As India marches at full pace to become a $5 trillion economy in the coming years and aims to build a haven for companies in India and around the globe to run smoothly, it would be right to call the small businesses and MSME sector of India the backbone of the economy. They are the key to solving one of India’s longest-standing crises of unemployment as they open avenues to new opportunities for people from every echelon of society.  
 
However, these companies only sustain and run smoothly when sufficient funds are injected in large amounts. As small businesses usually have a crunch in working capital and face problems in getting loans from top banks or financial institutions, Non-Banking Financial Companies (NBFCs) constantly aim at providing financial aid to micro and small businesses. 

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It’s no secret that the ongoing COVID-19 pandemic has shaken the financial status of many companies and individuals but the worst affected were the small and micro-businesses. As it is going to take a while for these companies to get back on their feet, instead of standing back and waiting, NBFCs strive to provide a growth opportunity to these companies.  
 
The extremely easy methodology of disbursing loans through online platforms makes the whole process seamless and safe. Business loans give more of a head start to businesses than being a liability and to understand further how business loans can help small businesses and MSMEs to burgeon we have stated a few points below: 

4 Ways Business Loans Helps Micro and Small Businesses 

Flexibility in choosing loans

You can choose from a plethora of types of loans that can fulfill your business requirements. Be it expansion, up-gradation, or the initiation of your business, you just need to choose the time period and the loan amount that suits your business needs. 

The convenience during the repayment

As the nature of your loan is going to be flexible, so is the process of repayment. NBFCs understand the complexities intertwined with business policies and objectives. Hence, the repayment plan is usually in congruence with the cash flow of your business to avoid obstacles in financial management.  

Promising stable cash flow

Along with manpower and technology, finances play an important role in any business. A stable cash flow is highly essential for the expansion of business needed for various purposes. Whether you are a new business owner who is in search of funds or an established company recovering from the lash of COVID, business loans always find a way to push the growth trajectory of your business upwards. Even if you are a business owner in metros cities in India, the changing scenario of India and the positive encouragement given to the small business by the government makes it an ideal choice to opt for business loans to take a leap of faith directed towards growth and meeting financial goals. 

Opportunity to save Tax’s

With a business loan, you also get an opportunity to save taxes. As per the Income Tax Act of India, repayments of loan amount done using business profits are exempted from tax, which is  another great reason why you should avail a loan for your business loan. 

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