When to Apply for an SME Loan to Settle Other Debts
As a business owner, you will know that there are expenses that undoubtedly must be made in order for a business to remain afloat. But by generating multiple debts and falling into over-indebtedness, which gradually limits the growth of your business, you can apply for an SME loan to liquidate all those you have acquired up to this moment.
Fontana is a financial product that allows you to transfer all past due balances of personal loans for financing specially designed for SMEs. With this you will finally obtain the adequate and necessary financing for a business.
So, when to apply?
You can apply for this SME credit to settle debts ranging from 100,000 to 800,000 pesos. The only thing we ask as a requirement is that your company has a minimum of 3 months of billing, your identification as the owner of the company or majority partner and have a credit history.
Why do you need to request it?
The moment you compare the financing you have given to your business vs. an SME credit, you realize that the offer is much better and more appropriate. Well, the amount is established according to the capital needs that a business requires. That is, the amount is greater and therefore you can solve various projects that you have prepared to boost your business.
On the other hand the interests of personal loans are around 70%, while with a loan for SMEs you would be paying half or less. What would allow you to save that money and invest it actively in your business.
What other benefits do you have?
1 # The right amount
Once you make the transfer, you are granted an amount appropriate to your ability to pay so that you use one part to pay your debts and the other to continue investing in your business. For example, you can hire more people, buy new machinery or open a new branch.
2 # A single debt
Your multiple debts and pending are concentrated in one, because you only have to worry about properly manage your SME credit. Here, you can support a payment plan to have more control over your financing and your business, so that your experience is positive.
3 # Greater liquidity and financial health
By paying off the due debts you can release your personal lines of credit and use them appropriately, generating greater liquidity. You would also be separating your personal finances from those of your business and achieve better financial health.
As you can realize it is very easy to identify at what time you can apply for an SME loan to settle your debts, but above all remember that the benefits are greater for both you and your business. Do not continue to limit the growth of your small or medium business and visit Fontana to find out how much you could save on interest payments by obtaining the appropriate financing.