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5 Ways To Get Small Business Funding In Mumbai

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By Author: Digital Marketing
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The availability of finance for business is a recurrent factor in starting or sustaining any business. Apparently, however, according to a recent survey, statistics show that over 94% of the small businesses take a back seat due to ignorance in exploring various opportunities when it comes to finance for business.  
That's often the case, at almost every stage, entrepreneurs end up asking the question—How do I finance for business?
Moreover, Mumbai is famously known as the financial capital of India. Accordingly, the problem of weak bank balances in a big city like Mumbai is a grave for small and medium enterprises.
In a metropolitan city, the competition is huge due to the rapid multiplication of commercial ventures. Survival of the fittest is a norm, where access to quick and easy small business loans will determine the success for SMEs.
Here are some options to get easy small business loans for your business.
1. Bootstrapping your business:
Bootstrapping, otherwise known as self-funding is the most viable way to start your small business. As opposed to the various easy small business loan options available, this is the more effective for the first-time entrepreneurs.
Bootstrapping is also about stretching resources – both financial and otherwise – as far as they can. You might want to start early, implementing your money-saving plans to reap out the benefits.
2. Financial Help from Microfinance Providers or NBFCs:
There’s another way if need a loan for new business. Basically, this is a lucrative option, if you don’t qualify for a bank loan.
So, if you need a loan for new business, and you’re limited and credit ratings not favored by the bank, this is it for you.
3. Government Programs for startups:
There’s no shortfall in small business financing loan opportunities from the government.
The government of India, as a wing to cater the small business financing loan opportunities in India,  has launched 10,000 Crore Startup Fund in Union budget 2014-15 to improve  the startup ecosystem in India.
4. Bank Loans:
The first choice, when it comes to availing a small business loan in India is getting the fund from a bank.
For an in-depth study, small business loan in India through banks comprises providing the working capital loan, and the other is funding. 
Working Capital loan is the loan required to run one complete cycle of revenue-generating operations, and the limit is usually decided by hypothecating stocks and debtors.
For availing a small business loan in India from a bank, the procedure is somewhat detailed and tedious— sharing the business plan and the valuation details, along with the project report, based on which the loan is sanctioned.
5. Unsecured business loans:
There is this one easiest funding options you can look for —run your business with unsecured business loans.
Many digital lending companies offer unsecured business loans – which are loans given to  SMEs without any security of collateral.
These collateral-free loans for SMEs are offered with flexible repayment options, disbursed within a short period of time, to cover short-term needs. The sweet spot is you can apply from anywhere.
Digital lenders offer such loan, provided you meet certain criteria and are able to provide some documents for verification purpose to receive an unsecured business loan.
While the plethora of small business loan options may make it easier than ever to get started, responsible business owners should ask themselves how much margin do they need for the business loan for funding their small business.
It’s better to start from the beginning with good corporate governance for a small business loan, as it might get hard to go back later and try to exert fiscal discipline.

More About the Author

Tribe 3 offers the best unsecured business loans online in India, on transparent and competitive interest rates. Click to know more.

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