{"id":33312,"date":"2021-02-17T15:54:04","date_gmt":"2021-02-17T10:24:04","guid":{"rendered":"https:\/\/www.paisawapas.com\/blog\/?p=33312"},"modified":"2023-11-29T18:11:33","modified_gmt":"2023-11-29T12:41:33","slug":"5-small-business-loan-options-for-new-businesses","status":"publish","type":"post","link":"https:\/\/www.paisawapas.com\/blog\/5-small-business-loan-options-for-new-businesses\/","title":{"rendered":"5 Small Business Loan Options For New Businesses 2021 in India"},"content":{"rendered":"\r\n
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India has more than 40 million registered and unregistered SMEs operating in various fields including IT, manufacturing, packaging, and food processing. The sector is one of the key players in the country’s growth, contributing about 40% of India’s GDP. Recognizing the importance of this sector, the government has embarked on a \u2018Make In India\u2019 program to encourage more SMEs to be part of India\u2019s growth journey.<\/p>\r\n\r\n\r\n\r\n

The challenge for SMEs \/ MSMEs<\/strong> in India<\/h2>\r\n\r\n\r\n\r\n
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  1. Trained talents move from SMEs to highly paid jobs as soon as a lucrative opportunity arises, which undermines the stability of firms. (Get Small Business Loans in India)<\/li>\r\n
  2. In order to survive in the market and stay consistent, SMEs tend to lower the prices of their services and products below profit levels. This raises the prices of their competitors and leads to greater loyalty to existing customers. (Get Small Business Loans in India)<\/li>\r\n
  3. Unlike large, well-funded firms, SMEs have to rely on their operating costs to cover all the hourly needs. Sometimes this is not enough given their constant costs. This is especially challenging when it comes to investing in new technologies to maximize their growth. (Get Small Business Loans in India)<\/li>\r\n
  4. Another big point of contention for early startups is that they have to grow with eyes to keep their USP strong. Maintaining the same quality of goods and services while growing into large firms is difficult for many start-ups because they are not happy with the funds needed to grow them quickly, be it hiring top talent or buying state-of-the-art equipment. (Get Small Business Loans in India)<\/li>\r\n<\/ol>\r\n\r\n\r\n\r\n
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    1. MSME government business loan scheme<\/strong> in India<\/h2>\r\n\r\n\r\n\r\n

    The Government of India has introduced the MSME business lending program as a working loan. Like MSME, you can get a loan penalty of up to Rs.1 crore within 59 minutes. The best part is that you get this loan at an 8% interest rate, keeping the payment easy in your pocket. A 3% reservation is available for women entrepreneurs, to provide immediate punishment for the growing number of women who help their businesses today. (Get Small Business Loans in India 2021)<\/em><\/p>

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