I want to know how I can use the shop loan effectively.
You can use the shop loan for various purposes,here are some effective ways to utilize a shop loan:
The shop loan can be used to advertise and market your business so that there are better sales. This can be done by providing customers with some offers and discounts.
The loan can also be used to buy some inventory or to introduce a new line of products.
If you do not have enough working capital as a shop owner due to the everyday busines operations like salaries, utility bills, rent, etc, you can go for a working capital loan.
Another thing is shop expansion. If you want to buy a new shop or increase the space of the current shop, buy a new equipment, or to open a new branch in a city the shop loan can be effectively used for this also.