Five tips to finance the capital of your business in this last quarter of the year

Updated on 10/04/2022 10:57 pm

The working capital It is essential for a business to function properly, since it can be used both for the purchase of merchandise, paying suppliers or also making new investments. However, many entrepreneurs have been affected by this resource, due to the lack of financingas well as due to the current economic situation that the country is going through, leading most of them to over-indebtedness and thus limiting the opportunity to carry out their companies.

Taking into account that this last quarter of the year is key for companies, either because of the Christmas campaign, as well as to order their finances before the beginning of 2023, discountyouraccounts.comfinancial advisor, who grants home equity loans, shares five tips so you can finance your working capital for these last three months:

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Identify the needs. It is important to determine what you need to increase working capital for (buy merchandise, debts with suppliers, rent payments, personnel, etc.), as well as budget the amount allocated for each of them. In this way, you will have a reasonable and approximate sum, for when you decide to apply for a loan.
compare options. In addition to banking entities that offer various financing options, there are other options that you can evaluate, such as fintechs that can offer you more competitive interest rates.
Unify your debts. If you have several commitments with more than one bank, causing your over-indebtedness; A good option is to consolidate your debts only with a financial institution. Thus, you will pay only a monthly interest that can often be less than personal loans, credit cards, among others.
Reinsertion into the financial system. Maintaining different debts can cause you to fall behind with some of them, deteriorating your credit history by being misreported in the credit bureaus.
Order and savings. Maintaining a financial order after the consolidation of your debts, and paying a much lower monthly fee only to a financial institution, will provide you with greater monthly liquidity that you can allocate to your savings fund for emergencies and other last-minute expenses that may arise in your business.