Businesses in India have taken a huge hit.
Whether it’s a general store, a restaurant, or any other business, due to this lockdown, it has become difficult for business persons to run their business.
Many cannot keep up with paying wages, handling utility bills, and also increase their sales. Hence due to such a slowdown, small and medium businesses have started shutting down.
Keeping this in mind, the Finance minister along with the Government of India have decided to step in and help these struggling small and medium businesses. They have begun providing a scheme where small and medium enterprises can apply for the lowest interest rate business loan in India.
This scheme will provide MSME business loans worth 3 lakh crore in India. As of August 17, only 1 lakh crore worth loans have been disbursed. This means there is a lot of money available for business people.
This is a solution that will help you the most as the Government will take a guarantee on your loans. Yes, this will help your business get the necessary funds. Here’s what you can do with the loan amount:
- ■ Pay your pending bills – You can pay off your electricity and pending utility bills to stay clear of debts.
- ■ Bring back your labor – With the money, you can now bring back your employees/labor and pay them salaries. This will help your business work smoothly.
- ■ Purchase and stock products – If you need the latest products, you can purchase them and stock them in your store. For people who offer services, they can work on their offerings so customers can have a good time.
- ■ Spend on marketing/advertising – This might seem like an unnecessary expense for a few but marketing/advertising about your business even though on a local scale is important as people must know that your business is open!
- ■ Provide products on discount/offers – To increase sales and footfall for your business whether online or offline, you can provide offers and discounts. This will help you increase footfall and gain profit.
Overall, this money will help you inject a huge amount of working capital into your business. This will allow you to run your business smoothly without any worry. We hope this solution helps your business in such tough times.
You can apply for the best and low-interest rate MSME business loan in India when you do it via Ruloans. We assure you to get you the best deals available in the market.