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Starting a business is one of the most important and rewarding undertakings one can have. But where should one start? There are various ways to approach starting a business, with many critical considerations. One of the most important considerations that a business owner cannot do away with is funding, which is the backbone of any business. For a business owner, looking for reliable funding sources is important; hence opting for a gold loan for small business owners is one of the best options to consider.
Shop owners of all sizes increasingly turn to various types of gold loans for their businesses to fulfill their short-term capital requirements. Business owners with potential consumer interests often fail due to insufficient funds to fulfill orders. This is where applying for a gold loan for small businesses is one of the most popular solutions for raising funds. A gold loan can help establish, expand, and maintain a business. Let’s have a look at some of the best practices for growing your business using a gold loan, highlighting its advantages, considerations, and tips for success.
To start a Grocery shop, or a businessowner needs to plan it carefully. Some of the essential steps of starting a shop include:
For centuries, gold has been a traditional asset in Indian households that has stood the test of time. In terms of financial assistance, the most common advantages of gold loans to open a grocery storeor run its day-to-day expenses include:
When you avail of a gold loan to fulfilling your short-term financial needs, timely and diligent repayment becomes your utmost priority. The various repayment methods include:
When it comes to real-life examples of business owners who got benefitted from gold loans, Muthoot Finance is one name that stands apart. Here are some real-life inspiring stories of influential individuals who used gold loans to embark on their entrepreneurial journeys.
Hailing from Tigipur, a small village in Delhi, is a farmer who is indulged in mushroom farming for the past 27 years. He faced many financial challenges to become a successful mushroom farming business owner. This is where Muthoot Finance helped him realize his dreams. He took a gold loan of INR 6 lakh from Muthoot Finance, which helped him expand his mushroom farming business and also gave employment opportunities to almost 40 to 50 individuals. Not only this, but his yearly turnover also increased from mere 15,000 kgs to approximately 1,50,000 kgs.
A 61-year-old dairy farm owner hailing from Rajasthan who started her dairy business after learning about gold loan schemes from Muthoot Finance. To become financially independent and contribute to the day-to-day expenses of the household, She approached Muthoot Finance and took a gold loan of INR 2,00,000 to start her own business. With this money, she bought a few cows to start her business. Within no time, she became a proud owner of a dairy farm spread across 3,000 yards of land.
A hotel business owner from Madurai was always determined not to work under any business owner since his college days and open a hotel one day. Due to financial constraints, he had to work in a private company whose earnings didn’t make ends meet. That’s when his childhood friend recommended applying for a gold loan from Muthoot Finance. Today, he is a proud hotel businessman who is making big strides. Within no time, he was also able to open another hotel in Coimbatore, and since then, there has been no turning back.
Needless to say, a gold loan is one of the most simple and beneficial financial tools any business owner can apply for if they have enough gold available to them. The various gold loan schemes introduced by Muthoot Finance are an effort to provide support and financial inclusion for all sections of society, especially individuals with limited means but unlimited aspirations. Over the years, Muthoot Finance has helped millions of individuals get easy and instant access to financial credit and realize their dreams.