Financing can be a very important instrument for a company to boost its growth, increase its productivity, launch new projects or reactivate existing projects. However, it is not always easy to find good sources of financing.

In the second quarter of 2022, according to Banxico figures, 1.7% of the companies that requested financing were rejected. This was mainly related to less favorable requirements to access loans compared to the first quarter, where rejection was lower.

To face this problem, on the one hand, it is important to find new sources of financing for a company that are different from the traditional ones. On the other hand, it is necessary for businesses to prepare well, so that credit applications are not rejected.


How to prepare a business for financing

When a business decides that it needs resources, it must anticipate to avoid having its application denied. To do this, the following aspects must be taken into account:


1. Put everything in order

A first step is for the business to have all the documents in order, from the most elementary steps, such as the formal and legal constitution of the company, registered with the SAT (Tax Administration System). This registry ensures that the business has an RFC (Federal Taxpayer Registry), a basic key to be able to access any type of financial service.

Likewise, it is necessary to establish the tax domicile and have personal documents, such as the CURP and official identification, at hand. It is also important to have a legal representative and the advice of a notary to correctly register a business with the Tax Administration Service (SAT).



2. Prepare a business plan and financing plan

A business plan consists of a series of documented strategies about the objectives of a company, focusing on the business model and the measures necessary to carry it out.

Part of the latter is the financing plan, a guide that indicates how much capital will be necessary to achieve the established goals and through what resources the business has to achieve them.

Presenting defined plans and clear strategies gives confidence to financial institutions to grant credit, to the extent that it allows them to see solidity in the business and concrete projects for the use of resources, as well as a healthy economic outlook.


3. Evaluate the different sources of financing for a company

Another fundamental aspect is to keep in mind different financing options. The requirements and criteria vary between different sources, and these can respond to different types of needs and projects.

For this reason, it is important to carry out extensive evaluation work and clearly define the objectives in order to find the ideal financing for each business.


The MCA: a suitable alternative

If your business is looking to raise capital to boost its growth and you are considering options that suit your needs, the Merchant Cash Advance (MCA) allows you to get resources through a fast, efficient and online application process.

You can request your loan online at Pymes Capital. You simply have to fill out the form, have SAT credentials, POS provider and debit and credit card sales for the last 6 months. Learn about the Pymes Capital options and find the financing you need.