Kolhapur is the 11th most populated and the 12th largest city in the state of Maharashtra. This city holds historical and religious significance since the mediaeval era.
The primary product that makes Kolhapur famous pan-India is leather sandals. Kolhapuri chappals, as they are known, are made of buffalo leather with vegetable dye tan. The city also houses small cottage industries that mainly include wood carvings, jewellery crafting, embroidery, pottery, etc.
Kolhapur also has a large manufacturing base with a prime concentration in steel, plastic, and automobile parts.
The expensive trade in this city has led to the easy and quick availability of a business loan in Kolhapur. Several financial institutions and NBFCs operating in this city provide such loans with attractive terms and conditions.
Some of the ways how businesses use such loans in Kolhapur include:
- Building an e-commerce website
Selling through brick and mortar stores is primarily the only sales channels that you may use. However, creating an e-commerce website is an ideal way to grow your business. You can sell products online and bring in more revenue.
Becoming a multichannel retailer is one of the ideal ways for expansion. Your business can also become omnichannel in the future with the successful implementation of a website.
Taking advantage of the competitive business loan interest rate can help you secure funds for building an e-commerce site. Bajaj Finserv is an NBFC that offers Business Loans with attractive interest rates. You can avail up to Rs. 30 Lakh within 24 hours and repay throughout a tenor ranging from 12 to 60 months.
- Online and offline marketing
Developing a website is the first step towards marketing your firm online. You can also utilise the funds from your business loan and invest in digital marketing. There are agencies working towards increasing a company’s digital presence. It is achieved primarily by making a website more prominent in search engines and social media, thereby enhancing chances of reaching out to more prospective customers in the least possible time.
Your business loan in Kolhapur also aid in advertising and marketing your small firm offline with an aim similar to that of online marketing.
- Expand to another location
Physically expanding to a new place is another exceptional use of your business loan. You get to target a new customer base while doing so.
However, you have to plan, research, and conduct a feasibility test to ensure that your firm sustains in the new location. Doing so ensures that your business loan in Kolhapur is utilised to generate profits and you don’t incur a financial loss. Do remember that repaying the loan in full is essential to maintain a robust credit score. Only successful repayment makes you eligible for another loan in the future.
- Acquire another business
One of the quickest ways to expand your business is to acquire another one. Acquiring a company that shows potential and promises to gain momentum in the future can multiply your revenue in no-time. A business finance can help you out by providing the necessary funds for an acquisition.
Fulfil all the business loan eligibility criteria to ensure your application receives approval – you only have to be between 25 and 55 years of age, own a business that is at least 3 years old, and file income tax returns for at least the last year.
Make sure to follow the right guide to achieve smart growth of your business, especially if you have availed a loan for it.