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. bolts
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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