Powerloom is the number one industry contributing to the economy of Solapur. Around 6,000 factories function in this city employing more than 30,000 individuals. Beedi manufacturing is the second largest industry with 115 factories in operation. As much as 70,000 women are engaged in these manufacturing units.
Chemical, cement, agro foods, sugar, and motor & pump are other industries running in Solapur. That’s why availing a business loan in Solapur is one of the standard financing options for the small companies operating in the city.
NBFCs are providing the necessary financial support to all of these industries in Solapur. You don’t have to go through a lengthy process to avail these loans. Some financial institutions even sanction these loans within 24 hours.
Documents needed for a business loan:
- KYC documents.
- Relevant financial documents.
- Proof of business existence.
- Bank account statement.
- Income tax returns of the previous year.
Business loan eligibility criteria:
- The business vintage of at least 3 years.
- Age between 25 and 55 years.
How to expand your business with a loan?
1. Go for a bigger space
Operating from a small location restricts your inventory and production space. Hence, opting for a larger site can curb this problem. You get more storage space for stocking inventory, thereby increasing your production volume. You also get to hire more personnel and workforce to increase your manufacturing capacity. A bigger place can also help you target new market avenues.
A business loan in Solapur can provide with the funds that you need to lease or buy a new space.
2. Expand your sales channels
Selling through a physical store may be the only sales channel you have. Another sales channel that you can add to your business is the internet. Going online increases your sales numbers and your revenue.
To sell online, you can either use social media platforms or build a website. Developing an e-commerce website requires considerable investment. Hence, a business loan can help you out here. You can also invest in digital marketing with this loan to make your website more visible in search engines and social networking sites.
3. Upgrade/purchase plant and machinery
Upgrading or purchasing new plant and machinery is another way to expand your manufacturing business. You can utilize a business loan in Solapur to avail the funds to make such investments.
New plant and machinery can come attached with a high price tag. But, it will lower your production cost in the long run. Also, make sure to choose the right machinery supplier before investing.
4. Adding a new product to your production line
Manufacturing a new product not related to your business niche is another way towards expansion. Now, you will need to invest in infrastructure and manpower to add a new product to your product line.
Hence, business finance comes to your rescue here. Companies provide Business Loans up to Rs. 30 Lakh with tenors of up to 60 months. You can avail these loans in only 24 hours.
5. Buy another business
Merger and acquisitions have always been one of the significant ways for business expansion. However, you have to do so correctly to ensure it does not backfire.
Acquiring start-ups, new businesses, or small companies that show potential can aid you to increase your revenue.
Uday is a passionate blogger. He has expertise in writing finance articles. He has been serving society as a financial adviser. He loves keeping himself up-to-date with the news and happenings around. He is always open to learning and shares his experiences on his Greetings of the Day.