What is a Line of Credit (LOC)?
A line of credit (LOC) is a preset borrowing limit that borrowers can withdraw at any time. It is an arrangement between a financial institution, usually a bank, and a client. The borrower can obtain money as needed until reaching the limit. It is a flexible loan from a bank or financial institution. Similar [...]
What is a Letter of Credit?
A letter of credit, or "credit letter" is a letter from a bank guaranteeing payment. They can provide security to a seller that will be received on time and for the correct amount. If the buyer is incompetent to make such a payment, the bank covers the full or the outstanding amount on behalf [...]
Small Scale Industries India
Small-scale industries in India, also known as SSIs, form the lifeline of an economy. Therefore, it is very significant for a country like India. Being a labour-intensive industry still requires small capital. This is very effective in generating job openings. The investment in such industries is one-time. Small-scale industries connect small enterprises that manufacture [...]
What are PSB Loans in 59 minutes?
The Government of India launched a quick business loan portal for individuals who wish to extend their existing business. Under this scheme, MSMEs can get loan amounts from Rs. 1 Lakh to Rs. 5 Crore in less than 59 minutes from Public and Private Sector Banks and Non-Banking Financial Companies (NBFCs). PSB Loans in 59 [...]
8 Steps to Starting Online Business
Launching an online business can be an affordable plan to become an entrepreneur. And with the wide variety of e-commerce platforms and channel options, you have more access than ever to get your products and services in front of a huge audience. Here are 8 Steps to Starting a Small Business Online: 1. Start [...]
MSME/UDYAM Registration
Any person who intends to establish a micro, small or medium enterprise may file MSME/UDYAM Registration online in the Udyam Registration portal. It is based on self-declaration with no requirement to upload documents, papers, certificates, or proof. On registration, an enterprise will be assigned a permanent identification number to be known as the “‘Udyam Registration [...]