{"id":10794,"date":"2023-08-28T13:28:02","date_gmt":"2023-08-28T13:28:02","guid":{"rendered":"\/blog\/?p=10794"},"modified":"2024-12-13T16:08:43","modified_gmt":"2024-12-13T10:38:43","slug":"which-types-of-businesses-are-eligible-to-opt-for-a-business-loan","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-business\/which-types-of-businesses-are-eligible-to-opt-for-a-business-loan\/","title":{"rendered":"Which types of businesses are eligible to opt for a business loan?"},"content":{"rendered":"\n

The\nability to come up with a business idea is only limited by how high you can\ndream. Skillsets can be developed, and so can a market for a product or\nservice. As long as you are dedicated and are willing to put in the effort to\nsee your venture grow, everything else is manageable – including the capital.\nTraditionally, getting capital for a new business has always been a challenge.\nHowever, with rapid digitization and a strong governmental push, a business\nloan is easily available today. <\/p>\n\n\n\n

Businesses\nare primarily categorized as product-based or service-based businesses. Here is\na list of different types of businesses across genres that are eligible for a\nloan for business:<\/p>\n\n\n\n

Small\nhome-based product ventures<\/h2>\n\n\n\n

Many\nhomemakers and young entrepreneurs looking to make the best use of their time\nand earn some money often start small businesses from the comfort of their\nhomes. These include businesses like candle-making, soap-making, pickles\/papad,\nbaking services, gift items, etc.<\/p>\n\n\n\n

Even\nthough the set-up cost for such ventures is low, they can avail of such a\nloan to fund their need for raw material and packaging. Having a GST certificate\ncan help fast-track the business loan application.<\/p>\n\n\n\n

Small\nservice ventures<\/h2>\n\n\n\n
\"small<\/figure>\n\n\n\n

Service-based\nbusinesses such as website designing, public relations, blogging\/vlogging,\nsocial media management, etc. have very low operational costs, but may have\nhigher set-up costs like purchasing licenses, software, etc. <\/p>\n\n\n\n

A\nloan can help streamline these expenses and also be used to spread the word\naround through advertising and marketing. Again, having a professional degree,\nlicenses or GST certificate will make it easier to get a business loan\napplication approved.<\/p>\n\n\n\n

Additional Reads \u2013 <\/strong>Get to Know The Reasons Why Should You Apply For a Small Business Loan?<\/a><\/p>\n\n\n\n

Small\nsole proprietorship concerns<\/h2>\n\n\n\n

Once\nthe business moves out of home, the operational expenses scale up\nsignificantly. You have to pay for rent, utilities, infrastructure, licenses,\nsalary, insurance, etc. for service-based businesses such as doctors,\ntechnicians, tax consultants, spa owners, and more. The running cost is even\nhigher for those dealing in tangible products such as grocery stores,\npharmacies and small retailing businesses. <\/p>\n\n\n\n

As these businesses run from a commercial premise, a Shop and Establishment or Gumasta license is a must when looking to apply for business loan.<\/a><\/p>\n\n\n\n

MSME\nenterprises<\/h2>\n\n\n\n

All\nother businesses such as small to medium manufacturing set-ups, sales and\ndistribution businesses, software firms, manpower services, etc. are classified\nas Micro, Small and Medium Enterprises. These are capital-intensive businesses\nthat have high set-up and operational costs, large working capital requirements\nand long-term projected goals. There is a business loan that is\nspecifically designed to fulfill each of these needs of such ventures.<\/p>\n\n\n\n

Additional Reads – <\/strong>Why Is MSME Loan the Perfect Finance for Small Business Owners?<\/a><\/p>\n\n\n\n

In\nclosing<\/h2>\n\n\n\n

Irrespective of the size of the business, you can easily apply for an online business loan<\/a> with Tata Capital Business Loan. The application process takes a few minutes, and on approval, you can receive the funds in your account within a few days.<\/p>\n\n\n\n

Before you apply, be sure to check your credit score, complete your tax filings and go through the detailed list of business loan eligibility<\/a> criteria required, especially those related to your business.  <\/p>\n\n\n\n

Apply Now<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The ability to come up with a business idea is only limited by how high you can dream. Skillsets can be developed, and so can a market for a product or service. <\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":10797,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[26],"tags":[],"class_list":["post-10794","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-for-business"],"yoast_head":"\nFind Out Which Business are Eligible For Getting a Business Loan - Tata Capital Blog<\/title>\n<meta name=\"description\" content=\"Need a business loan to fund your business? Get to know the whether your business is eligible for a business or not. 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