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Another point in favor of having business credit is that you will be independently maintaining your personal finances from your business. This is important because according to our study of SME credit, 80% of entrepreneurs in Mexico use their personal loans to finance their businesses. This action is not very recommendable due to the financial risk it represents, in addition to the fact that the offer obtained with a personal credit card is not equivalent to what can be obtained with business credit.
Below we will tell you that the other 3 points make a business credit more convenient, as well as what you can do if you have used personal credit to solve your business.
# 1 You get an offer that really works for you
When you are requesting a credit for business in a bank or fintech, you will realize that the offer they make specifically for SMEs is very good. They offer amounts ranging from 20 thousand pesos to 2 or 5 million since they have been designed according to the economic needs that a business can present. For example, you can use that amount to invest in more inventory or even to acquire new machinery that helps improve your processes.
Regarding the interest and term that can offer you comparing it with personal credit, you could be saving and having the opportunity to manage it better. That is, since the interest rate they set is much lower than that of a personal loan, you could be investing more money in your business and managing a more adequate term. To find these characteristics in a credit we recommend that you really investigate and know the different offers that already exist in the market, such as those of a finch.
# 2 You have the opportunity to take care of the financial health of your business
By financing your business correctly you will also be taking care of your financial health since you will not have to be using the savings and profits that you have generated so far for your new projects. As well as maintaining your level of liquidity to carry monthly expenses such as salaries, basic services, payments to suppliers, etc. It is very important that the financial status of your company remains positive to continue operating.
Also, this new opportunity that you have acquired, could be something really viable. Well, if you give the loan a good use, you will increase even more your income and therefore the ability to pay with which your account. Giving you the opportunity to request an even larger amount and grow exponentially your small or medium business.
# 3 Creas credit history for your SME
Another point in favor that you would be getting and that for many entrepreneurs or owners of SMEs is the limitation to access to credit for their business is to have a credit history specifically for your company. Well in this way you will already be separating your personal finances and opening a new financial path for your company. That is, your business will have its own identity before the credit bureau in order to be analyzed by financial institutions and obtain very good offers in terms of amounts, terms, and interest.
To reinforce this point once you get it, we recommend that you always keep track of your credit history by paying your balances on time and above all maintaining a level of debt according to the actual payment capacity that your business can handle.
What do you do if you have incorrectly financed your business?
You may belong to that relevant percentage of those owners of small and medium enterprises that have financed their projects with personal loans and wish to change this situation. Well, in the face of this need, new models of offers have emerged that give you the opportunity to do so. That is, there is already the possibility of changing those balances of personal accounts for business credit, in which you get an amount that helps you pay your debts and also start investing in your business in the right way.
Now that you know how convenient a business credit is, you can make the decision to apply or even refinance your business the right way. We invite you to investigate what institution can help you boost your business so that you achieve the goals you have set for yourself.