loans can be availed even for stock management,

 

6. Diversifying Product Range

Business loans can be availed even for stock manageme find nt, manufacturing costs, and extending the product and service line. To grow the business, one needs to expand the range of products that the company sells. This is a strategy adopted by many business firms to grow their business through various ways of marketing a product or improvising the existing products and services by adding certain salient yet unique features.

7. Competitive Interest Rates

Business loans are offered at very nominal processing fe house es and a competitive interest rate. They are also available to common people wit e credit report to negotiate on the applied rates of interest if the organ business ization or businessman has a credible credit score.

8. Hassle-free Application Process

For small ventures and start-ups, the application process is very simple and involves only the submission of the business plan inclusive of the estimated start-up and managerial costs. If the verification committee feels that the plan is viable, feasible, and practicable, the loan is sanctioned.

9. Tax Relief

Small business loans are granted and acquired at lower rates of interest. Under the section of Income Tax Acts, banks provide tax benefits to businesses. The profit percentage from the loan is exempted from tax payment.

10. Improve Business Credit

Availing such business loans enables organizations to improve their business credit which in turn increases the cash flow of the business.

Conclusion

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