Growing Bussiness During Ramadan with Productive Loan

Growing Bussiness During Ramadan with Productive LoanAlthough Ramadan is known as the season for Muslims to worship more, it is also known as the month of consumption. Some people realize this potential and start a seasonal business. Some of them even survive and become stable businesses outside of Ramadan. Thinking of creating and growing a Micro, Small Medium Enterprise (MSMEs) business in the month of Ramadan could be the right choice to learn more as a novice businessman. There is a lot of potential that can be tried during the month of Ramadan until Eid al-Fitr, including F&B, clothing, and health. But in reality, building a business is not an easy thing. It takes a lot of capital even though the business is still in the form of MSMEs. The capital required includes raw materials, places to trade, packaging, and other accessories. This large enough capital is often an obstacle to starting an MSMEs business. The most practical solution is to make a productive loan either through a bank or through peer-to-peer lending services. Even though loans seem like a trap, having productive loans will actually help MSMEs to develop and be more stable. A stable cash flow will actually make it easier for the business itself and make loan repayments not feel stifling. Productive loans are also useful as a reserve fund to anticipate risks in the business. Evidently, loans from MSMEs during Ramadan increased compared to other months. From the lender's perspective, the 5C principle (Character, Capacity, Capital, Condition, and Collateral) can be considered in providing capital to MSMEs. Also read: Fintech Lending: Maintaining A Balance Between Growth and Risk Signs of Healthy Business and Its Potential Before deciding to enter into MSMEs during the month of Ramadan, the thing to consider is whether the business that will be run has a sign as a healthy business and has the potential to grow. A healthy business is not just a business that has advantages on paper but also benefits the community and the environment. Some of the signs of a healthy business are that people will voluntarily recommend your business to others. The strength of this recommendation is a form of "word of mouth" from happy customers and of course it will bring other happy customers. Similar to recommendations, reviews are also a sign that a running business is a healthy business. The difference is, that the review does not come by itself, but asks them to do it. Another sign of a healthy business is promotions that are on track. Employees who are happy and ready to commit to helping the business grow and work well followed by stable cash flow. Seeing the opportunities you have is also a sign that your business has potential. A healthy business knows what each employee's strengths are and what it takes, from additional employees, vendors or partners. A business that has customer loyalty and has innovation is also a sign of a healthy business, that can survive and will continue to grow. Connecting Healthy Lenders with Healthy Business With the services of Brick, lenders can connect with healthy businesses. This means that the risk of repaying a failed loan can be minimized and you can even work together as an investor in the long term. The integration of Brick as embedded finance with various applications and services does not only use banking transaction data, but also data from eCommerce and digital money to access cash flow, store performance, turnover, and so on. ***