Growth and maintenance are some of the main objectives of all types of companies and entrepreneurs, but to achieve this you need to make capital investments that scale the company: open new markets or offices, expand your team, among others.
Accessing this type of investment is not very easy, so it is necessary to have certain tools and take into account some important factors.
In the national business fabric, SMEs represent 99.6% of the companies in the country, which is a total of 2.5 million, which in turn means that they are the main drivers of the economy and work in the country. , since they generate approximately 79% of employment and contribute 40% of the Gross Domestic Product (GDP), according to the ANIF.
Despite this, 62% of SMEs do not have access to financial services, while 38% find themselves with little credit, interest and high indebtedness, according to McKinsey.
So, to promote growth, you have to look for alternative financing options, which is why Siigo, a leading accounting and administrative software company in the market, highlights some aspects to take into account in this process:
Formalization is the most important
It is estimated that six out of ten companies in the country are informal. This directly affects the survival of the new companies, since it represents an impossibility of accelerated and constant growth due to the lack of access to credit and collection of capital.
Since to obtain this type of aid it is necessary that the company is legally constituted and that it can respond financially.
In addition to missing out on possibilities such as the accompaniment of the Chamber of Commerce to strengthen the business; be able to be a State contractor; financing opportunities, being a beneficiary of business strengthening programs of the State or the Ministry of Commerce, Industry and Tourism and Propaís; and that the VAT invoiced by the company can be deducted are just a few points to take into account.
Keep financial statements organized
This aspect is essential to request credits, because for any financial institution this information is essential when requesting one.
For this reason, it is necessary to have a tool where this information can be managed, such as Siigo, which allows it to be done in an organized way and from the Cloud, with access from any device with an Internet connection and updated data. In addition to allowing accounting to be in accordance with the International Financial Reporting Standards required by Law 1314 of 2009.
Traditional banks, not always the best option
Traditional banking is a very good option as long as a company is large, because due to its cash flow it is easier to lend, while these entities are more meticulous and restricted when making loans to small and medium-sized companies, because they feel they are risking money.
However, there are currently fintechs focused on SMEs and entrepreneurs, which can be adjusted to the needs of each business and make financing easier.
“Sources of financing are essential for the growth of SMEs and entrepreneurs, therefore, the alternatives focused on this type of company are a great option, which is why Siigo makes this type of integration to continue helping companies and entrepreneurs achieve its objectives and strengthen its technological ecosystem”, says David Ortiz, CEO of Siigo Latam.
Thus, Fintech have become a great alternative to help these entrepreneurs and SMEs, as it makes the processes easier and faster.
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