If you’re running your own small business and you need business financing, the type of bank account you use for business transactions impacts whether a lender will approve your loan request or not. It also affects the loan amount and interest rate they offer you. Let’s find out why. What type of bank account should…
Your business vintage is an important factor for lenders when they’re making their lending decision. Lenders use your business vintage (how long your business has been operational and registered) as a proxy for how sound your business plan is. It helps them assess whether you will have the financial ability to repay your loan EMIs…
Have you heard? The last date for individuals to file their Income Tax Returns (ITR) for the Financial Year 2020-2021 has been extended to December 31, 2021. The Central Board of Direct Taxation (CBDT) announced the extension to ease the pressure taxpayers are facing due to COVID-related difficulties and the glitches in the new ITR…
As a small business owner applying for a business loan, there are a few things you should consider before you start looking for the right lender and small business loan product. The first item on your list should be the purpose of your loan – how will you use the money. The next one is…
A cash flow forecast helps you determine how your business will perform in the future. If you don’t already have one ready, start putting one together for your small business or work with your CA to prepare it together. Your cash flow forecast considers all your inflows and outflows to determine how much money you…
Festival season is upon us! The next few weeks will be full of family gatherings and celebrations that hopefully follow COVID-appropriate guidelines. People will be eating out, buying new clothing, and investing in new things. The period leading up to Diwali has also proven to be lucrative for small businesses in the past as SMEs…
Small digital interventions like these can improve your customer service and increase the speed and scale of your work! Using WhatsApp Business makes keeping track of orders easier for you, and providing your customers multiple payment options (GooglePay, PayTM, PhonePe, Credit, Debit and Cash) makes doing business with you easier for them. With festival season…
If you applied within the last 3 months for a small business loan and you were rejected, wait before you re-apply and seek help. When lenders are making a lending decision, they assess your application based on many different factors, including: your credit history your business plan your sector your financials and cash flows your…
When you apply for small business funding or try to open a new bank account, lenders will ask you to submit a cancelled cheque. While no one can withdraw money from your account using a blank cheque, it does include valuable information like your full name, bank account number, the name of your bank and…
Applying for an MSME loan may seem like an intimidating job but don’t worry! You’ve come to the right place to understand the process better and make the act of applying easier. Before you apply for an MSME loan, you first need to understand if your business falls under the “MSME” classification, then decide why…
