business, be it in the form of a new product or service investment or expanding your production. In such instances, a business loan can help you meet the costs without dipping into profits.
- Plant and Machinery
For a manufacturing business, machinery and other equipment are critical for survival. A sudden breakdown of machinery could impact your productivity and harm profits. If you do not have enough funds in your budget to repair or replace faulty equipment, instant business funding can help you out.
For retailers and wholesalers, inventory is the lifeline of the business. As and when stock gets depleted, you have to replace these to remain relevant in the market. Many times, regular clients make purchases on credit. This can strain your operational cash flow, leaving you with little money to make purchases. An instant small business loan or applying for shop loans online can ensure you get funds immediately to replace inventory.
- Cash Flow
A temporary cash crunch can put your business in trouble, especially with debtors and staff. Often, there is a lag between the time when invoices are raised and payment is made. It is not possible to wait for the cash to come in every time before you honour scheduled payments like salaries and EMIs. If you are unable to set funds aside for this every month, a business loan can ease cash flow difficulties until you get paid.
- Large Orders
If a sudden large order comes your way and your current setup does not allow for it to be fulfilled, you do not have to pass up on a good opportunity. You can ramp up production by renting a few extra machines or hiring temporary staff to fulfill the needs. In such scenarios, extra cash flow from a business loan can help you scale up temporarily or even permanently.
Every business must pay its taxes on a monthly or quarterly basis. However, everyone makes mistakes. In the event that you miscalculated your taxes, you will have to pay the deficit to the government at the end of the taxation year. Not paying could lead to penalties. An instant business loan online can solve this issue.
How to Apply for Instant Business Funding Online
Applying for a small business loan online is a simple process. Once you have some basic documents and details in place, you can get funds in your bank account within hours.
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Once you submit these, your loan will get processed and sanctioned directly into your bank account. However, it is important to ensure you have a high credit score to increase your chances of getting the loan approved. You can also read our blog on all you need to know about business loans with bad/low credit score and how to apply for business loans for women for more insights.
Gold Loans as an alternative to instant business loans
A gold loan is much simpler to get instant money when compared to a business loan. Gold loans can be availed by anyone with gold assets and KYC details. However Rupeek’s gold loans have an added advantage of the best loan-to-value ratio and low interest rates. All you have to do is calculate the amount you are eligible to borrow based on our gold loan calculator and initiate the gold loan online. A representative from Rupeek will offer personal assistance at your doorstep and help you through the gold loan process with maximum privacy and security. Rupeek’s gold loans are sanctioned within hours and offer high loan amounts, flexible tenure, require bare minimum documents and have affordable interest rates that will let your business scale new heights!