Companies with smaller capitals were the most affected in their economic situation due to the pandemic, for which they were forced to restructure and adapt to the lockdown and social distancing.
Thus, micro, little and medium businesses were among the most affected by COVID-19, they play a very important role in the national and regional economy, they represent 99.5% of all organizations in Latin America and 25% of the gross domestic product, figures according to studies of the Organization for Economic Cooperation and Development (OECD).
As a result of the pandemic, the Peruvian financial system offers various financing solutions according to the profile and needs of each company. Billex, a currency exchange platform, offers some measures to take into account:
-Financial stability: It is recommended to request a new loan when the company is free of debt, so that the sum of the payment of all the current credits does not harm the monthly finances of the same. The most advisable thing is to review in detail the monthly income and expenses to know what amount is available to pay debts.
-Banking debt: If a loan is used to pay another bank debt, the ideal is to check that the conditions are favorable, that is, a lower interest rate, not so high fees, short terms and modifications in the conditions of the banking operation. It is necessary to evaluate if we will have the monthly income to cover the programmed quotas and not have an over-indebtedness.
-On time payments: Make sure you pay the debt in the established times so that no more interest or penalties are generated. Before requesting financing, the eventualities that may occur must be considered in order to comply with the payment schedule without delays. It is favorable to place ourselves in different scenarios to be protected against any atypical situation that may arise and may affect the timely payment of previously scheduled monthly payments.
-Terms, fees and interest rates: Take into account the three pillars before requesting financing: terms not so long, comfortable monthly payments and more attractive interest rates. On many occasions, by lengthening the repayment period, the loan increases in value, which will lead you to pay more interest than the borrowed money itself. The ideal is to always get out of debt in the short to medium term.
-Credit history: building a strong credit history allows you to access more financial services and better interest rates. Maintaining a good record of payments represents commitment and responsibility for long-term payment, so the system records good credit performance by meeting specific payment dates and avoiding falling into arrears or penalties, which allows you to be a potential client for other financial or banking entities in the future and request again a higher financing than the previous one.
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Kingston is an accomplished author and journalist, known for his in-depth and engaging writing on sports. He currently works as a writer at 247 News Agency, where he has established himself as a respected voice in the sports industry.
