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    8 Reasons to Get a Business Loan

    Whether you’re an entrepreneur about to launch your own small business start-up or a seasoned businessman looking to expand your enterprise, getting a business loan or a bank loan is the most convenient means to finance your business. Although there may be a number of motives behind signing up for a business loan, you should obtain the loan for the right reasons.

    Listed here are 8 possible reasons to get yourself a business loan:

    1. Starting a Business

    You want to make your entrepreneurship dreams a reality but are lacking the necessary funds to achieve it. If you have a solid business plan and are convinced of your ability to make it work, there is no reason to hesitate when signing up for a business loan.
    HNB Finance offers convenient business loans that provide the most suitable financial assistance for start-ups and entrepreneurs aiming to grow their businesses.

    2. To recruit new employees

    Maybe your current tech team comprises interns and junior staff, and you feel the time has come to hire some senior developers that can bring in the A-game to your company. These senior talents, unfortunately, don’t come cheap. But you know that the earning potential for your company would significantly increase if you bring them on.
    In such instances, it would be wise to sign up for a loan to finance your company’s needs so you can hire the top talent to increase the efficiency of your business.

    3. To expand your business

    There may come a time when you feel the need to branch out your business and expand its horizons. Maybe you want to tap into a bigger market, add a new range of products or open up a second outlet. All this requires substantial finances, and a business loan is the easiest way to get the financial backup you need.
    There are various means through which our customers can obtain a business loan. For instance, they may sign up for mortgages, use guarantors or receive cash-backed (savings-based) loans which are all viable solutions. Business loans provided by HNB finance for savings account holders are aimed at the customers who require further funds to support their business expansion.

    4. Expand your marketing strategy

    You’ve realized that your business requires a little more of an extra push to reach its goals. It’s no longer sufficient to simply focus on your standards of service, hoping that the customer satisfaction and word of mouth references will keep your business going. In today’s day and age, businesses can thrive through marketing tactics and strategies aimed at expanding reach. Maybe you have plans to scale up your business, and to do so; you require more extensive brand visibility.

    You know that a solid marketing and promotional campaign is the solution, but it is unfortunately very costly. By signing up for a business loan and improving your marketing strategies can help you expand your business and, in turn, reach your targets making enough profits to pay back your loan well within its time frame.

    5. To increase your inventory

    If you run a retail store that carries a large number of seasonal items, it is often the case that you need to order and pay in advance for the next season’s stock before seeing the return on investment for your current stock. Hence, your money is all tied up in inventory, and you need a bit of extra help to hold off until you sell your existing supplies. Getting your hand on a loan would enable you to get through the season and still ensure you’re ready and armed with all the inventory you need for your next season.

    6. Relocate your business

    Perhaps it is time for your business to move to a new location, and you sense that moving to a more affluent neighbourhood will be ideal for your business model. But as it happens, the rent in those areas is far higher, and you also have to factor in moving expenses such as transportation, packaging and hiring of movers. Getting a business loan would be convenient at a time like this.

    7. Renovate your business premises

    Your office environment speaks a lot about your business, as it is one of the first points of entry to a potential customer. Therefore, you need to ensure that the look and feel of the premises is welcoming.

    Additionally, the pleasing working environment will improve the efficiency of the employees that will, in turn, help the business prosper. Happy employees will always take care of your customers and the organization.

    As this is an essential factor, it is vital to constantly upgrade the working environment, which will require financial assistance. HNB Finance business loans will provide the best solution to speedily and conveniently achieve your dreams.

    8. Upgrade your technology

    Technology might be a key aspect of your business. Hence, investing in the latest technology will bring more efficiency to the company and will assist manufacturing plants in reducing waste incurred due to outdated technology.

    This is undoubtedly a great reason to sign up for a loan so that you can see to it that your business will benefit in the end. The business loans facility offered by HNB Finance assists entrepreneurs and business people in developing and expanding their businesses by obtaining a quick business loan with minimum hassle.

    Through HNB FINANCE, you will be able to easily sign up for a business loan of up to 20 million LKR and a loan repayment period of up to 5 years with an attractive interest rate.