Microcredits, tools to undertake this 2023

If this 2023 one of your purposes is to obtain extra income or undertake and you are reviewing what you can do, whether to start a microbusiness, what to do it and where to obtain money for some expenses that it entails, then you can review microcredits as an option to finance yourself and undertake .

In Mexico, it is estimated that 35% of ventures fail due to lack of money, according to data from the Association of Entrepreneurs of Mexico (ASEM).

Microcredits are loans of small amounts that are granted to individuals and are intended for the development of microbusinesses, the promotion of productive, artisanal, commercial, service, and consumer activities, and in which the main source of payment is income. obtained by said activities, according to data from the National Commission for the Defense of Users of Financial Services (Condusef) and the Bank of Mexico (Banxico).

The amounts and terms of individual microcredits have a maximum limit of the equivalent in national currency to 30,000 Investment Units (Udis), that is, about 230,000 pesos and a maximum term of three years, while group microcredits are treated when the credit It is granted to a group of individuals who guarantee the debts or establish themselves as joint debtors among themselves and having as a maximum limit the equivalent amount in national currency of 11,000 Udis for each member of the group and a maximum term of one year, according to information from Banxico .

In financial institutions such as Compartamos Banco, 37% of the 2.5 million clients they have correspond to micro-businesses that have to do with the preparation and sale of food.

According to this bank, the success of food-related ventures, such as the sale of coffee, for example, does not necessarily imply that you have to rent a store in a shopping mall or in an area with expensive stores.

Some of the amounts of microcredits in the market range from 1,000 pesos to 230,000 pesos, depending on the company that grants it, the line of business and your credit history, among other factors that are taken into account.

Some of the financial entities that provide this type of financing are banks, popular financial societies, savings and loan cooperative societies, and some fintech.

However, not all people turn to financial institutions to obtain resources and start or expand a business.

According to Alberto Bonetti, CEO and founder of YoFio, a fintech specialized in microcredits, he explained that there are microentrepreneurs from the same sector who agree on social networks, such as Facebook, to set up chats in which batches are organized and in this way Get resources for your business.

There are multiple reasons for a microbusiness to put batches aside and start using a loan as a source of formal financing, he said.

On the one hand, it is formal financing that guarantees that they will not be victims of fraud, and on the other, it helps to create a favorable credit history that will later add up to improvements in the interest rate charged and higher credit amounts.

According to information from Banxico, with data as of August 2021, the average interest rate for individual microcredits was around 77.1%, with an average term of five months.

On what to start?

One of the first questions that arise when wanting to start a business or start generating extra income for something, is about what to do.

Patricia Armendáriz, former Shark Tank, businesswoman and founder of Financiera Sustentable (Finsus), recently wrote the following on her twitter account: “Many entrepreneurs seek my mentorship and I am happy to give it to them. There is an entrepreneur who cannot decide between a gym or a toy factory. Let’s see: What is the number one rule of the entrepreneur?

Then in another Tweet he replied: “First you are fascinated by what you are going to do. Then look for the product that suits your passion”.

Another of the recommendations that he has given in this social network on entrepreneurship is that when starting a business you should start little by little, slowly.

“Don’t invest all your capital in a product that you don’t know if it will have the market you need to be successful. Bounce that product little by little. It’s called “pivoting” keep improving it until the product itself tells you”.

yuridia.torres@eleconomista.mx