Applying for a loan or financing can be a very difficult task if you do not have your clear objectives or an already formed company, micro, small and medium enterprises represent almost all the companies in the country, they employ 7 out of 10 people; However, the funding they receive is very low compared to large enterprises.

Entrepreneurship has never been a simple task since many uncertainties are generated, however, it is not impossible and if you plan, your business could achieve the growth you expect.

Pay close attention:

You must have your goals clear

What do you want to undertake? For what? Where? How much money do you need? These are some of the questions that you must answer before requesting a credit and submitting your documentation.

Get rid of the fear of credit

Applying for a formal financial institution to create a business has many advantages; Remember to use it with discretion. Some institutions in providing credit offer training programs to make it easier for you to undertake, ask for them.

Do accounts

The lack of records, formal balances, and projections of your business threatens the formation of the same. Taking a detailed budget can provide you with many things, including organizing the information so that at the time you are approved for the credit, be clear what you will do with the money and how you will cover the payments.

Be patient

Many entrepreneurs give up on seeing the number of requirements and documents required by institutions to provide business credit. Having patience is essential, always keep in mind the goal you want to achieve since a well thought out project shows security.

Consider all possible ways to fund yourself

Depending on your project, there is a wide range of institutions that can offer you options with different costs and requirements. Consult with a professional to choose the one that best suits your needs.

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These are some of the government programs that currently support SMEs:

National Entrepreneurship Program

With this initiative, the Ministry of Economy promotes the entrepreneurial culture and promotes business development.

This program has multiple and integral supports such as Entrepreneur Tours or Caravans, Events for Entrepreneurs, Young Entrepreneurs Model, Automotive Workshop, National Incubation System, Capital Seed Program and Pilot Financing Program.

Technological Innovation Fund

It promotes innovative initiatives of Micro, Small and Medium-sized Enterprises (SMEs) of Technological Base, Startups, and individuals with the business activity that carry out significant technological innovation projects with high potential to be placed in the market as technological innovations.

With the support of his parents managed to finish his degree in gastronomy and after working in different restaurants, he had the opportunity to start his own business a bakery. It oversees purchasing, production, and marketing.

If you to work in a bakery and chocolate already established, it is very difficult to get to innovate in a place where you already have a control and customers. aware that the inputs buy are not lost and have a database in a computer, where write down the expenses, the sales, as well as the cost labor”.

Do you know why a business fails? Pay attention to the following factors:

Lack of planning

This is very important because when you start, you can fail if you fail to understand the market you want to reach and if you do not know how long it could take your business to generate enough income to sustain itself.

Do not watch your money

Do not be the ones who “flee” to the subject of finance and leave it to the accountant. As an entrepreneur, you must be involved in each of the areas of your company: finance, administration, human resources, marketing, as well as technical aspects, among others.

Do not be clear how much you are willing to risk

You should keep in mind that your business will not give you money immediately, so before you start you should consider looking for funds for your project or have good savings.

Do you want to start your business but do not know what to do?

These are some that thanks to the great development obtained, were transformed into franchises and the result became a great experience of consumption:

• Automotive Workshops
• Dry Cleaning
• Pharmacies
• Fitness

However, it is important to know that although these types of companies have revolutionized the financial industry, they do not have deposit insurance. Deposit insurance is administered by the Institute for the Protection of Bank Savings, which protects: savings accounts, checking accounts, debit cards, payroll accounts, payables with the payable yield at maturity and certificates of deposit.