Small and medium businesses always have financial needs that can be supported by business credit. However, entrepreneurs still take a long time before making the decision to request one. In the Report on credit and growth of SMEs 2019 of Floyd, it is indicated that only 30% of the companies surveyed have a loan to be able to boost their projects and move forward.
Among the issues that make you doubt or take the decision to apply for a loan for your business, are thinking that it is an unnecessary debt or that it is very expensive due to the interest rates they handle in the market.
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Business loans, in addition to providing the necessary capital to operate and sustain the expenses that SMEs may have, work in such a way that they can be settled easily and at an affordable cost.
Some entities provide an amortization table so you can visualize how the payments would be divided in a partial way and consider if your business has the capacity to pay.
In general, the credits that are destined for working capital, do not include VAT, so you only have to pay the capital that they lend you plus the interest and commissions established by the institution that would be lending you the money.
You must also take into account the benefits that can be granted. For example, if there is no penalty for advance payments to capital and even if you can apply for a second loan that can be approved almost immediately.
How does a business loan help?
Financing can help a business not only to have liquidity but to grow. Within the aforementioned Report, it was also learned that those entrepreneurs who used their credit to invest in digital sales channels and technology for their businesses, reported annual sales of more than 10 million pesos.
So how can you realize a loan can help a business meet its growth goals and come to have greater value in the market and within your industry.
If you have plans to innovate, create a product, expand your business or even renew it, applying for a loan may be the best financial decision to make.
This text is a Floyd collaboration.