The day to day of an entrepreneur is unpredictable. It is
common to face difficulties to smoothly cover the recurring expenses that a
business generates, such as the purchase of supplies, the payment of salaries,
the payment of services or transportation. This is where it becomes necessary
to access funds as soon as possible and loans for SMEs are perfect for this.
But we cannot deny that the pandemic has also made business
owners re-evaluate when to apply for new loans; It has led them to take more
care of their administration, their investment and their cash flow in a more
conservative way. That is why finding an effective way to use business loans
can help you stay on track.
Relevant data on the use of credits
for business
The Banco de México, through its quarterly survey of the
conjunctural evaluation of the credit market , in the period from October to
December 2020 highlights that, in relation to the sources of indebtedness,
27.1% of the surveyed companies used a loan from the commercial Bank. Likewise,
16.8% used new business loans.
There is an exciting piece of information that literally
states that "the group of companies that used new bank loans expressed
having faced less favorable conditions than the previous quarter in terms of
interest rates, amounts and terms offered, commissions and other expenses ...
compared to the third quarter of 2020 "
This confirms the conservative habits of entrepreneurs about
obtaining loans for SMEs or even considering using an already approved loan.
Many situations must be evaluated before taking a loan that allows you to face
the ups and downs of cash flow and that is why it becomes relevant to seek the
greatest efficiency when taking advantage of these types of resources.
How to use business credit
effectively?
Learning to use a loan for SMEs wisely can help you avoid
financial problems within your business; Therefore, here we share some
recommendations to use them correctly:
• First find out , then sign. To obtain any business credit
you must first sign a contract. Before accepting the loan, it is best to read
all the clauses thoroughly. Look at the CAT (Total Annual Cost) and the monthly
interest rate so that you know exactly how much money you will pay in the end
and, if it exceeds your payment capacity, do not accept the proposal so as not
to affect the finances of your business.
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