Kottayam is a city located in the southern regions of Kerala, acting as one of her literature, industrial, and agricultural hub. It has a prominent rubber industry with more than 20 large scale organisations manufacturing various types of products like auto parts, rubber cables, adhesives, additives, footwear, etc. Kottayam also houses several ancillary industries catering to its primary production hubs.
Manufacturing businesses play a critical role in Kottayam’s industrial sector. Several small and medium scale manufacturing companies producing spare parts and supplying raw materials for rubber, chemical, and automotive industries contribute a significant amount to her economy every year. These companies have seen substantial growth in recent years, owing to an increased consumer demand, introduction and implementation of better manufacturing equipment, and the availability of credit in the form of business loan in Kottayam.
There are several ways how manufacturing businesses in Kottayam can use credit to expand their reach. A business loan in Kottayam can help an organisation secure the necessary finance to meet the increasing demand. Companies can also meet their working capital deficits and create robust financial backing to promote growth.
How can production businesses benefit from a credit?
- Improve infrastructure –
SMEs and MSMEs often suffer from insufficient finance to improve or expand their infrastructure. Manufacturing companies that need to integrate new equipment, build provision for storage, necessary amenities like electricity and water can face severe monetary crisis while constructing the required set-up. A business loan in Kottayam can act as an easy way to finance a growing business.
- Restock inventory –
Manufacturing companies require a steady inflow of high-quality raw materials to meet their production requirements. Kottayam acts as a primary consumer of chemicals and high-grade metal for the manufacturing industries.
Companies can avail a business loan to purchase and stock the raw materials necessary for their production line. Additional funds will help in procuring the best quality raw materials in quantities required to meet increasing demand.
- Hire experienced employees –
A skilled labour force is essential for a business’ growth. Manufacturing businesses often need to hire qualified workforce to meet short and long term manufacturing requirements as well as to improve the overall quality of the finished products.
However, hiring such workforce requires larger working capital and stable financial support. This immediate need for financing can be mitigated with the help of a business loan in Kottayam.
The financial backing provided by such credits can even help you build the right workforce for your small business.
Growing a manufacturing business requires thorough planning and a steady source of funding. Business finance are the ideal financial tool to back an existing organisation in such situations. Bajaj Finserv offers these high-value, collateral-free advances against easy to meet business loan eligibility criteria. Thus, companies can easily avail the necessary capital to tap into the growing manufacturing sector of the present day.