Peruvian companies have suffered multiple impacts due to the pandemic. According to the National Institute of Statistics and Informatics (INEI), two out of every 10 companies have stopped operating (temporary or permanent) due to mobility restrictions. Against this background, businesses require capital injections that allow them to stay on their feet. Financing is one of the resources they can access, but knowing how to manage a loan is important for this process to be successful.
Until the second quarter of 2020, 67% of companies had decreased their sales, while 11.7% had not made any. While these figures are alarming, business owners must find solutions that allow businesses to stay on their feet and emerge stronger from this crisis.
Getting a business loan is the result of a general process of analyzing the business situation. The number one rule for acquiring financing is not to request it in a rush. Experts recommend carrying out a financial study of the company, comparing options and using tools such as the online loan calculator to previously know the amounts that will have to be covered month by month.
Loan administration
To manage the loan in favor of the debtor and generate a long-term relationship with the financial institution, the recommendation is to make a budget for the use of the money, be responsible with the objective and measure the ability to pay in advance. In this way, the company will be able to access better loans in the future. Before starting any procedure, use the loan calculator so that you know the amounts that you could access.
These are some key aspects that must be taken into account to manage a business loan in an optimal way.
- Know where the money will come from to pay it: To acquire a loan, business owners must conduct an analysis of their sales. To find out how much this figure is, you can use the Camino Financial loan calculator.
- Keep fixed goals: A successful loan is one that has one or more set objectives. Even if they have access to capital, if it is used without a fixed path, more than an investment it will be a waste. The golden rule is do not use loan money for assignments that you did not have planned from the beginning of the process.
- Pay on time: Whether in a personal, commercial financing or any other type of financial product, paying on time and in good shape will generate a good credit reputation, with which in the end you will get more support to grow your company. If since you used the loan calculator you know the approximate monthly payment, it is your obligation to consolidate this amount.
- Have a separate bank account for the loan: It is important not to mix the loan capital with the flow of the company. The expenses and the remaining money of the financing must be under control at all times.
Financing is a tool that all companies can use, if business owners are not sure of having the necessary solvency, they can use Camino Financial’s loan calculator to solve all their doubts.
The health minister, Óscar Ugarte, estimates that by the month of July, 61% of the population will be vaccinated, this implies that mobility restrictions will continue for at least six more months and the effects of the crisis will continue until 2022. Business owners must exhaust all possibilities to improve their income, keep their workforce and above all not allow their business to stop operating. Tell us, have you ever resorted to financing to face a crisis?
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