According to an article from the National Commission for the Protection and Defense of Users of Financial Services (CONDUSEF) we obtain this relevant information “SMEs are considered as the main engine of the economy. And in many cases, SMEs are the companies that give more employment. And it is very simple to understand why they contribute significantly to the generation of jobs.
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These businesses must be provided with all the tools to boost their competitiveness.
Thus, as an important market space, it is covered through these companies. They are the backbone of the Mexican economy. Micro, small and medium enterprises (MSMEs) generate 72% of employment and 52% of Gross Domestic Product (GDP) of the country.
In Mexico, there are more than 4.1 million microenterprises that contribute 41.8% of total employment. The small ones add 174,800 and represent 15.3% of employability; meanwhile, mediums reach 34,960 and generate 15.9% of employment.
To improve the economic environment of small and medium enterprises, these businesses must be provided with all the tools to improve their competitiveness, increase their sales and consolidate their profitability. All this without forgetting such important aspects as the cost of financing, guarantees and willingness of banks to attend to SMEs, which is usually an obstacle to their growth.
Understand what companies need: fast and secure financing
In Good Financial we are interested in getting SMEs in Guadalajara to have the same opportunities for the growth of their business, hand in hand with the country economy, the result of the support of fast and secure business loans.
It is important and timely that you know all the possibilities that your small or medium business has to get financial support and that go beyond the offers of traditional banks, so we share the following information: let’s explain the concept of companies called Fintech, What are they? We take this definition so clear that the Fintech Association in Mexico makes: “Fintech is a nascent industry in which companies use technology to provide financial services in an efficient, agile, comfortable and reliable way. The word is formed from the contraction of the terms -Finance and Technology- in English ”.
The Fintech Law was published in the Federal Gazette on March 9, 2018, which regulates the Financial Technology Institutions, is a unique law in the world that leads Mexico to get fully involved in Revolution 4.0, this revolution seeks the technological and digital transformation of business and organizational models.
Democratizes access to financing for all
For Collective Funding companies such as Good Financial, the Fintech Law democratizes access to financing and investments for all and gives us a competitive reference framework regulated with the rest of the financial sector, this new legal framework makes it mandatory for us to stick to the model of open banking platforms, in which it is determined that the information of the transactions of the users is the property of the users and not of the institutions or financial companies.
According to a note published by CNN: “Mexico is positioned as the leading market in Latin America by adding 238 startups that offer financial services with the help of technology, according to Fintech Radars, prepared by Finnovista. They are followed by Brazil (219), Colombia (124) and Chile (75) ”.
As you can see, getting financial support for your company, coming from a Fintech is a totally safe and innovative option, with more affordable rates and a much simpler and shorter process.
The next step is to know and detail the financial situation of your business to ensure that you are in a good time to get an SME credit, you must have a business plan and stick to it so that you can achieve the projected objectives and goals. , so The cost of financing will not harm the daily operation of your small or medium business.
Getting financial support for your company
Take note of the following: keep track of the loan, you should only use what is necessary, do not spend more than the budget you have. Always keep in mind that the money is not yours, it is a support that you will have to settle later. Applying for a loan brings many benefits, but it can also bring problems if you do not invest it properly. Knowing how to manage your business finances is the key to making it grow successfully and avoiding getting into debt.
The last part to make your business a resounding success is to train and encourage your staff. A very important investment for your business to keep expanding is to be in constant communication and train each of the members of your team. They must feel in union and work with a positive and proactive attitude, you as the captain of the ship should make them feel that way.
Remember that SME loans should be used wisely to provide you with the benefits and growth you are looking for. Each business has different competencies and needs, it reviews the loan requirements well before acquiring it, it investigates the payment terms, the annual rate and remembers not to spend more than your SME loan.